Fewer savings in banks in March - BoA: Deposits drop to 1.49 trillion lekë. Citizens use more money for consumption
March did not bring any more growth in savings, but a small step back. After a strong January and a quieter February, data shows that Albanians have started to easily withdraw their money from banks, putting it back into use.
According to data from the Bank of Albania, at the end of March, total deposits reached around 1.49 trillion lek.
Compared to February, this is a small decrease, by about 0.5%. So, Albanians are no longer increasing their savings at the same pace as in January, and some of them seem to be being used for daily expenses or investments.
But where is this money kept? The majority continues to be in lek, but there is a decline here too. Deposits in the local currency fell by about 6 billion lek during March. The decline is especially noticeable in current accounts, which are the money that citizens use most often for payments and expenses. This shows that more liquidity was used during this month.
Deposits in foreign currencies (such as euros or dollars) have also decreased slightly, by about 2 billion lek. However, there is no major change in citizens' preferences, they continue to keep their savings in the same way as before, without strong movements from one currency to another.
If we look at who saves the most, families and individuals remain the main group. They hold the largest share of deposits in banks. Although there are some small fluctuations from one month to the next, their savings remain at high levels. On the other hand, businesses are moving their money more frequently, which is related to economic activity and the payments they make.
Overall, March shows a continuation of the slight decline that began after January. We are not dealing with a sharp decline, but with a normalization of the situation. The level of deposits remains high, which is a positive sign for the stability of the banking system and for the fact that citizens and businesses still have a stable savings base.
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