Page 15 - Gazeta AFP

15
E martë, 14 nëntor 2017 17
Tuesday, 14 November 2017
E premte, 10 nëntor 2017
SHËNDETI
ENGLISH EDITION
"Interest rate on new
deposits in euro was
0.2%, registering a
growth as opposed to
previous periods. The
growth was more
present in deposits
with a longer maturity
period, with the scope
of attracting greater
amounts of foreign
currency in this period
of the year. The differ-
ence between the
interest rate on depos-
its in the national
currency and interest
rate on deposits in
euro, continues to be
minimal, namely at
0.7%", experts of the
Bank of Albania say
Albanians have more foreign Lek's

appreciation,
currency in their hands experts: Greater

supply of euros

in the currency

Eglantina Nasi was not needed by them for It seems that the only objec- posits now have a two year the majority of cases, they've market
consumption, other expenses tive was to keep this money maturity period. The number of been in foreign currency", ex-
ecently, Albanians and not even for investments. safe in the bank. "Most of de- these deposits is high and in perts say.
have had more for
eign currency, eu
Rros or dollars, in EUROSTAT: In 2016 Albanians transferred
their hands. Such phenom-
enon is confirmed by the Bank
of Albania, according to which, 113 million euros abroad
a part of this currency has now
been deposited in the banking
system. "Deposits in foreign
currency have registered an an- he fact that in the recent years, Albanians have had more foreign cur
nual average growth of around Trency in their hands, has also been confirmed by the European Insti-
4.6%, while deposits in lek tute of Statistics (Eurostat).
have only seen a growth of According to this institution, last year alone, Albanians have transferred
2.4%", banking experts say in 113 million euros abroad. This amount has been greater than in all the he fact that Albanians
the last quarterly report. Bank countries of the region, with the exception of Serbia. Meanwhile, according Thave more euros in
experts also add that "the to Eurostat, last year, Serb citizens have transferred 178 million euros their hands, seems to
growth of deposits in the bank- abroad. Meanwhile, the country which has transferred fewer funds abroad have led to a depreciation
ing system was mainly driven is Macedonia with a total of 16 million euros. Macedonia is followed by of the European currency
by individual deposits in foreign Montenegro, the citizens of which have transferred 34 million euros abroad in the domestic money
currency". In other words, in- and Kosovars with 40 million euros. On the other hand, Eurostat has con- market. This is a phenom-
dividuals were the ones to gen- firmed that last year, Albania has managed to "attract" 900 million euros enon which has been
erate more euros or dollars into its territory thanks to remittances by migrant workers and thanks to constantly confirmed by
rather than businesses, which direct foreign investments. economy experts, but
continue to operate in the do- also by the governor of
mestic currency, lek. "Busi- the Bank of Albania.
ness deposits have been on the Low interests rates, individuals Average interest rates on According to them, a
rise and almost all of them higher supply of euros
have been in the national cur- prefer sight deposits deposits is 0.9 per cent has led to the European
rency", bank experts say. This currency to mark a
goes to prove that businesses ow interest rates on deposits have led to many nterest rates on new deposits in the third quarter of significant drop in value
have not had any fresh surplus Lpeople to put their money into sight deposits. In Ithe year were minimal. This is confirmed by experts compared to the domestic
in foreign currency, which other words, instead of putting their money in the bank of the Bank of Albania, who say that the average inter- currency, lek. Yesterday,
could have been generated this for a particular period of time without being able to est rate on deposits was 0.9% and the same percent- 1 euro was sold 133.3
year from their private activity. withdraw them, they prefer to put them in the bank age also applied in the first two quarters of the year. lek, while in August this
On the other hand, another without giving the bank any notice when withdrawing "During this quarter, there's been an increase of inter- year, euro fell to 131 lek.
phenomenon which they have them. This phenomenon has been confirmed by the est rates in deposits with a long maturity period", bank But, experts don't know
pointed out is also the fact that central bank, according to which, sight deposits have experts also say. Meanwhile, as far as interest rates where this unexpected
individuals have deposited eu- registered a significant increase. "At the end of Sep- on new deposits in euros are concerned, they say amount of money came
ros or dollars in the banking tember, current accounts and sight deposits accounted that in this quarter, interest rate was 0.2%, registering from, while the level of
system for a long period of for 40.8% of total deposits or 0.5% higher than the a growth compared to the previous two quarters. This remittances was not
time. This shows that the for- end of the second quarter of the year", the Bank of shows that interest rates on deposits in euro are al- much different to previous
eign currency surplus which Albania says. ways lower than on deposits in the national currency. years.
they have recently generated,

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