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Albanians withdraw savings from banks to make ends meet

Politiko 2023-07-29 16:47:58

Albanians withdraw savings from banks to make ends meet

Albanians had less money saved in banks last month. The data from the Bank of Albania show that last month the total household deposits in Lek fell to 429.5 billion Lek from almost 437 billion Lek in June of the previous year.

"The cause of prices. They have grown so much that there is nothing left to save. We are eating what we have saved", say the citizens.

In order to make ends meet, Albanians seem to have withdrawn their savings in euros from the banks. Data from the Central Bank show that total deposits in European currency at the end of last month fell to 511.5 million euros from 527.9 million in June of the previous year.

"It is insufficient income and high prices that do not allow you to keep something saved in the bank", say the citizens.

However, at a time when the amount of money saved by individuals in banks decreased, last month the total deposits in Lek, including businesses, increased to 547.8 billion Lek from less than 544 billion in June 2022.

Significantly better performance is shown in deposits in euros, which at the end of last month reached the level of almost 6.7 billion euros. Compared to a year ago, the total savings in banks in the European currency turn out to have expanded by 13.3 percent./A2

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