DREAM / The Prime Minister resigns and wakes up under the Parisian bridge!

 Kliko këtu për të tjera
Voxpress:

The value of savings held in deposits in European currency falls

2024-08-06 12:34:39Biznes SHKRUAR NGA REDAKSIA VOX

The value of savings held in deposits in European currency falls

Deposits in foreign currency and local currency decreased at the end of June. The figures show a decrease in the overall value of deposits in foreign currency, while only those in euros have had a very small increase. Also, deposits in Lek have suffered a decrease of 2.9 billion, from 779 billion at the end of May.

Referring to official data from the Bank of Albania, the total value of bank deposits reached 1.6 trillion by the end of June, with a negligible increase from last year, mainly caused by deposits in euros. Of this total amount of deposits, about 849 billion are in foreign currency, 7.5 billion of which in euros and 776 billion in the national currency.

Since last year, the exchange rate has been accompanied by strong fluctuations. However, during the last months, the European currency appears to be in a "state of calm", being exchanged near the 100 lek limit. Despite the fact that the euro is not the base currency of the country, this devaluation of the euro in relation to the lek has influenced the devaluation of euro savings when converted to lek and lower rates offered for euro deposits. In other words, all those who have deposits in the euro come out with losses from its weakening.

Specifically, deposits held in euros will lose value when exchanged for a stronger national currency. This means that everyone who has savings in a foreign currency account, the value of the savings in the local currency decreases. Also, the strengthening of the local currency can affect interest rates. The Bank of Albania reduced by 0.25 percentage points the basic interest rate, both for the lek and for the euro, from the level of 3.25% to the level of 3.0%, somewhat softening the overpricing trend.

With the euro falling, individuals are reconsidering keeping deposits in this currency and in the coming months there may be a shift of their savings to the national currency. The main effect of the weakening of the euro remains the decrease in the value of foreign currency deposits expressed in lek, while the impact on deposits in local currency depends on interest rates and inflation dynamics.


Në përputhje me standarded JTI

Video

SHIKO KANALIN NE YOUTUBE
×