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Unusual: Over 200 million more in euro deposits during May

2026-06-29 17:37:11Biznes SHKRUAR NGA REDAKSIA VOX

Deposits in banks in the country have recorded a strong increase in May, influenced by businesses and other accounts, both in euros.

According to data from the Bank of Albania, at the end of April, deposits in lek of individuals, businesses and other institutions in banks reached 751.6 billion lek, with an increase of 13.9 billion lek, or 1.9%, marking the second consecutive month of expansion, after a weak start.

On an annual basis (May 2026/May 2025), savings in local currency increased by 107 billion lek, or 16.5%.

The improvement in deposits in May was less influenced by individuals, and mainly by businesses, especially financial and non-financial corporations.

Strong growth in foreign currency deposits, from business and other accounts

Foreign currency deposits totaled 9 billion euros at the end of May, with a strong expansion of 267 million euros, marking an unprecedented increase for May. This is the second strongest annual historical increase since January 2016, when the Bank of Albania reports data in euros, only after August 2023 (+286 million euros), which coincides with a seasonal period when there are high tourism inflows.

The strong growth in euro deposits came from two items, which together expanded by 218 million euros.

First , transferable deposits of “Non-financial private corporations” increased in May by 152 million euros, or 10% compared to April 2026. This is the largest historical increase in foreign currency deposits of businesses since January 2016, when the Bank of Albania reports data. This is an unusual trend for May, as the record was previously held by August, when there is a high inflow of foreign currency due to tourism. The highest historical increase so far was in August 2024, with 120 million euros. (see chart).

While fiscal peace was implemented in May, sources from Taxation said that this unusual increase in deposits is not related to the peace, as only 4 companies have applied for a change in statements. They add that the business's cash balance in the bank is not a fiscal issue.

Secondly , the item "Other customer accounts" also increased by 38%, or 66 million euros. The increase in this item is also unusual, as the maximum monthly expansion had been 20 million euros, also in August.

Compared to a year ago, total deposits in euros increased by 936 million euros, or 11.5%.

The Bank of Albania reports the stock of total savings in lek and euros converted into the local currency, which at the end of May reached 1.53 trillion lek, marking a historical record (almost 16 billion euros).

In one year, from May 2025 to May 2026, deposits in the banking system (converted into euros) increased by about 2 billion euros, with the largest impact, with about 55% of the increase, being provided by the local currency (+106.2 billion lek, or about 1.1 billion euros) and less by that in euros (+936 million euros).

Fiscal peace

Applications for Fiscal Peace began on May 15 and closed on June 5, 2026.

The Law "On the Fiscal Peace Agreement" enables the signing of an agreement between large businesses with gross income over 14 million lek per year and the tax administration for the prepayment of corporate tax.

During this 1-year agreement (with the right to renew up to 2 times), the tax advance will be calculated on an increased taxable base. So the business will not prepay any tax, but will be calculated on the taxable base consisting of the taxable profit of the previous year plus 18% increase. If the actual profit at the end of the year exceeds the limit (calculating the profit of the previous year plus an additional margin of 18%), 5% will be paid on this additional.

In exchange, businesses will benefit from the exemption from tax audits for the period of implementation of the agreement.

In addition to prepaying the tax against non-audit for 1 year, large businesses that will enter into the Fiscal Peace agreement with the tax administration will also have the opportunity to re-declare the financial statements of the last 3 years, against a 5% tax.

The 5% tax will be applied to changes such as: revaluation of cash balances, writing off fictitious assets or liabilities, declaring previously undisclosed assets, redeclaring retained earnings and distributing them as dividends. (Monitor)


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