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Who are the banks lending to? Funding for builders and traders is reduced

2023-11-18 11:39:44Biznes SHKRUAR NGA REDAKSIA VOX

The year 2023 has brought a noticeable change in the sectors supported by loans from banks. Throughout this year, there has been a slowdown in credit growth in all sectors of the economy, with the exception of the services sector. The financing of this sector has followed an upward trend through the first nine months of 2023, remaining on average about 10.6% higher than the same period of the previous year.

The upward trend of the sector as well as its positive perspective have put in a common denominator both loan seekers and its providers. On the other hand, according to the analysis of the Bank of Albania, the slowdown in credit growth rates has been more visible in the construction sector - where financing in the third quarter increased by only 5% from 15% in the first six months - and more contained in the trade and agriculture sector. Regarding the industry sector, credit for it has shrunk since the beginning of the year, reflecting the weakness of the demand for financing, mainly from the energy sector. In the third quarter, lending to this sector fell by 10% compared to 7% in the first six months.

After a beginning of the year characterized by rising interest rates, in recent months, loan interests for businesses in Lek have decreased. Currently, they are slightly higher than the level they had before the beginning of the cycle of increases in the basic interest rate by the Bank of Albania. Meanwhile, loan interests in euros continue to register a minimal but gradual increase month after month. They are reflecting the increases in the euro base rate by the ECB throughout this period. Compared to the first six months of the year, the decrease in interest on loans in Lek has been stronger in the category of large loans, while in loans in Euro, the increase in interest has been equally distributed to both categories.

The average interest rate for new business loans in Lek in the third quarter was 6.4% from 6.9% in the first half of the year. The interest rate for euro business loans was 6.4% in the third quarter of the year from 5.8% in the first half of the year and 5.4% a year ago.


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