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The circulation of money outside the banks is increased. The peak flows of the tourist season are back

2023-12-20 13:43:26Biznes SHKRUAR NGA REDAKSIA VOX

The circulation of money outside the banks is increased. The peak flows of the

After a slight decrease in October, money in circulation outside the banking system has returned to high growth rates during November, approaching the record values ​​recorded during the peak of the tourist season. According to the official data of the Bank of Albania, from 405.5 billion lek in October, the total money in circulation was 408.6 at the end of the month, with an increase of more than 3 billion lek or almost 30 million euros. The values ​​of November were significantly closer to the record levels recorded during the months of July-August, when the total amount of money outside the official channels was over ALL 410 billion.

The increase in money in circulation comes at a time when the other important indicator, that of net foreign assets, which had also recorded record values ​​in the summer, has decreased for the second month in a row, due to the Eurobond of 600 million euros issued by Government in June of this year. From September, when the total currency assets reached the value of 587.2 billion ALL, the indicator fell to 573.5 billion ALL and 541.9 billion in October and November, respectively.

Meanwhile, the values ​​of money outside banks are much higher compared to previous years. In January 2022, the total amount of money circulating outside the banks was slightly more than 376 billion ALL, almost 25 billion ALL, or about 340 million euros less than what is currently circulating. This indicator has been increasing throughout the past year to culminate at the end of it at over 400 billion ALL.

In relation to the total money, outside the banking system circulated at the end of December 2019, 23.6% of the total. Money outside the banks has had a continuous upward trend, reflecting the high level of informality of the Albanian economy.


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