Deposits in the European currency on the rise despite the Euro plummeting

Deposits in the European currency on the rise despite the Euro plummeting
The euro registered a real drop in value during the first months of the year. However, this has not prevented individuals or businesses to deposit more funds in the European currency. Although the euro has lost ground against the lek, customers have opted for deposits in euro. This also explains the official argument provided by the Bank of Albania regarding the drastic fall of the euro in the country as a result of the high supply of this currency.

According to bank experts, this high supply has led to a fall of the euro to 124 lek, which was the lowest value in over 10 years. This is also shown by an increase of the amounts of euros deposited in the banking system. Data supplied by the central bank indicate that in May 2018, the number of deposits reached a maximum level of 3.7 billion euros. This was the time when the euro fell to its lowest level. Meanwhile, last year, the value of deposits in the banking system amounted to 3.5 billion euros. In May 2016, this value was even lower, namely 3.2 billion euros. On the other hand, what catches the eye among the figures supplied by the Bank of Albania is the fact that customers have only opted for deposits in the euro currency, while as far as other types of accounts are concerned, they have opted for other currencies.

 

Shpërndajeni me miqtë tuaj: