Bank deposits grow by 3 billion Lek in April

TIRANA, June 5؁fter a period of hesitation, Albanians have regained faith in their banking system as they have returned to trust banks with their money. Official data from Bank of Albania showed that total deposits in April grew by 3 billion Lek compared to March. It was the first such growth registered in 6 months. Compared to this time last year, bank deposits are still 1 percent less than April 2008.
Trust in the banking system may have experienced a change for the better as banks have managed to offer stronger guarantees and aggressive marketing in the last months has brought forth the benefits. Beginning in October, banks experienced major deposit withdrawals as Albanians almost panicked when faced with the possibility that the Albanian banking system could default like some of its counterparts in the US and Europe.
Deposits dropped by 27 billion Lek in October, 14 billion Lek in November, and another 8 billion Lek in December.