Two-thirds of new deposits were by individuals, while a third came from businesses, according to the Albanian Association of Banks.
Individuals and businesses in Albania have found renewed faith in the country’s banking system, now depositing more money than they did before the global financial crisis started in 2008, according data made public this week by the Albanian Association of Banks.
The latest data shows that total system deposits reached 713 billion leks, roughly 5.2 billion euros, marking an increase of 10 percent compared with a year ago.
Business and individual deposits went up by 135 million euros in January, the last month for which data was available, marking the highest monthly increase since August last year.
That figure increased the deposit total beyond the high point just before the global financial crisis hit in 2008, according to the association.
Two-thirds of new deposits were made by individuals, while a third came from businesses, according to the Albanian Association of Banks.
The increasing trend started in August 2009, after Albanian banking system faced a crisis of confidence from September 2008 to April 2009 as banks in other countries failed due to the global financial crisis.
Things got better as the country’s central bank infused liquidity in the market, offering funds to commercial banks at a low rate in order to keep them lending and steer of the a crisis within Albania.
It appears its efforts worked, but they might be partly to blame for the devaluation of the lek seen in recent months, experts say.
