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At the end of 2024, citizens and businesses had 629 billion lek deposits in local currency in banks. Alongside them, deposits in euros, which constitute the largest share of foreign currency savings, were 8 billion euros. The statistics were made public by the Bank of Albania.
Unlike previous years, when savings in euros grew rapidly, while those in lek were almost stagnant due to low interest rates, in 2024, savings in the local currency have once again become preferred.
According to the Bank of Albania, in 2024, deposits in lek increased by 8.4%, or 50 billion lek more.
A year ago, the expansion was 5%, or 27 billion lek more, while in 2022 the trend was negative. This is the largest increase since 2020, when savings in lek increased by 51 billion lek, as a result of the inability to spend during the pandemic.
In 2024, the main impact on the growth of savings in banks was provided by individuals who increased their savings by 31 billion lek, in the form of demand deposits. The surge in savings in the local currency accelerated significantly in December, (+24 billion lek), a period traditionally associated with an increase in savings in foreign currency due to remittance inflows.
Savings in euros slow down
In recent years, the euro had become the preferred currency for savers. This trend continued in 2024, but at a slower pace. In 2024, foreign currency deposits increased by 10%, or 744 million euros more.
A year ago, the difference had been 15.5%, or almost 1 billion euros more.
In 2024, the main impact on this growth was provided by time deposits, mainly from individuals.
In December, time deposits in euros increased by 36 million euros, while in August 2024, the next period when there are seasonal effects from tourist remittances, the increase was 292 million euros./ Monitor
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