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Lending to the economy returned to growth in September, after a slight slowdown in the previous two months. Albanian citizens and entrepreneurs received nearly 307 billion lek in loans by September. For the purchase of housing, in the 9-month period from January to September, citizens received over 50.6 billion lek in loans from banks.
Albanian citizens and entrepreneurs received nearly 307 billion lek in loans by September. Data from the Bank of Albania show that compared to January-September last year, loans have expanded by 27.9 billion lek or 9.3 percent.
"This increase shows greater trust of citizens and businesses in the banking system, but also an increased need for financing in a period of low inflation and more stable interest rates," said Artur Ribaj, lecturer and banking system expert.
"The main reason, as expressed by the Bank of Albania, is related to mortgage loans for the purchase of real estate. This is the main sector where investments are being made. There is an almost 7-fold increase compared to previous periods," stated Selim Blliku, an expert on economic issues.
Data from the Central Bank shows that in the 9-month period from January to September, citizens took out loans worth over 50.6 billion lek from banks to purchase housing. This amount is 53 percent of the new loans granted in this period.
"All this comes after the banking sector is considering lending for new apartments safe. The fact that the banking system has sufficient liquidity today has also had an impact," Blliku continued.
"It is an increase that also comes as a reflection of urbanization and internal migration. The increase in construction has generated high demand for housing loans, especially in large cities," Ribaj emphasized.
At an even faster pace than citizens, to open new businesses or expand existing ones, entrepreneurs received over 206 billion lek in loans in 9 months. The rest of the loans belong to public institutions.
"The main reason, as expressed by the Bank of Albania, is related to mortgage loans for the purchase of real estate. This is the main sector where investments are being made. There is an almost 7-fold increase compared to previous periods," Blliku underlined.
"Business credit is being supported by clearer guarantees and more in-depth risk analysis. Banks are showing flexibility in the SME segment," Ribaj concluded.
Data from the Central Bank shows that last month alone, Albanians received over 34 billion lek in loans, 7.1 billion lek more than a year ago./ A2CNN
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