Banks are moving less money abroad – Eurobond withdrew funds in euros in Albania
Investments of the banking system abroad have dropped significantly in the second quarter of the year. According to data from the Bank of Albania, non-resident assets at the end of June amounted to ALL 336.1 billion, down by ALL 44 billion compared to the previous quarter and by ALL 15 billion compared to the end of last year.
Compared to the first quarter, this decline was also influenced by the temporary strengthening of the euro in the second half of March. But, apart from the exchange rate effect, the decision of some of the banks to invest a large part of the free foreign currency funds in the Albanian government bonds had a significant impact.
In early April, the Ministry of Finance organized an auction of two-year euro bonds in the domestic market, through which it secured a loan worth 100 million euros. While in June was issued the Eurobond worth 650 million euros, where again Albanian banks are believed to have participated with large amounts.
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