Non-resident deposits go to 1.2 bln euro at the end of first 2017 semester

Non-resident deposits in the Albanian banking system have reached a record value of nearly 1.2 billion euros.

According to data from the Bank of Albania, at the end of the first quarter, external liabilities in the form of deposits of the Albanian banks have increased by about 113 million euros compared with a year ago.

Although in recent years, attention has focused on the extension of credit to non-residents, the figures show that deposits in this segment have a higher value.

If the loan for non-residents is worth about 500 million euros, deposits are nearly one and a half time more.

Of the approximately 1.2 billion euro deposits of non-residents, about a quarter of this amount consists of branch deposits of National Commercial Bank in Kosovo.

The rest is difficult to detailed, but, however, it is estimated that a large part consists in foreign banks deployments, mainly those belonging to the same financial group of banks that carry out activities in Albania.

However, especially in recent years, it is believed that there is a significant growth of deposits of immigrants in the banking system.

Following the crisis that affected the financial systems in several eurozone countries, especially Greece, many Albanian economic immigrants chose to transfer their savings in the banking system of Albania.

The growth of deposits by non-residents is an indication of confidence in the banking system that is proven safe and sustainable.

SCAN

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