Money outside Albania's banking system reaches 1.85 billion U.S. dollars

The Bank of Albania said in its latest statistical report, released Wednesday, that the money outside the banking system reached 230 billion lek (1.85 billion U.S. dollars) in the end of July, or six percent higher compared with the beginning of 2015.

According to the central bank, banking system experts believe that the growing cash outside banks is attributed to the summer season, specifically, household spending on summer vacations.

However, according to experts, the increase in money outside banks is also triggered by the current low interest rates for deposits. According to them, an ongoing clampdown on informality will also lead to a decrease in money outside Albania's banking system. Endit