Official data shows 30 pct of households in Albania in debt
Xinhua, September 27, 2016 Adjust font size:
About 30 percent of households in Albania have to repay debt, data published by the Bank of Albania showed Monday.
The number of families who have to pay loans has seen a slight decline, compared with the previous six-month period, but it has grown compared to the same period of a year ago, official data showed.
The central bank of Albania said that in 94 percent of cases, Albanian families have borrowed money in the domestic currency, lek.
According to the survey, in 43 percent of cases of borrowing, households chose formal sources (banks and non-banking institutions), while others chose informal sources, mostly in cash. Banking experts confirmed a growing trend towards formal sources.
Data showed Albanian households borrowed mainly for consumption, purchase/repair of property and business development at 35 percent, 31 percent and 13 percent respectively.
The Bank of Albania also noted that demand for credit remains weak, although it increased slightly in the first half of the year.
The survey included a random sample of 1,209 households, in which about 54 percent live in urban areas. Endit