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Euro accounts for 45 pct of money in circulation in Albania: Bank of Albania

Xinhua, April 25, 2017 Adjust font size:

The Bank of Albania (BoA) on Tuesday said its study revealed at least 45 percent of the total money in circulation in the country consists of euros.

The bank said an indirect indicator of this trend is an increase of the saving accounts in euros, which at present amounts to more than 50 percent of total bank deposits compared with 30 percent 10 years ago.

The Bank of Albania said it is determined to increase product costs in foreign currency in the banking system, with the aim to curb the rising trend of using euros in the country, especially in deposits.

In its last financial stability statement, the central bank stated it was estimating the need for concrete action to keep a positive difference between interest rates in Albanian Lek and interest rates of major currencies.

Because the risk of liquidity in euros is higher, the Bank of Albania announced that it will increase regulatory demand for liquidity, which will be expressed in a higher ratio between liquid assets and short-term liabilities in the EU currency. Enditem