TIRANA, May 11/ATA/- The Bank of Albania (BoA) announced on Tuesday that the rapid resurgence of consumer credit has affected the partial amortization of the consequences of the pandemic crisis, on the performance of private consumption.
In the last quarter of 2020, new consumer credit increased by 7.4%, a higher level compared to the average pre-COVID-19 loan flows.
At the end of December 2020, consumer loans accounted for about 10.9% of lending to the non-financial private sector and only 4.1% of assets in the balance sheet of sector banks.
According to the Bank of Albania, the demand for consumer financing is expected to increase during 2021. The environment with low interest rates will continue to represent a potential for further growth of consumer credit in the future. //a.i/
