account-deposit-consumption – Albanian  Telegraphic  Agency. https://en.ata.gov.al News Agency Tue, 04 May 2021 14:30:23 +0000 en-US hourly 1 Bank deposits/ BoA: Low interest rates boost consumption and investments https://en.ata.gov.al/2021/05/04/bank-deposits-boa-low-interest-rates-boost-consumption-and-investments/ https://en.ata.gov.al/2021/05/04/bank-deposits-boa-low-interest-rates-boost-consumption-and-investments/#respond Tue, 04 May 2021 14:30:23 +0000 http://en.ata.gov.al/?p=145176 TIRANA, May 4 /ATA/ The accommodative monetary policy has a direct impact on economic growth.
Low interest rates for domestic currency, lek, are aimed at boosting lending and increasing consumption and investment.

The Bank of Albania announces that, in the first quarter of 2021, bank deposits of households and businesses have increased at lower rates compared to 2020, pointing to an increase in consumption by households and business investment.

According to the BoA, compared to February 2020, both business and household deposits have increased.
Meanwhile, the total of deposits is dominated by demand deposit accounts, while interest rates are lower than 1% for 12-month terms and do not serve as an incentive to put savings in banks, but are an alternative for consumption and investment.

At the end of March, lek-denominated deposits accounted for 46.3% of the total.
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