Despite the COVID-19 pandemic, savings in Kosovo banks increased, so did the loans taken by citizens.
Amidst the pandemic crisis and the continuous rising prices of food and other goods, Kosovars did not hesitate to take bank loans but as well to enhance their savings.
According to the Central Bank of Kosovo, CBK, by October, the deposits in Kosovo had surpassed 4.6 billion euros.
“In the Central Bank of Kosovo, the amount of deposits is 4.6 billion euros, of which 3.2 belongs to family economies while the other amount of 872 million euros belongs to non financial corporations.
According to Milazim Ademi, a Prishtina-based financial expert, compared to the region, Kosovo is listed down in the list for the amounts of savings.
“Kosovo stands down with the lowest deposits per capita in the region and to encourage more savings, banks should offer better conditions and interest than they offered,” he says.
According to CBK the loans of citizens and corporations also have increased.
“The total amount of loans up until October this year reached 3.6 billion euros of which 1.3 billion were contracted by family economies while 2.2 to non-financial corporations,” reads the CBK report.
Despite the economy being hit by the pandemic, the banking sector was immune. The commercial banks had 79.9 million euros profitability by October.
The banking sector in Kosovo comprises 11 banks of which only two are national and other are branches of international banks.