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The organizing group of the arms business in Gërdec is about to sink, the
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BREAKING NEWS

Daut Gumeni: This is why the socialists and Gentiana Sula blocked the opening of Ilir Metaj's spy file, we expect that the "syringe with sea water" that the DASH senior official injected into SPAK prosecutors will lead to the arrest of "heavyweights"

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BREAKING NEWS

The scandal erupts, the Parliament of Albania is accused of voting without a quorum on the Law on Strategic Investments, this is how the Constitution was overturned by the majority, the fraud is revealed

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BREAKING NEWS

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BREAKING NEWS

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BREAKING NEWS

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BREAKING NEWS

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BREAKING NEWS

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The well-known journalist warns of sensational arrests in the coming days, here
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Ekonomia

Citizens start abandoning lending foundations, profits of "financial pyramids" fall, Bank of Albania whitens the figures

Citizens start abandoning lending foundations, profits of "financial

Citizens have begun to smell the greed of microcredit financial institutions. In the country, foundations that give loans only with identity cards have been added like mushrooms, but their interest rates are extremely high, robbing the citizens. But the signals are that many individuals have come to understand this scheme and have begun to abandon such foundations. According to the data of the Bank of Albania, the credit of the banking sector for non-bank financial institutions still remains at stagnant levels and has not yet returned to the growth cycle that marked the moment of the pandemic. Based on the data of the Bank of Albania, credit to other financial intermediaries is one of the few segments of the loan that at the end of last year remained in decline, unable to recover from pre-crisis levels. At the end of July, Loans to other financial corporations amounted to ALL 13.3 billion or about EUR 109 million. The portfolio has marked a slight increase of 1.7% since the beginning of the year, while it has almost the same value compared to a year ago. According to "Monitor", the value of credit remains even lower compared to March 2020, when this sector also began to be affected by the effects of the pandemic. The economic crisis has hampered the expansion of microcredit financial institutions in the country over the past year. One of the indicators that proves stagnation is their access to liquidity resources of the banking sector. Exactly in March 2020, credit to other financial corporations reached the highest historical level, by about ALL 14 billion. Statistics to date show that lending to non-bank financial institutions is slowly improving and the portfolio has reached roughly the levels it had before the pandemic. The latest data belong to the first quarter of this year. The loan portfolio was worth ALL 39.2 billion, 1.5% more compared to the same period a year earlier.

Details

These companies cannot accept public deposits and support financial intermediation through other instruments. The most consolidated institutions have managed to gain access to external financing lines, from entities aiming at the development of specific market segments, such as agriculture, or small and medium-sized businesses. Another part is financed with bonds, mainly secured by parent companies abroad. But, in a significant part, these institutions borrow from commercial banks in order to lend at higher interest rates at the micro level. As these institutions lend to higher risk segments, interest rates are usually significantly higher compared to the banking sector, especially when it comes to small consumer loans. In general,

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