The portfolio of loans of saving and credit associations has increased by 4.2% during the first three months of this year, according to a report issued by the Bank of Albania.
These institutions, says the report, have declared a portfolio of EUR 35 million, a positive account that according to experts has been affected by the inclusion of these associations in the deposits insurance scheme.
The total amount of these associations’ deposits has reached the value of ALL 3.6 billion, approximately 3.6% more than the amount declared by the end of the past year. The saving and credit associations count more than 40 thousand members which are residents in more than 1100 villages throughout the country.
Experts say that the scheme applied by these associations for providing financial services in rural areas has resulted as the most successful formula in the past years in Albania.
News source/photo credits: ATA