Eurasia Press & News
TIRANA, Albania—Albania’s government has increased its guarantee on bank deposits to euro25,000 ($32,034) from euro5,433 previously, an effort to build confidence in the banking system, the state press office said Friday.
The government decision also aims to reassure more than 1 million Albanian immigrants that their deposits would be safer at home than in their countries of residence.
“Here they will find a safe shelter for their money,” said Prime Minister Sali Berisha.
Financial authorities in the country and international institutions have warned that the global financial crisis will lead to a reduction in immigrants’ remittances, which at about euro1 billion ($1.28 billion) have made up 13 to 14 percent of the country’s GDP.
The Albanian government insists the economy has not been hurt much by the global crisis, but acknowledges it is suffering some indirect consequences, such as fewer remittances and lower trade.
