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Bank savings deposits amount €4 billion in Macedonia

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Deposit Insurance Fund of the Republic of Macedonia data show that by September 30, Macedonian citizens have €4.082 billion savings deposits in the banks. The Fund told MIA that deposits of the citizens have increased by 8.69 percent for one year or 4.08 percent since the start of this year, which represents the highest growth in the past three years.

The lowest growth of deposits is recorded in 2016 amounting to minus 2.5 percent, which is probably due to the then political crisis. In June 2017, a semi-annual growth of 1.02% was registered, and in June 2018 it was the highest and amounted to 2.61%, the Fund said, noting that deposits of the citizens in the banks and savings banks in the country are safe and secure.

The Deposit Insurance Fund as a specialised state financial institution for insurance of citizens’ deposits and compensation of deposits has strong influence in building the confidence that the Macedonian citizens have in the banking system in the Republic of Macedonia. Indicators for growth of confidence are also the growth of deposits during 2018, which is most noticeable in the last three years, Director of the Deposit Insurance Fund Borce Hadziev told MIA.

He said that the savings deposits for each customer in the amount up to €30,000 in Macedonian denar counter value are insured in the Fund and are safe.

The data show that the coverage rate of deposits in the first semester of 2018 has a constant amount and it was 6.53 percent in September.