Banking Association within the Chamber of Commerce of Macedonia celebrated 31 October – World Savings Day by presenting certificates to tellers.
 
– Banks in the Republic of Macedonia, as well as all of us, can be satisfied with the fact that citizens’ and companies’ confidence in the banking sector and affinity to saving was kept even in crisis situation. According to recent available data, total deposits in September this year increased by 14.5% on annual basis. As a result of confidence in the Denar, as well as the high and attractive interest rates, Denar deposits surged by even 21%. Thereby, deposits of households increased by 18% on annual basis, Vice Prime Minister and Minister of Finance, Zoran Stavreski, pointed out at meeting он Sunday held at the Chamber of Commerce at the occasion of celebrating the World Savings Day.
 
He underlined that prior to the crisis in 2007 and 2008, deposits of the private sector with the banks and the saving houses showed high growth rates. Average annual growth in 2008 was close to 24%, which was mostly due to the Denar deposits, showing average annual increase of up to 29.4%. Since the end of 2006, as a result of the global economic and financial crisis, as Finance Minister stressed, uncertainty raised and growth of deposits started to slow down.
 
– During this period, conversion of Denar into foreign exchange deposits was observed, which, however, lasted for a short period of time. At the beginning of the last quarter in 2009, this trend was stopped. Reverse trend of increase of savings and deposit potential started, Vice Prime Minister Stavreski underlined.
 
He pointed out that the upward trend of savings was supplemented by the banks offering safety, stability, quality services and favourable interest rates for the citizens and the companies, in particular on Denar savings, adding that the Central Bank contributed significantly thereto by implementing adequate policies.
 
– The Government, with its policies and measures undertaken in the past period, also contributed to increase of savings and support to the stability of the banking sector by keeping the high level of macroeconomic and fiscal stability, increasing the amount of insured deposits to EUR 30,000 per deposit of a physical person in a bank. It also prepared legal provision pursuant to which tax on interest on savings deposits is postponed for two years, which was supposed to enter into force on 11 January 2011, Stavreski said.
 
Vice Prime Minister pointed out that the level of deposit potential of banks in August 2010 was by 14.5% higher that the one in August the previous year, which, according to him, showed that confidence of both the citizens and the companies in the banks is large and Macedonian citizens are in the habit of saving.
 
– This demonstrates that there is room to intensify the credit activity of the banks, since domestic savings is the most important and quality source of funds to credit investments and consumption, thus contributing to economy development. In 2011, the Government will support this area through intensified orientation towards foreign sources of funds for budget financing, so as domestic funds to be employed in developing the economy by allocating them to credits to the private sector and the households. I believe the banks will have their interest, on profitable basis, to finance good projects of companies and more consumer credits to households so as to underpin the recovery of the economy, Stavreski said.
 
Governor of NBRM, Petar Gosev, pointed out that Macedonia, even in crisis situation, did not find itself to reduce the level of savings unlike many other countries. According to him, households, with over 17% savings growth, contributed the most to such trend.
 
– This is due to the continuous confidence of the clients who, even in the most critical periods of the global economic crisis, did not give up saving. Compliments to the banking sector as well, which operates on sound grounds, and, never since the 90s onwards, together with the institutions, did they allow for Macedonia to feel systemic crisis, Gosev said, adding that this trend should continue.
 
What it important according to him is that the corporate sector started increasing savings by 5%, most of which is transferred into credit activity.
 
President of the Banking Association within the Chamber of Commerce of Macedonia, Gorgi Jancevski from Tutunska Banka, said that as of September 2010, savings grew by 10% or by EUR 210 million, while total savings reached EUR 2,229 billion.
 
– Citizens turn back to Denar savings, which is a result of macroeconomic stability and stability of the Denar exchange rate and, of course, of the higher interest rates on Denar savings deposits offered by the banks. 61% out of the total savings deposits account for foreign currency deposits, while 30% account for Denar deposits, Jancevski said, pointing out that Denar deposits in December 2009 accounted for 35% of the total savings as a result of the speculations for Denar devaluation.
 
According to him, Serbia experienced the higher increase of savings – 14% last year, followed by Macedonia and Bulgaria – 8% respectively, Bosnia and Herzegovina – 7%, while Slovenia and Montenegro showed the lowest increase of 3%.(MIA)
