Algerians Bank savings exceed investment loans

Banks saved over 4000b dinars in 2008 from the individuals and families money which they saved in financial institutions and banks, General Commissioner of the professional assembly for financial institutions and banks, Abderrahman Ben Khalfa said.

• “Savings grew up to more than 12% annually. They belong to citizens, institutions and companies. Rate of the Algerians’ savings in banks is high. However, I don’t think that the average income of individuals and families exceeds the rate of consumption. This serves banks increase savings through collecting them as much as possible in order to finance economy without falling into the “easy credit”. Algeria is considered as one of the countries where the rate of savings is high, meaning that the rate of Algerian families’ consumption does not exceed their revenues, because the rate of saving exceeds consumption,” Ben Khalfa also told Echorouk.
• “Stock of loans rose to more than 2500b dinars in 2008, the equivalent of 250.000b centimes.90% of them came from the large, medium and small institutions and 50% from the stock of loans and new loans which were used in the private and families sectors,” he added.