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Albania
Savings
Albania
Savings
Albania's communists claimed they had engineered the
world's
thriftiest society. One in three Albanians maintained a
savings
account. The volume of deposits in Albania's savings bank
rose
200 times between 1950 and the late 1980s, albeit from a
minuscule base. Between 1980 and 1983, the savings rate
grew 28
percent. The continual increases in personal savings
indicated
that the economy was not producing adequate quantities of
consumer goods. The government-run banks offered a 2
percent
interest rate on short-term deposits and 3 percent on
long-term
deposits. After the economic crash of the early 1990s,
saving, at
least in cash, was not an option for most of the
population. The
wage of an average Albanian worker dropped to about US$10
per
month; a day's pay bought a half kilogram of
cheese.
Data as of April 1992
