Doubling down on savings

Since January 2020, Maltese families' savings with local banks have increased by an average of around €2.5 million per day.

At the end of January, the deposits of the Maltese and Gozitan families with local banks exceeded – for the first time in history – the figure of €17 billion. This emerges from statistics published by the Central Bank of Malta.

The amount of household savings with local banks was €29 million more than in the previous month, and almost €600 million more than in January 2023. Since January 2020, Maltese and Gozitan families’ savings with local banks have increased by €3,819 million, or an average of around two and a half million euros per day.

In the last three years, deposits of Government entities with local banks have more than doubled, increasing from €526 million to €1,064 million. At the same time, deposits of private non-financial companies increased from €3,159 million to €3,800 million. This means that, while private companies increased their deposits by €641 million, government companies increased savings by €538 million. This confirms the strengthening of the public sector’s financial situation.

The sharp increase in household savings in the last three years shows how well their finances have been protected from international shocks. A study by the European Central Bank revealed that the lowest income households in Malta have seen their deposits double since 2013, a rate of improvement almost three times that observed in the rest of Europe.

In the 10 years up to 2013 households in Malta had increased savings with banks by less than €2.8 billion, or by one billion euros less than they have saved in the last three years.

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