Savings surge

Household deposits with local banks have risen by 30% since January 2020.

At the end of last March household deposits with local banks reached a record figure of €17,160 million. This meant that over 12 months there was an increase of €606 million, or 4%.

Figures compiled by the Central Bank of Malta show that, since January 2020, household deposits with banks have increased by €4,015 million, or by more than 30%. On average, despite the effects of the pandemic and above-average inflation, households saved an average of €79 million per month. On average, under the last Nationalist administration, household deposits had increased by an average of €18 million per month, or less than a quarter of the amount observed since 2020.

Data compiled by the Austrian Central Bank show that between 2012 and 2013, on average, deposits of Maltese households with the lowest incomes doubled. This was threefold the increase observed across the euro area. Because of these trends Maltese households have a level of bank deposits that is twice the European average.

Photo: Mikhail Nilov

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