Following the publication of banking statistics for July 2023 (on 23 August 2023, https://bqk-kos.org/statistikat/serite-kohore/), CBK, according to the publication calendar, published the statistics for other financial institutions for July 2023. Simultaneously, the remittances for June and the preliminary ones for July 2023 were published.
Assets of other financial intermediaries reached the value of 455.4 million euros, with an increase of 8.1 million euros compared to the previous month. Gross loans of other financial intermediaries reached a value of around 328.6 million euros in July 2023, an increase of 7 million euros compared to the previous month. This increase was mainly influenced by the increase in loans of the financial sector activity. Loans to households in July 2023 represent 63% of the total loans of the microfinance sector.
Assets of Pension Funds reached the value of 2.6 billion euros, which represents an increase of 66.4 million euros compared to the previous month. The asset structure of the pension sector is dominated by equity securities that make up 76.4% of total assets. Their value in July 2023 reached 1.99 billion euros, marking an increase of 225.4 million euros compared to the previous month. This increase is mainly attributed to the increase in investments abroad, but at the same time it was observed that there was an increase in the performance of existing securities which were invested earlier.
Assets of insurance companies reached the value of 296.3 million euros, which represents a decrease of 2.2 million euros compared to the previous month. The structure of assets in the insurance sector consists of the balance sheet with commercial banks constituting 44.9%, securities and other assets constituting 28.5% of assets.
Remittances in June 2023 were 123.9 million euros, which represents an increase of 18% compared to the same period of 2022. The largest flows of remittances during this month were through money transfer agencies and other channels, specifically through NBFIs 58.4%, banks 15.4% and other channels 26.2%.
The value of remittances by the end of June 2023 was about 635 million euros, which represents an increase of 13% compared to the same period of 2022. Remittances mainly come from EU countries, about 60% of the total remittances, of which Germany leads with 38.1% and are followed by Switzerland with 17.6% and the USA around 7.5%. According to preliminary estimates, the remittances for July were around 116.8 million euros. The largest flows during this month were through NBFIs 50.9%, while through banks 18.5% and other channels 30.5%.
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