{"id":4858,"date":"2019-03-16T07:52:20","date_gmt":"2019-03-16T06:52:20","guid":{"rendered":"http:\/\/redaktori.com\/?p=4858"},"modified":"2019-03-16T07:52:20","modified_gmt":"2019-03-16T06:52:20","slug":"ekonomia-ne-skaner-nga-vijne-dhe-ku-shkojne-parate","status":"publish","type":"post","link":"https:\/\/redaktori.com\/?p=4858","title":{"rendered":"Ekonomia n\u00eb \u201cskaner\u201d, nga vijn\u00eb dhe ku shkojn\u00eb parat\u00eb"},"content":{"rendered":"<p>Banka e Shqip\u00ebris\u00eb publikoi p\u00ebr her\u00eb t\u00eb par\u00eb rezultatet financiare komb\u00ebtare, t\u00eb cilat kan\u00eb p\u00ebr q\u00ebllim t\u00eb llogarisin kursimet n\u00eb para n\u00eb sektor\u00eb t\u00eb ndrysh\u00ebm t\u00eb ekonomis\u00eb. Llogarit\u00eb totale e nxjerrin ekonomin\u00eb shqiptare m\u00eb 2017 deficitare, me rreth 702 miliard\u00eb lek\u00eb, vler\u00eb kjo e akumuluar nd\u00ebr vite. Totali i detyrimeve financiare (borxheve) n\u00eb ekonomi rezultoi 6,1 trilion\u00eb lek\u00eb, teksa totali i mjeteve (kursimeve) ishte rreth 5,4 trilion\u00eb lek\u00eb. Individ\u00ebt, suficitar\u00eb n\u00eb kursime, financuesit kryesor\u00eb t\u00eb qeveris\u00eb dhe biznesit. Prej nga vijn\u00eb dhe ku shkojn\u00eb parat\u00eb n\u00eb ekonomin\u00eb ton\u00eb.<\/p>\n<p>N\u00eb Shqip\u00ebri vet\u00ebm familjet e kan\u00eb bilancin pozitiv cka do t\u00eb thot\u00eb se kursimet i kan\u00eb shum\u00eb m\u00eb t\u00eb larta se borxhet. N\u00eb fund t\u00eb t\u00eb vitit 2017 pasuria neto e familjeve shqiptare i kaloi te 1.55 trilion\u00eb lek\u00ebt (rreth 12 miliard\u00eb euro) duke u b\u00ebr\u00eb k\u00ebshtu huadh\u00ebn\u00ebsi kryesor p\u00ebr qeverin\u00eb dhe bizneset. T\u00eb gjith\u00eb sektor\u00ebt e tjer\u00eb t\u00eb ekonomis\u00eb, bizneset, qeveria dhe disa pjes\u00eb t\u00eb sistemit financiar jan\u00eb n\u00eb borxhe. Rekordin e mban qeveria, e cila ka borxhin m\u00eb t\u00eb lart\u00eb n\u00eb vend, prej rreth 5.6 miliard\u00eb eurosh. Edhe bizneset raportojn\u00eb detyrime t\u00eb larta, por nj\u00eb pjes\u00eb e konsiderueshme e tyre \u00ebsht\u00eb investime.<\/p>\n<div id=\"sovrn\" class=\"desktop_ad ad_bottom_space\"><ins><\/p>\n<div id=\"beacon_f197e07460\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ads.balkanweb.com\/www\/delivery\/lg.php?bannerid=0&amp;campaignid=0&amp;zoneid=426&amp;loc=https%3A%2F%2Fbalkanweb.com%2Fekonomia-ne-skaner-nga-vijne-dhe-ku-shkojne-parate%2F&amp;cb=f197e07460\" alt=\"\" width=\"0\" height=\"0\" \/><\/div>\n<p><\/ins><\/p>\n<div id=\"onetag-wrapper-3\" class=\"sovrn-onetag-ad\"><iframe id=\"400_onscroll_iframe\" title=\"sovrn-ad\" width=\"728px\" height=\"90px\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<p>P\u00ebr her\u00eb t\u00eb par\u00eb, Banka e Shqip\u00ebris\u00eb publikoi rezultatet e nj\u00eb \u201cskaneri\u201d t\u00eb ekonomis\u00eb shqiptare, i cili tregon flukset e kursimeve (mjetet) dhe borxheve (detyrimet) p\u00ebr t\u00eb gjith\u00eb sektor\u00ebt nga bankat, bizneset, qeveria, individ\u00ebt dhe flukset me jasht\u00eb vendit. Me bilanc pozitiv (Diferenca nd\u00ebrmjet mjeteve dhe detyrimeve), paraqiten ekonomit\u00eb familjare dhe sektori jorezident pozicionohen n\u00eb kreditor\u00eb ose huadh\u00ebn\u00ebs neto, nd\u00ebrkoh\u00eb q\u00eb, korporatat jofinanciare dhe qeveria e p\u00ebrgjithshme vijojn\u00eb n\u00eb pozicion debitor ose<br \/>\nhuamarr\u00ebs neto.<\/p>\n<p>P\u00ebr shkak t\u00eb natyr\u00ebs s\u00eb biznesit, korporatat financiare vijojn\u00eb n\u00eb pozicion pozitiv \/ huadh\u00ebn\u00ebs neto, edhe pse t\u00eb ul\u00ebt. Llogarit\u00eb totale e nxjerrin ekonomin\u00eb shqiptare m\u00eb 2017 deficitare, me rreth 702 miliard\u00eb lek\u00eb ose 5.4 miliard\u00eb euro, vler\u00eb kjo e akumuluar nd\u00ebr vite. Totali i detyrimeve financiare (borxheve) n\u00eb ekonomi rezultoi 6,1 trilion\u00eb lek\u00eb, teksa totali i mjeteve (kursimeve) ishte rreth 5,4 trilion\u00eb lek\u00eb.<\/p>\n<p>Mjetet dhe detyrimet e sektorit financiar paraqiten n\u00eb volume t\u00eb konsiderueshme krahasimisht me ato t\u00eb sektor\u00ebve t\u00eb tjer\u00eb, p\u00ebr shkak t\u00eb rolit nd\u00ebrmjet\u00ebs q\u00eb kan\u00eb ato n\u00eb ekonomi. P\u00ebr ekonomit\u00eb familjare, mjetet financiare n\u00eb thelb tejkalojn\u00eb detyrimet, kryesisht p\u00ebr shkak t\u00eb nivelit t\u00eb lart\u00eb t\u00eb investimeve n\u00eb form\u00ebn e depozitave, si dhe investimeve n\u00eb form\u00ebn e pjes\u00ebmarrjeve n\u00eb kapitalin e bizneseve.<\/p>\n<p>P\u00ebr bizneset, detyrimet tejkalojn\u00eb pasurit\u00eb financiare n\u00eb m\u00ebnyr\u00eb t\u00eb konsiderueshme, me rreth 1.5 trilion\u00eb lek\u00eb. Kjo p\u00ebr faktin se: s\u00eb pari, krahas kredive dhe letrave me vler\u00eb t\u00eb borxhit, detyrimet p\u00ebrfshijn\u00eb gjithashtu vler\u00ebn e tregut t\u00eb aksioneve t\u00eb emetuara nga korporatat; dhe s\u00eb dyti, mjetet jofinanciare t\u00eb korporatave t\u00eb financuara n\u00ebp\u00ebrmjet kapitalit dhe kapitalit t\u00eb huazuar nuk jan\u00eb raportuar n\u00eb llogarit\u00eb financiare. Krahasimisht me dimensionet e sektor\u00ebve t\u00eb tjer\u00eb, mjetet dhe detyrimet financiare t\u00eb sektorit t\u00eb qeveris\u00eb s\u00eb p\u00ebrgjithshme jan\u00eb minimale.<\/p>\n<figure id=\"attachment_992285\" class=\"wp-caption alignnone\"><a href=\"http:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-Shqiperise-871-600x244.jpg\" rel=\"lightbox\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-992285\" src=\"http:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-Shqiperise-871-600x244.jpg\" sizes=\"(max-width: 600px) 100vw, 600px\" srcset=\"https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-Shqiperise-871-600x244.jpg 600w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-Shqiperise-871-400x162.jpg 400w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-Shqiperise-871-370x150.jpg 370w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-Shqiperise-871-113x46.jpg 113w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-Shqiperise-871.jpg 650w\" alt=\"Ulet E Humbjeve\" width=\"600\" height=\"244\" \/><\/a><\/figure>\n<p><strong>Kursimet totale 5.4 trilion\u00eb lek\u00eb, 33% i zot\u00ebrojn\u00eb familjet<\/strong><\/p>\n<p>Totali i mjeteve financiare t\u00eb sektor\u00ebve t\u00eb brendsh\u00ebm t\u00eb ekonomis\u00eb (sektor\u00ebve rezident\u00eb), p\u00ebr vitin 2017, sh\u00ebnoi 5,4 trilion\u00eb lek\u00eb, n\u00eb rritje me 9% n\u00eb harkun kohor t\u00eb pes\u00eb viteve (2013-2017). Mjetet financiare t\u00eb t\u00eb gjith\u00eb sektor\u00ebve, duke p\u00ebrfshir\u00eb edhe marr\u00ebdh\u00ebniet financiare me jasht\u00eb (jorezident\u00ebt) ishin 7.1 trilion\u00eb lek\u00eb, ato u rrit\u00ebn me rreth 857 miliard\u00eb lek\u00eb (ose 14%) gjat\u00eb periudh\u00ebs. Analiza tregon se n\u00eb p\u00ebrgjith\u00ebsi, t\u00eb gjith\u00eb sektor\u00ebt kan\u00eb zgjeruar aktivitetin e tyre, ku rritja m\u00eb e madhe \u00ebsht\u00eb v\u00ebrejtur n\u00eb sektorin e biznesit dhe korporatat financiare.<\/p>\n<p>Rreth 2, trilion\u00eb lek\u00eb (ose 38%) e totalit t\u00eb mjeteve financiare t\u00eb brendshme i p\u00ebrkasin sektorit t\u00eb korporatave financiare. Ky sektor p\u00ebrb\u00ebhet nga banka qendrore (24%), korporatat e tjera depozituese (69%), fondet e investimit (4%), shoq\u00ebrit\u00eb e sigurimit dhe fondet e pensionit (1%) dhe institucionet e tjera financiare (2%).<\/p>\n<p>Gjat\u00eb periudh\u00ebs 2013-2017, mjetet financiare t\u00eb sektorit financiar u zgjeruan me 321 miliard\u00eb lek\u00eb. Sektori i dyt\u00eb m\u00eb i r\u00ebnd\u00ebsish\u00ebm, ai i ekonomive familjare, zot\u00ebron rreth 33% t\u00eb totalit t\u00eb mjeteve financiare t\u00eb brendshme. N\u00eb harkun kohor t\u00eb 5 viteve, mjetet e k\u00ebtij sektori u zgjeruan me rreth 88 miliard\u00eb lek\u00eb dhe n\u00eb fund t\u00eb 2017-s sh\u00ebnojn\u00eb 1,7 trilion\u00eb lek\u00eb. Biznesi ose korporatat jofinanciare zot\u00ebrojn\u00eb rreth 1 trilion lek\u00eb mjete financiare, shif\u00ebr e cila p\u00ebrb\u00ebn 20% t\u00eb totalit t\u00eb mjeteve t\u00eb brendshme financiare.<\/p>\n<p>Mjetet financiare n\u00eb zot\u00ebrim t\u00eb qeveris\u00eb s\u00eb p\u00ebrgjithshme vler\u00ebsohen n\u00eb 492 miliard\u00eb lek\u00eb, ose 10% t\u00eb totalit t\u00eb sektor\u00ebve rezident\u00eb.<br \/>\nSektori jorezident, i cili p\u00ebrfaq\u00ebson detyrimet e huaja t\u00eb sektor\u00ebve t\u00eb ekonomis\u00eb vendase kundrejt pjes\u00ebs tjet\u00ebr t\u00eb bot\u00ebs, u zgjerua me 412 miliard\u00eb lek\u00eb gjat\u00eb harkut kohor 5-vje\u00e7ar. Ky sektor p\u00ebrfaq\u00ebsoi 24% t\u00eb totalit t\u00eb mjeteve financiare, n\u00eb fund t\u00eb vitit 2017.<\/p>\n<p><strong>Detyrimet totale, 6.1 trilion\u00eb lek\u00eb<\/strong><\/p>\n<p>Nd\u00ebrsa detyrimet financiare t\u00eb brendshme, duke mos i p\u00ebrfshir\u00eb jorezident\u00ebt, ishin 6,1 trilion\u00eb lek\u00eb n\u00eb fund t\u00eb 2017, ku pesh\u00ebn kryesore e z\u00eb sektori i biznesit, me rreth 37% t\u00eb totalit t\u00eb detyrimeve t\u00eb t\u00eb gjith\u00eb sektor\u00ebve (ose 43% t\u00eb sektor\u00ebve t\u00eb brendsh\u00ebm ekonomik\u00eb). Ky sektor ka zgjeruar detyrimet e tij me 49 miliard\u00eb lek\u00eb, q\u00eb prej vitit 2013 deri m\u00eb 2017.<\/p>\n<p>Sektori i korporatave financiare zgjeroi detyrimet e tij me 352 miliard\u00eb lek\u00eb, gjat\u00eb harkut kohor n\u00eb shqyrtim (2013-2017), duke arritur nivelin e p\u00ebrfaq\u00ebsimit 29% t\u00eb totalit t\u00eb detyrimeve t\u00eb gjith\u00eb sektor\u00ebve (ose 34% t\u00eb sektor\u00ebve t\u00eb brendsh\u00ebm ekonomik\u00eb). Nga k\u00ebndv\u00ebshtrimi i instrumenteve financiare, monedha dhe depozita p\u00ebrfaq\u00ebsojn\u00eb instrumentin financiar m\u00eb t\u00eb p\u00ebrdorur n\u00eb nd\u00ebrlidhjet sektoriale (me rreth 28% t\u00eb totalit t\u00eb mjeteve\/ detyrimeve n\u00eb fund t\u00eb vitit 2017), nd\u00ebrkoh\u00eb q\u00eb huat\u00eb dhe instrumentet e kapitalit p\u00ebrfaq\u00ebsojn\u00eb respektivisht 21.6% dhe 21.3% t\u00eb totalit. Llogarit\u00eb e ark\u00ebtueshme\/pagueshme z\u00ebn\u00eb rreth 14% t\u00eb mjeteve\/detyrimeve dhe zot\u00ebrohen n\u00eb mas\u00ebn m\u00eb t\u00eb madhe nga bizneset.<\/p>\n<p>N\u00eb pozicionin financiar neto, ekonomit\u00eb familjare dhe sektori jorezident pozicionohen n\u00eb kreditor\u00eb ose huadh\u00ebn\u00ebs neto, nd\u00ebrkoh\u00eb q\u00eb, korporatat jofinanciare dhe qeveria e p\u00ebrgjithshme vijojn\u00eb n\u00eb pozicion debitor, ose huamarr\u00ebs neto. P\u00ebr shkak t\u00eb natyr\u00ebs s\u00eb biznesit, korporatat financiare vijojn\u00eb n\u00eb pozicion pozitiv\/ huadh\u00ebn\u00ebs neto, edhe pse t\u00eb ul\u00ebt.<\/p>\n<p><strong>Biznesi, detyrimet r\u00ebndojn\u00eb m\u00eb shum\u00eb se mjetet<\/strong><\/p>\n<p>Gjat\u00eb vitit 2017, korporatat jofinanciare (ose ndryshe bizneset) shfaq\u00ebn r\u00ebnie t\u00eb leht\u00eb t\u00eb nevoj\u00ebs p\u00ebr financim n\u00eb rreth 1.04%. Pozicioni financiar neto i k\u00ebtij sektori, n\u00eb fund t\u00eb vitit 2017, sh\u00ebnon -1.55 trilion\u00eb lek\u00eb nga -1.57 trilion\u00eb lek\u00eb n\u00eb vitin 2016. Kjo ecuri u diktua kryesisht nga zgjerimi i kapitalit t\u00eb kompanive (instrumenti \u201caksione ose nj\u00ebsi t\u00eb fondit t\u00eb investimit\u201d (AF5)).<\/p>\n<p>N\u00eb fund t\u00eb vitit 2017, mjetet financiare t\u00eb sektorit t\u00eb biznesit arrit\u00ebn n\u00eb rreth 1 trilion lek\u00eb, duke u zgjeruar leht\u00ebsisht me rreth 1% n\u00eb terma vjetor\u00eb. Z\u00ebri \u201cllogari t\u00eb tjera t\u00eb ark\u00ebtueshme\u201d mban pjes\u00ebn m\u00eb t\u00eb madhe t\u00eb mjeteve financiare t\u00eb k\u00ebtij sektori, n\u00eb rreth 58.1% t\u00eb totalit. Kredia tregtare p\u00ebrb\u00ebn rreth 61% t\u00eb instrumentit llogari t\u00eb tjera t\u00eb ark\u00ebtueshme dhe rreth 35% t\u00eb totalit t\u00eb mjeteve financiare, duke demonstruar r\u00ebnd\u00ebsin\u00eb e tij si burim financimi midis nj\u00ebsive institucionale t\u00eb p\u00ebrfshira n\u00eb sektorin e korporatave jofinanciare.<\/p>\n<p>\u201cMonedha dhe depozitat\u201d e biznesit u zgjeruan gjat\u00eb vitit me 9%, duke arritur nivelin 269 miliard\u00eb lek\u00eb. Kjo rritje \u00ebsht\u00eb rrjedhoj\u00eb e zgjerimit e: (i) likuiditeteve afatshkurtra t\u00eb mbajtura n\u00eb ark\u00ebn e bizneseve (n\u00eb 68.4 miliard\u00eb lek\u00eb, nga 60.4 miliard\u00eb n\u00eb fund t\u00eb 2016); (ii) llogarive rrjedh\u00ebse t\u00eb mbajtura n\u00eb korporatat depozituese (n\u00eb 129 miliard\u00eb lek\u00eb, nga 124 miliard\u00eb lek\u00eb n\u00eb fund t\u00eb 2016); dhe (iii) depozitave me afat (n\u00eb 71.6 miliard\u00eb lek\u00eb, nga 62 miliard\u00eb lek\u00eb nj\u00eb vit m\u00eb par\u00eb).<\/p>\n<p>Nga ana tjet\u00ebr, \u201chuat\u00eb\u201d ran\u00eb n\u00eb terma vjetor\u00eb me 12.5%. Huadh\u00ebnia e korporatave jofinanciare, n\u00eb fund t\u00eb 2017-s, sh\u00ebnon 57 miliard\u00eb lek\u00eb nga rreth 65 miliard\u00eb lek\u00eb n\u00eb fund t\u00eb 2016. Ky kontraktim i detyrohet zvog\u00eblimit t\u00eb pretendimeve n\u00eb form\u00ebn e huas\u00eb me sektor\u00ebt jorezident\u00eb (huat\u00eb nd\u00ebr kompani n\u00eb marr\u00ebdh\u00ebnie investimi direkt).<\/p>\n<p>\u201cAksionet ose nj\u00ebsit\u00eb e fondeve t\u00eb investimit\u201d u zgjeruan gjat\u00eb vitit me 5%, duke arritur n\u00eb rreth 66 miliard\u00eb lek\u00eb, dhe p\u00ebrfaq\u00ebsojn\u00eb rreth 6% t\u00eb totalit t\u00eb mjeteve t\u00eb korporatave jofinanciare. N\u00eb fund t\u00eb vitit 2017, detyrimet financiare t\u00eb sektorit t\u00eb biznesit sh\u00ebnojn\u00eb 2.64 trilion\u00eb lek\u00eb me r\u00ebnie vjetore prej 0.3%. \u201cAksionet ose nj\u00ebsit\u00eb e fondeve t\u00eb investimit\u201d kan\u00eb financuar bizneset n\u00eb nivelin 44% t\u00eb totalit t\u00eb detyrimeve financiare dhe arrit\u00ebn nivelin 1.16 trilion\u00eb lek\u00eb nga 1.1 trilion\u00eb lek\u00eb n\u00eb vitin 2016. Investitor\u00ebt kryesor\u00eb jan\u00eb ekonomit\u00eb familjare dhe jorezident\u00ebt, t\u00eb cil\u00ebt zot\u00ebrojn\u00eb p\u00ebrkat\u00ebsisht 37% dhe 43% t\u00eb k\u00ebtij instrumenti.<\/p>\n<p>Detyrimet n\u00ebn z\u00ebrin \u201cllogari t\u00eb tjera t\u00eb pagueshme\u201d ran\u00eb n\u00eb 760 miliard\u00eb lek\u00eb, nga 793 miliard\u00eb lek\u00eb nj\u00eb vit m\u00eb par\u00eb. Ky zhvillim \u00ebsht\u00eb diktuar kryesisht nga r\u00ebnia e llogarive t\u00eb pagueshme ndaj qeveris\u00eb n\u00eb nivelin 167 miliard\u00eb lek\u00eb, nga 220 miliard\u00eb lek\u00eb n\u00eb vitin 2016. Nj\u00eb pjes\u00eb e r\u00ebnd\u00ebsishme e burimeve t\u00eb p\u00ebrdorura p\u00ebr financimin e biznesit \u00ebsht\u00eb siguruar p\u00ebrmes \u201chuave\u201d, t\u00eb cilat sh\u00ebnojn\u00eb 687 miliard\u00eb lek\u00eb, nga 704 miliard\u00eb n\u00eb fund t\u00eb vitit 2016.<\/p>\n<p>Huamarrja \u00ebsht\u00eb siguruar kryesisht nga korporatat e tjera depozituese (sektori bankar), n\u00eb mas\u00ebn 53%, si dhe nga sektori jorezident (37%). Zvog\u00eblimi n\u00eb stokun e kredis\u00eb nga korporatat depozituese \u00ebsht\u00eb rrjedhoj\u00eb nj\u00ebkoh\u00ebsisht e masave p\u00ebr fshirjen e kredive me probleme, si dhe efektit negativ t\u00eb kursit t\u00eb k\u00ebmbimit. Huamarrja e pastruar nga efekti i kursit t\u00eb k\u00ebmbimit dhe fshirjes s\u00eb kredive gjat\u00eb vitit 2017, sh\u00ebnoi rreth 10.8 miliard\u00eb lek\u00eb, nga rreth 5.9 miliard\u00eb nj\u00eb vit m\u00eb 2016. Huamarrja afatgjat\u00eb vijon mbizot\u00ebruese n\u00eb nivelin e p\u00ebrgjithsh\u00ebm t\u00eb huave (n\u00eb mas\u00ebn 75%). Pozicioni financiar neto i sektorit t\u00eb biznesit u ngushtua me 16.4 miliard\u00eb lek\u00eb ose 1% n\u00eb terma vjetor\u00eb, dhe n\u00eb fund t\u00eb vitit 2017 vler\u00ebsohet n\u00eb -1.5 trilion\u00eb lek\u00eb.<\/p>\n<figure id=\"attachment_992284\" class=\"wp-caption alignnone\"><a href=\"http:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-bizneseve-871-558x350.jpg\" rel=\"lightbox\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-992284\" src=\"http:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-bizneseve-871-558x350.jpg\" sizes=\"(max-width: 558px) 100vw, 558px\" srcset=\"https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-bizneseve-871-558x350.jpg 558w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-bizneseve-871-400x251.jpg 400w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-bizneseve-871-370x232.jpg 370w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-bizneseve-871-113x71.jpg 113w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-bizneseve-871.jpg 650w\" alt=\"Ulet E Humbjeve\" width=\"558\" height=\"350\" \/><\/a><\/figure>\n<p><strong>Qeveria me bilancin m\u00eb t\u00eb keq n\u00eb ekonomi<\/strong><\/p>\n<p>Mjetet financiare t\u00eb qeveris\u00eb s\u00eb p\u00ebrgjithshme, n\u00eb fund t\u00eb vitit 2017, sh\u00ebnojn\u00eb 492 miliard\u00eb lek\u00eb, nga 538 miliard\u00eb nj\u00eb vit m\u00eb par\u00eb, me r\u00ebnie vjetore prej 8%. Ato prezantohen kryesisht n\u00eb aksione\/pjes\u00ebmarrje n\u00eb kapital n\u00eb korporata publike jofinanciare dhe n\u00eb llogari t\u00eb tjera t\u00eb ark\u00ebtueshme, kryesisht kundrejt biznesit, respektivisht n\u00eb rreth 45% dhe 35%.<\/p>\n<p>N\u00eb fund t\u00eb vitit 2017, instrumenti \u201caksione\/pjes\u00ebmarrje n\u00eb kapital\u201d vler\u00ebsohet n\u00eb 223 miliard\u00eb lek\u00eb, nga 238 miliard\u00eb lek\u00eb nj\u00eb vit m\u00eb par\u00eb. Mjetet financiare t\u00eb p\u00ebrfshira n\u00eb instrumentin \u201cllogari t\u00eb tjera t\u00eb ark\u00ebtueshme\u201d, i cili p\u00ebrfshin pretendimet e autoriteteve publike ndaj agjent\u00ebve ekonomik\u00eb, t\u00eb tilla si komisione, taksa dhe sigurimet shoq\u00ebrore, p\u00ebr 2017, vler\u00ebsohen n\u00eb 172 miliard\u00eb lek\u00eb, nga 224 miliard\u00eb n\u00eb fund t\u00eb 2016. Z\u00ebri \u201cMonedha dhe depozita\u201d u zgjerua n\u00eb nivelin 48 miliard\u00eb lek\u00eb, nga 34 miliard\u00eb lek\u00eb n\u00eb vitin 2016. Huat\u00eb e dh\u00ebna nga qeveria e p\u00ebrgjithshme u rrit\u00ebn me rreth 18% gjat\u00eb vitit. N\u00eb terma nominal\u00eb, ky tregues sh\u00ebnon 49 miliard\u00eb, nga 42 miliard\u00eb lek\u00eb n\u00eb fund t\u00eb vitit 2016.<\/p>\n<p>Detyrimet financiare t\u00eb sektorit t\u00eb qeveris\u00eb s\u00eb p\u00ebrgjithshme vler\u00ebsohen n\u00eb nivelin 1.21 trilion\u00eb lek\u00eb m\u00eb 2017, nga 1.18 trilion\u00eb lek\u00eb n\u00eb fund t\u00eb vitit 2016. Instrumenti kryesor i financimit, i p\u00ebrdorur nga qeveria e p\u00ebrgjithshme, vijon t\u00eb jen\u00eb \u201cletrat me vler\u00eb t\u00eb borxhit\u201d, t\u00eb cilat p\u00ebrb\u00ebjn\u00eb rreth 48% t\u00eb totalit t\u00eb detyrimeve. N\u00eb terma absolut\u00eb, letrat me vler\u00eb afatgjata t\u00eb borxhit gjenden n\u00eb nivelin 406 miliard\u00eb, nga 373 miliard\u00eb nj\u00eb vit m\u00eb par\u00eb, nd\u00ebrkoh\u00eb letrat me vler\u00eb afatshkurtra (deri n\u00eb nj\u00eb vit) ran\u00eb n\u00eb nivelin 181 miliard\u00eb, nga 189 miliard\u00eb n\u00eb vitin 2016. Mbajt\u00ebsit kryesor\u00eb t\u00eb letrave me vler\u00eb t\u00eb borxhit t\u00eb qeveris\u00eb jan\u00eb korporatat e tjera depozituese, n\u00eb nj\u00eb total prej 343 miliard\u00eb lek\u00ebsh.<\/p>\n<p>\u201cHuat\u00eb afatgjata\u201d, ashtu si letrat me vler\u00eb, kan\u00eb luajtur rol t\u00eb r\u00ebnd\u00ebsish\u00ebm si instrument financues p\u00ebr qeverin\u00eb e p\u00ebrgjithshme, dhe z\u00ebn\u00eb 36% t\u00eb detyrimeve totale. N\u00eb fund t\u00eb vitit 2017, huat\u00eb arrit\u00ebn nivelin 434 miliard\u00eb lek\u00eb, nga 422 miliard\u00eb lek\u00eb n\u00eb vitin 2016, me nj\u00eb rritje vjetore prej 2.7%. Financuesi kryesor i borxhit t\u00eb qeveris\u00eb s\u00eb p\u00ebrgjithshme (hua dhe letra me vler\u00eb) \u00ebsht\u00eb sektori i jorezident\u00ebve, i cili mban rreth 46% t\u00eb totalit, i shoq\u00ebruar nga sektori i korporatave t\u00eb tjera depozituese n\u00eb rreth 34%.<\/p>\n<p>Detyrimet financiare n\u00eb form\u00ebn e llogarive t\u00eb pagueshme t\u00eb vler\u00ebsuara n\u00eb llogarit\u00eb financiare, n\u00eb terma absolut\u00eb, sh\u00ebnuan rreth 190 miliard\u00eb lek\u00eb n\u00eb fund t\u00eb vitit 2017, nga rreth 203 miliard\u00eb lek\u00eb n\u00eb fund t\u00eb vitit 2016. N\u00eb vitin 2017, pozicioni financiar neto i qeveris\u00eb s\u00eb p\u00ebrgjithshme, n\u00eb raport me PBB-n\u00eb, llogaritet n\u00eb nivelin -46.2%, nga rreth \u2013 44% nj\u00eb vit m\u00eb par\u00eb.<\/p>\n<figure id=\"attachment_992283\" class=\"wp-caption alignnone\"><a href=\"http:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Qeveria-me-borxhin-me-te-larte-871-558x350.jpg\" rel=\"lightbox\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-992283\" src=\"http:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Qeveria-me-borxhin-me-te-larte-871-558x350.jpg\" sizes=\"(max-width: 558px) 100vw, 558px\" srcset=\"https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Qeveria-me-borxhin-me-te-larte-871-558x350.jpg 558w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Qeveria-me-borxhin-me-te-larte-871-400x251.jpg 400w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Qeveria-me-borxhin-me-te-larte-871-370x232.jpg 370w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Qeveria-me-borxhin-me-te-larte-871-113x71.jpg 113w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Qeveria-me-borxhin-me-te-larte-871.jpg 650w\" alt=\"Ulet E Humbjeve\" width=\"558\" height=\"350\" \/><\/a><\/figure>\n<p><strong>Shk\u00eblqejn\u00eb individ\u00ebt, pasuria neto 1.55 trilion\u00eb lek\u00eb<\/strong><\/p>\n<div id=\"videoad\"><\/div>\n<p>N\u00eb fund t\u00eb vitit 2017, totali i mjeteve financiare (kursimeve) t\u00eb ekonomive familjare, vler\u00ebsuar n\u00eb llogarit\u00eb financiare, sh\u00ebnon 1,763 miliard\u00eb lek\u00eb, nga 1,781 miliard\u00eb lek\u00eb n\u00eb fund t\u00eb 2016. Instrumenti kryesor, i p\u00ebrdorur nga ekonomit\u00eb familjare, \u00ebsht\u00eb \u201cmonedha dhe depozita\u201d, i cili p\u00ebrfaq\u00ebson n\u00eb mas\u00ebn 56.4% mjetet financiare t\u00eb k\u00ebtij sektori. N\u00eb harkun kohor t\u00eb nj\u00eb viti, monedha dhe depozitat sh\u00ebnuan nj\u00eb zgjerim me rreth 12 miliard\u00eb lek\u00eb, duke sh\u00ebnuar nivelin 995 miliard\u00eb lek\u00eb n\u00eb fund t\u00eb 2017-s.<\/p>\n<p>Gjat\u00eb vitit, individ\u00ebt\/ekonomia familjare ka zgjeruar mjetet likuide (t\u00eb tilla si cash\/monedha dhe depozitat e transferueshme) dhe ka ngushtuar investimet n\u00eb depozita me afat. K\u00ebshtu, monedha dhe depozitat e tranferueshme, gjat\u00eb vitit, u zgjeruan me rreth 14 mld lek\u00eb n\u00eb nivelin 423 miliard\u00eb lek\u00eb, nd\u00ebrkoh\u00eb q\u00eb depozitat me afat ran\u00eb me 2 miliard\u00eb dhe, n\u00eb fund t\u00eb vitit 2017, sh\u00ebnuan 573 miliard\u00eb lek\u00eb. N\u00eb t\u00eb nj\u00ebjt\u00ebn koh\u00eb, portofoli i individ\u00ebve n\u00eb \u201cinvestime n\u00eb letrat me vler\u00eb t\u00eb borxhit\u201d u zgjerua (15%) n\u00eb nivelin 92 miliard\u00eb lek\u00eb, n\u00eb drejtim t\u00eb zgjerimit t\u00eb investimeve n\u00eb letra me vler\u00eb t\u00eb borxhit afatgjata (zgjeruar nominalisht me 18 miliard\u00eb lek\u00eb), nd\u00ebrkoh\u00eb q\u00eb portofoli afatshkurt\u00ebr \u00ebsht\u00eb tkurrur me 6 miliard\u00eb lek\u00eb.<\/p>\n<p>Letrat me vler\u00eb p\u00ebrb\u00ebjn\u00eb vet\u00ebm 5% t\u00eb totalit t\u00eb mjeteve financiare t\u00eb sektorit t\u00eb ekonomive familjare. Aksionet dhe nj\u00ebsit\u00eb e fondeve t\u00eb investimit z\u00ebn\u00eb 32% t\u00eb totalit t\u00eb mjeteve financiare dhe sh\u00ebnojn\u00eb nivelin stok prej 568 miliard\u00eb lek\u00ebsh, nga 613.5 miliard\u00eb lek\u00eb nj\u00eb vit m\u00eb par\u00eb. Ndikimin m\u00eb t\u00eb madh n\u00eb k\u00ebt\u00eb r\u00ebnie e pati kapitali i investuar n\u00eb korporatat jofinanciare, i cili sh\u00ebnon r\u00ebnie vjetore prej 53.5 miliard\u00eb lek\u00ebsh (ose 11%).<\/p>\n<p>\u201cLlogari t\u00eb tjera t\u00eb ark\u00ebtueshme\u201d gjat\u00eb vitit, u rrit me 3% dhe n\u00eb fund t\u00eb 2017, sh\u00ebnon 101.4 miliard\u00eb lek\u00eb. Detyrimet financiare t\u00eb sektorit t\u00eb ekonomive familjare vler\u00ebsohen n\u00eb 205.9 miliard\u00eb lek\u00eb, n\u00eb rritje prej 11.9 miliard\u00eb lek\u00ebsh (ose 6%) referuar nj\u00eb viti m\u00eb par\u00eb. Huat\u00eb mbajn\u00eb pesh\u00ebn kryesore n\u00eb totalin e detyrimeve financiare t\u00eb k\u00ebtij sektori (95% t\u00eb totalit). N\u00eb fund t\u00eb 2017, stoku i huave sh\u00ebnon rreth 195 miliard\u00eb lek\u00eb, nga 183 miliard\u00eb lek\u00eb n\u00eb vitin 2016. N\u00eb terma maturiteti, huat\u00eb afatshkurtra ran\u00eb me 0.3 miliard\u00eb lek\u00eb, nd\u00ebrkoh\u00eb huat\u00eb afatgjata, t\u00eb cilat p\u00ebrb\u00ebjn\u00eb 95% t\u00eb totalit t\u00eb huave t\u00eb ekonomive familjare, u rrit\u00ebn me 12 miliard\u00eb lek\u00eb ose 7%. Llogari t\u00eb tjera t\u00eb pagueshme, n\u00eb fund t\u00eb vitit 2017, sh\u00ebnojn\u00eb vler\u00ebn e 10.9 miliard\u00eb lek\u00ebve, duke ruajtur k\u00ebshtu pothuajse t\u00eb nj\u00ebjtin nivel t\u00eb nj\u00eb viti m\u00eb par\u00eb.<\/p>\n<p>P\u00ebr vitin 2017, pasuria financiare neto e ekonomive familjare vler\u00ebsohet n\u00eb m\u00eb shum\u00eb se 1.55 trilion\u00eb lek\u00eb, nga 1,58 trilione lek\u00eb n\u00eb vitin 2016, ose n\u00eb r\u00ebnie vjetore prej 2%).<\/p>\n<figure id=\"attachment_992282\" class=\"wp-caption alignnone\"><a href=\"http:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Familjet-shqiptare-te-kujdesshme-me-borxhin-871-558x350.jpg\" rel=\"lightbox\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-992282\" src=\"http:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Familjet-shqiptare-te-kujdesshme-me-borxhin-871-558x350.jpg\" sizes=\"(max-width: 558px) 100vw, 558px\" srcset=\"https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Familjet-shqiptare-te-kujdesshme-me-borxhin-871-558x350.jpg 558w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Familjet-shqiptare-te-kujdesshme-me-borxhin-871-400x251.jpg 400w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Familjet-shqiptare-te-kujdesshme-me-borxhin-871-370x232.jpg 370w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Familjet-shqiptare-te-kujdesshme-me-borxhin-871-113x71.jpg 113w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Familjet-shqiptare-te-kujdesshme-me-borxhin-871.jpg 650w\" alt=\"Ulet E Humbjeve\" width=\"558\" height=\"350\" \/><\/a><\/figure>\n<p><strong>Bankat, balanca pozitive me 34 miliard\u00eb lek\u00eb<\/strong><\/p>\n<p>Mjetet financiare t\u00eb sektorit bankar, p\u00ebrve\u00e7 bank\u00ebs qendrore, u zgjeruan me 13.9 miliard\u00eb lek\u00eb dhe, n\u00eb fund t\u00eb vitit 2017, sh\u00ebnojn\u00eb 1.42 trilion\u00eb lek\u00eb.<\/p>\n<p>\u201cHuaja\u201d mban pjes\u00ebn m\u00eb t\u00eb madhe t\u00eb mjeteve financiare t\u00eb k\u00ebtij n\u00ebnsektori, me p\u00ebraf\u00ebrsisht 44% t\u00eb totalit, dhe gjat\u00eb 2017-s u zvog\u00eblua me 5.7 miliard\u00eb, n\u00eb nivelin 635 miliard\u00eb lek\u00eb. Ecuria e stokut t\u00eb huas\u00eb \u00ebsht\u00eb influencuar nga reforma e nd\u00ebrmarr\u00eb nga autoriteti rregullator, p\u00ebr fshirjen e kredive me probleme nga bilancet e bankave (hyr\u00eb n\u00eb fuqi nga 1 janari i vitit 2015), si dhe nj\u00ebkoh\u00ebsisht nga efekti negativ i kursit t\u00eb k\u00ebmbimit. K\u00ebshtu, v\u00ebllimi i transaksioneve n\u00eb hua, pastruar nga efektet e m\u00ebsip\u00ebrme, llogaritet n\u00eb 6.3 miliard\u00eb lek\u00eb m\u00eb 2017, nga 31.4 miliard\u00eb lek\u00eb nj\u00eb vit m\u00eb 2016. N\u00eb mas\u00ebn m\u00eb t\u00eb madhe, transaksionet n\u00eb hua kan\u00eb qen\u00eb n\u00eb drejtim t\u00eb sektorit t\u00eb ekonomive familjare (n\u00eb rreth 72%), nd\u00ebrsa huaja p\u00ebr sektor\u00ebt jorezident\u00eb sh\u00ebnoi 5.8 miliard\u00eb lek\u00eb.<\/p>\n<p>Portofoli n\u00eb letra me vler\u00eb t\u00eb borxhit, i cili p\u00ebrfaq\u00ebson rreth 29% t\u00eb mjeteve financiare t\u00eb korporatave depozituese p\u00ebrve\u00e7 bank\u00ebs qendrore, sh\u00ebnoi r\u00ebnie (9.5 miliard\u00eb lek\u00eb, ose 2.2% n\u00eb terma vjetor\u00eb) dhe n\u00eb fund t\u00eb vitit 2017, arriti nivelin 416 miliard\u00eb lek\u00eb. Investimet n\u00eb letra me vler\u00eb t\u00eb jorezident\u00ebve nuk kan\u00eb qen\u00eb m\u00eb atraktive, duke r\u00ebn\u00eb me 19% gjat\u00eb vitit 2017, n\u00eb nj\u00eb total prej 17.8% t\u00eb totalit t\u00eb portofolit, nga 22% nj\u00eb vit m\u00eb par\u00eb. Letrat me vler\u00eb t\u00eb qeveris\u00eb qendrore u rrit\u00ebn me 2.5%, ndikuar kryesisht nga zgjerimi i zot\u00ebrimeve n\u00eb letra afatgjata t\u00eb borxhit.<\/p>\n<p>Instrumenti \u201cmonedha dhe depozita\u201d gjat\u00eb vitit 2017, u zgjerua ndjesh\u00ebm me rreth 25.2 miliard\u00eb lek\u00eb n\u00eb vler\u00eb nominale (ose 7.7% n\u00eb terma vjetor\u00eb), n\u00eb nivelin 354.6 miliard\u00eb lek\u00eb, kryesisht si pasoj\u00eb e zgjerimit t\u00eb depozitave me afat (rreth 23.7 miliard\u00eb lek\u00eb vler\u00eb nominale) dhe zgjerimit t\u00eb mjeteve likuide, monedh\u00ebs dhe depozitave t\u00eb transferueshme (nominalisht me 1.5 miliard\u00eb lek\u00eb).<br \/>\nInstrumenti \u201caksione ose nj\u00ebsi t\u00eb fondeve t\u00eb investimit\u201d, gjithashtu \u00ebsht\u00eb zgjeruar gjat\u00eb vitit 2017 (me rreth 1.4 miliard\u00eb) dhe n\u00eb fund t\u00eb dhjetorit 2017, sh\u00ebnon 10.5 miliard\u00eb lek\u00eb. Detyrimet financiare t\u00eb sistemit bankar, p\u00ebrve\u00e7 bank\u00ebs qendrore, u zgjeruan me 37.4 miliard\u00eb lek\u00eb dhe, n\u00eb fund t\u00eb vitit 2017, duke sh\u00ebnuar 1.39 trilion\u00eb lek\u00eb.<\/p>\n<p>Instrumenti \u201cmonedha dhe depozita\u201d p\u00ebrb\u00ebn komponentin kryesor t\u00eb detyrimeve financiare t\u00eb korporatave depozituese, p\u00ebrve\u00e7 bank\u00ebs qendrore, me nj\u00eb pesh\u00eb ndaj totalit prej 83% n\u00eb fund t\u00eb vitit 2017. Gjat\u00eb k\u00ebtij viti, ky instrument u zgjerua me 17.7 miliard\u00eb lek\u00eb, n\u00eb nivelin 1,164 miliard\u00eb lek\u00eb. Ky zhvillim \u00ebsht\u00eb kryesisht pasoj\u00eb e zgjerimit t\u00eb depozitave t\u00eb transferueshme (likuide) t\u00eb sektorit t\u00eb biznesit me rreth 11.6 miliard\u00eb lek\u00eb.<\/p>\n<p>Huat\u00eb e sektorit financiar p\u00ebrb\u00ebjn\u00eb vet\u00ebm 5% t\u00eb totalit t\u00eb detyrimeve financiare, me nj\u00eb vler\u00eb prej 68 miliard\u00eb lek\u00ebsh n\u00eb fund t\u00eb vitit 2017, ku huadh\u00ebn\u00ebsit kryesor\u00eb mbeten banka qendrore (58.5%) dhe sektori jorezident (36%). Aksionet ose nj\u00ebsit\u00eb e fondeve t\u00eb investimit arrit\u00ebn vler\u00ebn 148 miliard\u00eb lek\u00eb n\u00eb fund t\u00eb vitit 2017, n\u00eb nj\u00eb pesh\u00eb prej 10.6% t\u00eb totalit t\u00eb detyrimeve financiare, duke u rritur me 9.6 miliard\u00eb lek\u00eb krahasuar me vitin paraardh\u00ebs. N\u00eb fund t\u00eb vitit 2017, pasuria financiare neto e korporatave depozituese, p\u00ebrve\u00e7 bank\u00ebs qendrore, vler\u00ebsohet n\u00eb 34.05 miliard\u00eb lek\u00eb.<\/p>\n<figure id=\"attachment_992281\" class=\"wp-caption alignnone\"><a href=\"http:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-sektorit-bankar-871-558x350.jpg\" rel=\"lightbox\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-992281\" src=\"http:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-sektorit-bankar-871-558x350.jpg\" sizes=\"(max-width: 558px) 100vw, 558px\" srcset=\"https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-sektorit-bankar-871-558x350.jpg 558w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-sektorit-bankar-871-400x251.jpg 400w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-sektorit-bankar-871-370x232.jpg 370w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-sektorit-bankar-871-113x71.jpg 113w, https:\/\/balkanweb.com\/wp-content\/uploads\/2019\/03\/Pasuria-neto-e-sektorit-bankar-871.jpg 650w\" alt=\"Ulet E Humbjeve\" width=\"558\" height=\"350\" \/><\/a><\/figure>\n<p><strong>Fondet e investimeve, mjetet barazohen me detyrimet<\/strong><\/p>\n<p>Fondet e investimeve n\u00eb Shqip\u00ebri e kan\u00eb nisur aktivitetin e tyre n\u00eb fillim t\u00eb vitit 2012. Menj\u00ebher\u00eb pas krijimit t\u00eb tij, ky n\u00ebnsektor ka p\u00ebsuar nj\u00eb zhvillim t\u00eb konsideruesh\u00ebm, duke kaluar p\u00ebrmes ndryshimesh t\u00eb r\u00ebnd\u00ebsishme strukturore, n\u00eb mb\u00ebshtetje t\u00eb zhvillimit t\u00eb tregut t\u00eb kapitaleve n\u00eb Shqip\u00ebri dhe tregut financiar n\u00eb p\u00ebrgjith\u00ebsi.<\/p>\n<p>Aktualisht, num\u00ebrohen tre fonde t\u00eb hapura investimesh me ofert\u00eb publike t\u00eb administruara nga dy shoq\u00ebri administruese, p\u00ebrkat\u00ebsisht: Fondi i investimeve \u201cRaiffeisen Prestigje\u201d, Fondi i investimeve \u201cRaiffeiseninvest Euro\u201d dhe Fondi i investimit \u201cCredins Premium\u201d; me objekt investimi n\u00eb tituj me t\u00eb ardhura fikse, kryesisht bono dhe obligacione t\u00eb Qeveris\u00eb Shqiptare. Ecuria e k\u00ebtij tregu paraqitet n\u00eb nivele t\u00eb nj\u00ebjta n\u00eb vitet e fundit, dhe gjat\u00eb vitit 2017 sh\u00ebnoi rritje n\u00eb terma vjetor\u00eb me 11% t\u00eb aseteve t\u00eb tij. N\u00ebnsektori i fondeve t\u00eb investimit tashm\u00eb p\u00ebrfaq\u00ebson nj\u00eb pjes\u00eb t\u00eb r\u00ebnd\u00ebsishme t\u00eb sektorit financiar n\u00eb Shqip\u00ebri, duke mbetur n\u00ebnsektori i dyt\u00eb m\u00eb i r\u00ebnd\u00ebsish\u00ebm, pas bankave.<\/p>\n<p>Mjetet financiare t\u00eb fondeve t\u00eb investimeve, n\u00eb fund t\u00eb vitit 2017, sh\u00ebnuan 72.9 miliard\u00eb lek\u00eb, nga 65.6 miliard\u00eb lek\u00eb n\u00eb vitin 2016. Pretendimet financiare t\u00eb fondeve t\u00eb investimeve n\u00eb totalin e mjeteve t\u00eb korporatave financiare z\u00ebn\u00eb rreth 3.5%. Gjat\u00eb viti 2017, v\u00ebrehet nj\u00eb rritje e moderuar e pranis\u00eb s\u00eb k\u00ebtij sektori n\u00eb sektorin financiar.<\/p>\n<p>N\u00eb aspektin e politik\u00ebs s\u00eb investimeve, ato dominohen kryesisht nga investime n\u00eb letra me vler\u00eb t\u00eb borxhit (n\u00eb mas\u00ebn 85%), t\u00eb cilat p\u00ebrb\u00ebjn\u00eb edhe instrumentin m\u00eb t\u00eb r\u00ebnd\u00ebsish\u00ebm financiar t\u00eb mbajtur nga ky n\u00ebnsektor. Instrumenti \u201cletra me vler\u00eb t\u00eb borxhit\u201d u rrit n\u00eb terma vjetor\u00eb me rreth 12.8% dhe n\u00eb fund t\u00eb vitit 2017, sh\u00ebnon vler\u00ebn 62.2 miliard\u00eb lek\u00eb, nga t\u00eb cilat 49.3 miliard\u00eb lek\u00eb p\u00ebrfaq\u00ebsohen nga letra me vler\u00eb t\u00eb borxhit afatgjat\u00eb. Mjetet financiare n\u00eb form\u00ebn \u201cmonedha dhe depozita\u201d sh\u00ebnuan r\u00ebnie gjat\u00eb vitit 2017, me rreth 24% dhe n\u00eb fund t\u00eb 2017-s sh\u00ebnojn\u00eb 5.8 miliard\u00eb lek\u00eb.<\/p>\n<p>Totali i detyrimeve financiare t\u00eb fondeve t\u00eb investimeve u rrit me 11% gjat\u00eb vitit 2017, n\u00eb nivelin 72.9 miliard\u00eb lek\u00eb. N\u00eb konsiderata t\u00eb llojit t\u00eb nd\u00ebrmjet\u00ebsimit financiar q\u00eb kryhet nga fondet e investimeve, detyrimi kryesor financiar i k\u00ebtij n\u00ebnsektori \u00ebsht\u00eb n\u00eb kuota (nj\u00ebsi) t\u00eb fondit t\u00eb investimit, t\u00eb cilat p\u00ebrb\u00ebjn\u00eb 99.7% t\u00eb detyrimeve financiare, n\u00eb fund t\u00eb vitit 2017. N\u00eb terma absolut\u00eb, stoku i k\u00ebtij instrumenti, gjat\u00eb vitit 2017, ka pasur rritje me 11%, krahasuar me r\u00ebnien prej 2% t\u00eb sh\u00ebnuar n\u00eb fund t\u00eb vitit 2016. Investitor\u00eb n\u00eb fondet e investimeve jan\u00eb individ\u00ebt.<\/p>\n<p><strong>J<\/strong><strong>o bankat, pasuria neto 7 miliard\u00eb lek\u00eb<\/strong><\/p>\n<p>N\u00ebnsektori financiar jo banka (institucione t\u00eb tjera financiare p\u00ebrve\u00e7 kompanive t\u00eb sigurimit dhe fondeve t\u00eb pensionit) agregon t\u00eb dh\u00ebnat e t\u00eb gjith\u00eb institucioneve t\u00eb tjera q\u00eb kryejn\u00eb nd\u00ebrmjet\u00ebsim financiar, apo leht\u00ebsojn\u00eb nd\u00ebrmjet\u00ebsimin financiar, t\u00eb tilla si: institucionet e kreditit, institucionet q\u00eb ofrojn\u00eb qira financiare (leasing), institucionet e mikrokredis\u00eb, faktoringut dhe t\u00eb gjitha sh\u00ebrbimeve t\u00eb pagesave dhe transferimit t\u00eb parave, brokerat dhe agjent\u00ebt financiar\u00eb etj.<\/p>\n<p>Mjetet financiare t\u00eb k\u00ebtij sektori u zgjeruan me 6.5 miliard\u00eb lek\u00eb (ose 14.7% n\u00eb terma vjetor\u00eb) dhe, n\u00eb fund t\u00eb vitit 2017, sh\u00ebnojn\u00eb 51 miliard\u00eb lek\u00eb. Instrumenti kryesor i k\u00ebtij n\u00ebnsektori mbetet \u201chuaja\u201d, me nj\u00eb pesh\u00eb prej 50% n\u00eb totalin e mjeteve financiare. Gjat\u00eb vitit 2017, ky instrument u rrit me 16%, krahasuar me nj\u00eb vit me par\u00eb dhe sh\u00ebnon nivelin 25.7 miliard\u00eb lek\u00eb n\u00eb fund t\u00eb vitit 2017. N\u00eb nj\u00eb shp\u00ebrndarje sipas maturitetit, huat\u00eb afatgjata jan\u00eb dominuese, me rreth 88.7% t\u00eb totalit t\u00eb huave n\u00eb fund t\u00eb vitit 2017.<\/p>\n<p>Sektori kryesor p\u00ebrthith\u00ebs i tyre \u00ebsht\u00eb sektori i ekonomive familjare, i cili ka p\u00ebrfituar rreth 70% t\u00eb huave t\u00eb dh\u00ebna nga institucionet e tjera financiare. Instrumenti \u201cmonedha dhe depozita\u201d p\u00ebrb\u00ebn rreth 18.9% t\u00eb totalit t\u00eb mjeteve financiare t\u00eb k\u00ebtij n\u00ebnsektori dhe sh\u00ebnon 9.6 miliard\u00eb lek\u00eb n\u00eb fund t\u00eb vitit 2017, nga 9.8 miliard\u00eb n\u00eb vitin 2016. Instrumenti \u201caksione ose nj\u00ebsi t\u00eb fondit t\u00eb investimit\u201d vler\u00ebsohet n\u00eb 10.3 miliard\u00eb lek\u00eb dhe p\u00ebrb\u00ebn 20.2% t\u00eb totalit t\u00eb mjeteve n\u00eb fund t\u00eb vitit 2017. Investimi n\u00eb kapitalin e korporatave t\u00eb tjera depozituese z\u00eb pesh\u00ebn kryesore p\u00ebr t\u00eb gjitha periudhat e marra n\u00eb shqyrtim (73.6% t\u00eb totalit t\u00eb aksioneve).<\/p>\n<p>Detyrimet financiare t\u00eb institucioneve t\u00eb tjera financiare vler\u00ebsohen n\u00eb nivelin 43.8 miliard\u00eb lek\u00eb, nga 41.4 miliard\u00eb lek\u00eb n\u00eb fund t\u00eb vitit 2016. Burimi kryesor i financimit t\u00eb k\u00ebtij n\u00ebnsektori jan\u00eb huat\u00eb me rreth 46% t\u00eb totalit t\u00eb detyrimeve, t\u00eb cilat, n\u00eb fund t\u00eb vitit 2017, sh\u00ebnojn\u00eb nivelin stok prej 20 miliard\u00eb lek\u00ebsh. Sektor\u00ebt kryesor\u00eb financues t\u00eb huas\u00eb jan\u00eb bankat n\u00eb rreth 37% dhe jorezident\u00ebt n\u00eb 39% t\u00eb totalit t\u00eb detyrimeve t\u00eb vler\u00ebsuara n\u00eb fund t\u00eb vitit 2017.<\/p>\n<p>Instrumenti \u201caksione ose nj\u00ebsi t\u00eb fondit t\u00eb investimit\u201d n\u00eb fund t\u00eb vitit 2017 sh\u00ebnon 18.7 miliard\u00eb lek\u00eb, n\u00eb zgjerim me rreth 1 miliard lek\u00eb, dhe p\u00ebrb\u00ebn rreth 43% t\u00eb totalit t\u00eb detyrimeve financiare. N\u00eb fund t\u00eb vitit 2017, pasuria financiare neto e k\u00ebtij n\u00ebnsektori sh\u00ebnonte nivelin 7.1 miliard\u00eb lek\u00eb, nga 3 miliard\u00eb lek\u00eb nj\u00eb vit m\u00eb par\u00eb.\/Monitor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banka e Shqip\u00ebris\u00eb publikoi p\u00ebr her\u00eb t\u00eb par\u00eb rezultatet financiare komb\u00ebtare, t\u00eb cilat kan\u00eb p\u00ebr q\u00ebllim t\u00eb llogarisin kursimet n\u00eb para n\u00eb sektor\u00eb t\u00eb ndrysh\u00ebm t\u00eb ekonomis\u00eb. Llogarit\u00eb totale e nxjerrin ekonomin\u00eb shqiptare m\u00eb 2017 deficitare, me rreth 702 miliard\u00eb lek\u00eb, vler\u00eb kjo e akumuluar nd\u00ebr vite. Totali i detyrimeve financiare (borxheve) n\u00eb ekonomi rezultoi [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[6,8,3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ekonomia n\u00eb \u201cskaner\u201d, nga vijn\u00eb dhe ku shkojn\u00eb parat\u00eb - Informohu qart\u00ebsisht!<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/redaktori.com\/?p=4858\" \/>\n<meta property=\"og:locale\" content=\"sq_AL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ekonomia n\u00eb \u201cskaner\u201d, nga vijn\u00eb dhe ku shkojn\u00eb parat\u00eb - Informohu qart\u00ebsisht!\" \/>\n<meta property=\"og:description\" content=\"Banka e Shqip\u00ebris\u00eb publikoi p\u00ebr her\u00eb t\u00eb par\u00eb rezultatet financiare komb\u00ebtare, t\u00eb cilat kan\u00eb p\u00ebr q\u00ebllim t\u00eb llogarisin kursimet n\u00eb para n\u00eb sektor\u00eb t\u00eb ndrysh\u00ebm t\u00eb ekonomis\u00eb. Llogarit\u00eb totale e nxjerrin ekonomin\u00eb shqiptare m\u00eb 2017 deficitare, me rreth 702 miliard\u00eb lek\u00eb, vler\u00eb kjo e akumuluar nd\u00ebr vite. 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