How Much Does Average Croat Have Deposited in the Bank?

Lauren Simmonds

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Finances are something that are constantly on every adult’s mind to some degree or another, but just how much does the average Croat have deposited in the bank and in other credit institutions?

As Poslovni Dnevnik writes on the 31st of October, 2018, the absolute value of these deposits in the continental part of the country is 35.8 percent higher than it is in the coastal part of the country, primarily because of Zagreb’s continental location, the city in which 28 percent of all deposits in the country are concentrated.

With their typical policy of low interest rates on savings, Croatia’s banks have helped to widen the construction sector in the often overlooked eastern part of Croatia, particularly in the City of Osijek, the seat of the largest Slavonian county, Osijek-Baranja County, in a welcome move which has at least partially awakened the construction sector, Glas Slavonije writes.

So, much much does the average Croat have deposited in the bank? It’s something many wonder about, despite the common lack of desire to discuss personal finances.

Namely, a good amount of those individuals who have tens of thousands of euros in deposits, have been the most disappointed with rather unstimulating interest rate (0.01 percent), and they often withdraw their money from the bank and invests in the purchase of real estate, most often in apartments. Over the last couple of years in Osijek, the housing construction sector has resumed its business operations to a certain degree. The fact that this is no real exception was confirmed at yesterday’s round table on the occasion of the marking of World Savings Day held in the headquarters of the Croatian Chamber of Commerce (HGK).

”At the end of 2017, the average resident in Croatia had about 45,600 kuna of deposits in credit institutions, while classic term deposits represent the largest single part of the financial assets of households in both Croatia and the Euro region. Due to the fall in passive interest rates and the introduction of savings taxes, citizens have diverted their funds into equity and other investment funds,” stated Zvonimir Savić from HGK.

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