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The Bank of Albania bought 96.4 million euros for 9 months

2022-12-29 19:03:49Biznes SHKRUAR NGA REDAKSIA VOX
The Bank of Albania bought 96.4 million euros for 9 months
The Bank of Albania

The Bank of Albania published on Thursday the interventions in the money market during the third quarter of the year, which also provide summary information on the purchases made so far in the domestic foreign exchange market.

Only in the third quarter of the year, the Bank of Albania bought a total of 49.2 million euros in the domestic foreign exchange market, from the 47.2 million euros that were bought in the entire first 6 months of the year.

In total, for 9 months, the Bank of Albania has officially purchased 96.4 million euros in the domestic foreign exchange market. The purchases were made through planned auctions, for the needs of increasing the country's foreign exchange reserves.

Despite purchases of significant amounts by the Bank of Albania and even higher ones by the Albanian Electric Power Corporation (KESH), the Euro exchange rate has suffered a significant decline during 2022. According to the official exchange rate calculated by the Bank of Albania , on Thursday the Euro was exchanged for 113.4 ALL.

The Euro rate recovered somewhat after the sharp fall it suffered on December 28, and market agents think that there may have been an intervention by the Bank of Albania to partially absorb the very large supply of the European currency in the market. However, during 2022, the Euro has suffered a significant depreciation of 6% in the exchange rate with the Lek.

Although the current account deficit during this year has not undergone large fluctuations compared to 2021, at least from the data available until the end of the 9th month, but market experts believe that the increase in the supply of Euros may be related to the growth of foreign direct investments, especially those in real estate, as well as with the many flows related to the black and informal economy.

The strengthening of the local currency against the Euro has helped the Albanian economy to partially amortize the strong inflationary pressures from foreign goods markets. But, on the other hand, this price increase negatively affected the exporting sectors of the economy.

For the year 2023, the Bank of Albania has predicted a total of 16 auctions for the purchase of euros, which will take place between February 17 and December 20. The value of euro purchases is expected to be between 160 and 220 million euros, a significant increase compared to this year's expected figures. At the end of October, the country's foreign exchange reserves had the value of 4.96 billion euros, increasing by 17.7% compared to the same period a year ago.


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