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KESH purchases strengthen the Euro, agents believe that the peak of the seasonal effect has passed

2022-08-17 21:05:53Biznes SHKRUAR NGA REDAKSIA VOX
KESH purchases strengthen the Euro, agents believe that the peak of the seasonal
KESH purchases strengthen the Euro

The fall of the Euro in the currency exchange rate with the lek already seems to have passed the lowest point and the European currency is gaining ground again. According to the official exchange rate of the Bank of Albania, the Euro was exchanged today for 117.18 Lek, an increase of 0.12 points compared to Tuesday. This value is 0.58 points higher than the historical minimum value of the Euro-Lek exchange rate, which was recorded on July 27 of this year.

Foreign exchange agents tell "Monitor" that the main reason that has prevented the fall of the euro, especially in recent months, has been the purchases of foreign currency by the Albanian Electricity Corporation (KESH), for the needs of importing electricity. They say that in the last few days, KESH has made large purchases of currency, which have influenced the growth of the Euro, even at the height of the tourist season. In the absence of KESH's purchases, the agents state that with insurance the Euro exchange rate would have set new downward records.

The exchange values ​​of KESH in the foreign exchange market are confidential, however, based on unofficial data, it is estimated that for the month of July alone, around 50 million Euros of imported energy were contracted, while in the first week of August purchases reached 22 million Euros. Such a quantity of purchased currency is significant for the size of the Albanian foreign exchange market and the exchange rate has not suffered major fluctuations due to seasonal fluctuations. In March, when KESH made concentrated purchases in the amount of 130 million Euros, this brought a panic effect on the foreign exchange market, which calmed down only after the intervention of the Bank of Albania.

According to market sources, KESH purchases foreign currency through direct operations with a limited number of commercial banks. In case the purchases were made by competitive procedures, perhaps the effect could be more limited.

However, taking into account the gloomy situation in the energy market, related to high import needs and strong price growth, experts believe that the increase in the exchange rate of the Euro against the Lek will continue gradually in the rest of the month. August and September.

The data so far showed that this season brought the highest historical number of foreign tourists to Albania, despite the increase in prices. High Euro inflows from the tourist season reflected a fall in the Euro exchange rate to record lows. Meanwhile, exchange agents say that informal flows continue to have a significant impact on the performance of the exchange rate. In addition to the Euro, flows are also very high in British pounds. Even the inflows of the pound generally affect the devaluation of the Euro, because banks keep their currency positions mainly in the European currency./ Monitor


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