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"Diktat" Lek, Euro towards the limit of 105 Lek

2023-06-09 17:54:19Biznes SHKRUAR NGA REDAKSIA VOX
"Diktat" Lek, Euro towards the limit of 105 Lek
Euro, Lek and Dollar

The Euro closed the week with a new historical minimum in the exchange rate with the Lek.

According to the official exchange rate of the Bank of Albania, the Euro was exchanged on Friday at 105.62 ALL. Since the beginning of June, the Euro-Lek exchange rate has fallen by 3.9%, while compared to a year ago, the exchange rate has fallen by 12.1%.

The devaluation of the Euro is pulling other major currencies down further.

The American dollar was exchanged today at 98.07 allek, at the lowest level since August 2011. The British pound dropped to a new historical minimum, at the level of 122.97 allek.

The Swiss franc also fell further to 108.86 ALL, the lowest level since June 2019.

Experts believe that the course performance during this period is the result of a very high foreign exchange offer in the local market, possibly combined with the psychological effect.

The market has created strong expectations that the Lek will continue to strengthen during the summer season, and this may have also led to a rush to sell Euros in recent weeks.

This has increased the supply even more, further devaluing the European currency. Since the Euro is the reference currency for the Albanian financial market, its devaluation is being transmitted to other currencies as well.

Seeing the rapid rate of decline of the Euro, especially in the last two weeks, there are already experts who think that reaching the limit of 100 lek this year cannot be ruled out.

The stronger lek than ever in the exchange rate has started to have significant impacts on the economy. The country's imports are becoming cheaper, although this is still not very tangible in consumer prices.

The strengthening of the Lek is giving great support to borrowers in foreign currency, reducing the equivalent value of the loan and the monthly installments, expressed in Lek.

Specifikisht për sektorin bankar, forcimi i lekut po sjell tkurrje të madhësisë së bilancit, duke qenë se pjesa më e madhe e aktiveve janë në valutë të huaj. Efektet priten të shfaqen gradualisht më të dukshme edhe në rezultatin financiar, për shkak të efektit negativ që kursi do të sjellë në rezultatin neto nga interesat.

Nga ana tjetër, një forcim i Lekut në këto përmasa nuk do të kalojë pa pasoja për të gjitha subjektet ekonomike që kanë të ardhura apo kursime neto në valutë. Sektorët eksportues të ekonomisë po marrin një goditje të fortë nga forcimi i Lekut. Eksportet shqiptare ranë me 3.5% për 4-mujorin 2023, ndërsa për muajin prill rënia e tyre arriti në 19%.

The very rapid strengthening of the lek this year is reducing the value of bank savings in foreign currency, but also the value of emigrants' remittances. Families that rely mainly on income in foreign currency have suffered a decline in purchasing power due to the exchange rate./Monitor

"Diktat" Lek, Euro towards the limit of 105 Lek


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