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The euro falls again below 116 lek, touching the lowest level in a month in the exchange rate

2023-02-14 19:32:30Biznes SHKRUAR NGA REDAKSIA VOX
The euro falls again below 116 lek, touching the lowest level in a month in the
Illustrative photo

The lek is gaining ground again in the exchange rate with the euro. According to the official exchange rate of the Bank of Albania, on Tuesday the euro was exchanged at the level of 115.88 ALL, the lowest level in a month.

Agents of the foreign exchange market say that the demand for euros is weak, while the foreign exchange supply remains abundant.

In the last days of 2022 and in the first part of January, the euro marked a significant increase against the lek. According to agents, the temporary demand for the euro may have been driven by the drop in its exchange rate to very low levels, which was seen by many economic agents as a good chance to buy euros for the anticipated foreign exchange needs in the European currency.

This trend may also have been influenced by the high concentration of budget expenditures in the last weeks of 2022, which created an increase in the supply of lek in the foreign exchange market and, in parallel, increased liquidity was given to businesses, a part of which may have been used for the purchase of euros in advance, also seeing the favorable exchange rate at the end of December.

On December 28 of last year, the euro dropped to the value of 112.83 lek, the lowest level of all time in the exchange rate with the lek.

Experts predicted that these forward purchases would be reflected in a weakening of the demand for the euro during the first quarter of 2023. So far, such a projection is being confirmed and the euro exchange rate is following a gradual downward trajectory during the first half of the month. short.

The euro falls again below 116 lek, touching the lowest level in a month in the

Compared to a year ago, the exchange rate between the euro and the lek appears to decrease by 4.4% and the appreciation of the local currency is continuing in the first part of this year.

Sipas ekspertëve, forcimi i lekut mund të lidhet me rritjen e flukseve hyrëse valutore në bilancin e pagesave, i mbështetur sidomos nga turizmi, eksportet e shërbimeve dhe nivelet e larta të investimeve të huaja, por edhe nga nivelet konstante të prurjeve informale të valutës në ekonomi. Vitin e kaluar, depozitat bankare në euro u rritën me 17% dhe ky është një tregues i tërthortë se prurjet valutore në ekonomi ngelen të larta.

Another factor that theoretically supports the strengthening of the lek is the movement in the tightening direction of monetary policy and the rapid increase in interest rates during 2022. Experts express skepticism regarding the impact of this factor on the Albanian foreign exchange market, however it is not excluded that especially the increase the rapid increase in yields last year may have enticed some investors to switch their savings from euro to lek, in order to invest with higher returns./Monitor


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