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Euro and dollar touch the lowest level for this year, there is no demand and there is a lot of inflow

2023-03-29 14:55:43Biznes SHKRUAR NGA REDAKSIA VOX
Euro and dollar touch the lowest level for this year, there is no demand and
Euro and dollar

The exchange rate of the euro against the lek fell further today and touched the lowest level for 2023. According to the official exchange rate of the Bank of Albania, the euro was exchanged at 113.61 lek, further down by 0.37 lek compared to the day yesterday.

Today's exchange rate is the lowest recorded since December 29 last year, while the euro seems to be approaching the historic minimum value of 112.83 lek, which was recorded the day before, on December 28, 2022.


According to foreign exchange agents, demand for euros in the domestic market is weak, while flows have a continuous upward trend. Last year, the current account deficit narrowed, supported by record revenues from tourism, while foreign direct investment hit a historic high.

Even the tight domestic monetary and fiscal policies are estimated to have played a role in favor of the appreciation of the lek during 2022 and in the first part of 2023.

As we enter the second quarter of the year, inbound tourism is expected to increase gradually and foreign exchange inflows from it as well. Agents believe that, in the absence of unexpected developments, the short-term outlook for the exchange rate remains in favor of a further appreciation of the lek.

The US dollar is also showing a similar downward trend. According to the Bank of Albania, the dollar traded today on average at 104.7 ALL, also marking the lowest level of 2023.

In fact, the exchange rate of the dollar against the lek is at its lowest level since October 2021.

The exchange rate between the dollar and the lek is actually not closely related to the developments of the domestic foreign exchange market, but mainly reflects the exchange rate between the euro and the dollar in international markets. Since the euro remains the reference foreign currency in the Albanian economy, its rate against other currencies also determines the rate of the latter against the lek.

Në muajt e fundit, euro ka fituar terren dhe aktualisht këmbehet me 1.09 dollarë amerikanë, duke rifituar ndjeshëm terren krahasuar me vitin e kaluar, kur pati zbritur përkohësisht poshtë nivelit të paritetit.

Forcimi i euros është mbështetur nga kursi i shtrëngimit të shpejtë monetar i adoptuar nga Banka Qendrore Europiane këtë vit. Ndërkohë, gjatë muajit mars falimentimi i disa bankave tregtare në SHBA ka ndikuar negativisht tregjet financiare amerikane dhe ka sjellë zhvlerësim të mëtejshëm të dollarit.

Tendenca e forcimit të lekut ndaj valutave të partnerëve kryesorë tregtarë ka një efekt pozitiv në drejtim të përpjekjeve për të ulur nivelin inflacionin. Duke qenë një ekonomi e varur nga importi i mallrave, forcimi i lekut ka amortizuar pjesërisht efektin e rritjes së çmimeve në tregjet ndërkombëtare.

On the other hand, the significant strengthening of the local currency is a great concern for the sectors that export goods and services, because it reduces their margins and competitiveness./Monitor

Euro and dollar touch the lowest level for this year, there is no demand and


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