DREAM / The Prime Minister resigns and wakes up under the Parisian bridge!

 Kliko këtu për të tjera
Voxpress:

The euro starts the year 2023 with a strong comeback against the Lek

2023-01-05 18:18:04Biznes SHKRUAR NGA REDAKSIA VOX
The euro starts the year 2023 with a strong comeback against the Lek
The euro starts the year 2023 with a strong comeback against the Lek

The Euro is marking a strong increase in the exchange rate with the Lek during the first days of 2023.

According to the official exchange rate of the Bank of Albania, the Euro was exchanged on Thursday at 116.09 ALL, increasing by 1.55 points compared to Wednesday and by 1.86 points compared to the end of 2022.

According to sources from the market, it is believed that at the end of December, there was an intervention by the Bank of Albania, which stopped the rapid devaluation of the Euro against the Lek. On December 28, the Euro fell to the value of 112.83 Lek, the lowest level of all times in the exchange rate with the Lek.

After this moment, it is believed that the Bank of Albania has intervened in the market to buy Euros, an action that has stopped the further devaluation of the European currency.

Also, in the last days of December, according to the agents, there was an increase in the demand for Euros. This request may have been prompted by Albanians going abroad for holidays, but also by the opportunistic behavior of actors who need Euros and who have taken advantage of the very low exchange rate to buy.

This may include businesses, but also many families that have loans or other planned expenses in Euros.

The intervention of the Bank of Albania and the increase in demand in the last days of 2022 brought a rapid recovery of the Euro exchange rate. Market agents believe that the effects of these factors are continuing even in the first days of January.

Banks and financial institutions that have sold Euros at the end of December, to respond to the demand from the above factors, may have already switched to purchases, to close open positions from sales in large volumes.

On the other hand, brokers believe that strong movements in a certain direction of the course usually create a strong psychological effect on the market, because they create expectations that the course will continue to move in the same direction. Also, high uncertainty causes foreign exchange agents to significantly increase their exchange margins.

Agents believe that, in the absence of other factors on the demand or supply side, the effects of the recent developments of 2022 are expected to be gradually absorbed during the following days and the Euro-Lek exchange rate to stabilize.

Last year, the Euro-Lek exchange rate reached historic lows, reaching its peak at the end of December.

According to experts, the fall of the Euro was due to a high supply caused by formal sources, such as tourism, remittances or foreign investments, but also by high informal flows from abroad.

The appreciation of the Lek in the exchange rate with the Euro helped the Albanian economy to partially absorb the strong increase in import prices, influencing (among other factors) lower levels of inflation compared to the Eurozone and neighboring economies./Monitor


Në përputhje me standarded JTI

Video

SHIKO KANALIN NE YOUTUBE
×