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Euro close to the historical minimum, the decline for this year against the lek has been about 6 percent

2024-08-21 13:40:35Biznes SHKRUAR NGA REDAKSIA VOX

Euro close to the historical minimum, the decline for this year against the lek

The euro is staying close to the lowest level in history even today in relation to the lek, in the domestic foreign exchange market. It seems that the large flows of euros in the Albanian economy, due to the high number of tourists, are exerting pressure on the European currency, despite the fact that in international markets it is at the highest level in several months, in front of the American dollar. According to the official exchange rate of the Bank of Albania, on Wednesday 1 euro was exchanged at an average of 99.64 ALL, very close to the lowest historical level of 99.6 ALL, recorded on Tuesday. The fall of the euro against the lek for this year has already reached about 6%.

Also, for the first time in history, the euro has dropped below 100 lek in sales. According to the foreign exchange agency, Iliria 98, the euro was bought on Wednesday at 99.2 lek and sold at 99.9 lek. Until August 10, the euro resisted the psychological level of 100 lek, thanks to some interventions by the Bank of Albania to buy the European currency in the domestic market, despite the large influx of tourists. The market has been waiting for another intervention by the Bank of Albania to return the euro above the limit of 100 lek, but so far this has not happened. During this year, with the objective of increasing the foreign exchange reserve, the Central Bank intends to buy through auctions between 250-330 million euros, but if abnormal situations are observed in the market, this institution can intervene to stabilize the exchange rate of the lek with the main currencies , especially with the euro.

This decline of the euro in the domestic market comes at a time when, in the international markets, the European currency is performing very well against the main international currency, especially against the dollar. Divergences between the monetary policies of the European Central Bank and the Federal Reserve in the USA have caused the euro to rise above $1.11, the highest level in the last 9 months.

However, the performance of the euro/lek pair in the domestic market depends mainly on supply and demand. For this reason, the performance of the euro against the dollar in international markets is reflected in the dollar/lek pair in the domestic market.

The lek has also strengthened against other major currencies, partly due to the weakening of the euro, which is the reference currency in determining the exchange rate of the lek with other currencies. According to the Bank of Albania, the US dollar was exchanged on Wednesday at 89.63 ALL, the lowest level since October 2008.


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