The Euro suffered a further decline in its exchange rate against the Lek on Tuesday, touching a new historical minimum.
According to the official exchange rate of the Bank of Albania, the European currency was exchanged today for 96.6 lekë, the lowest level ever recorded.
The exchange rate continues to decline on an annual basis, by 2.2% less compared to the same period last year.
Foreign exchange agents say that the market continues to be characterized by a high supply of Euros, while the demand for purchases is weak. This has led to a further decline in the exchange rate and especially in the selling price offered by banks.
The source of foreign exchange inflows is difficult to identify in real time. The main hypotheses remain that they are related to tourism and real estate investment.
However, the market still has a strong perception of the high impact of informal foreign exchange inflows.
Even the Bank of Albania's continued purchases of foreign currency have not been able to stop the further decline of the Euro. Last year, the Bank of Albania purchased 933 million euros, while according to statements by Governor Sejko in the Albanian Parliament, for the first nine months of this year, purchases have reached around 800 million euros.
These figures clearly indicate the high supply of the Euro in the foreign exchange market. In the absence of purchases by the Bank of Albania, the exchange rate of the European currency would be at even lower levels.