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The euro "depreciates" further even though BSH bought 137.60 million euros to mitigate the overvaluation of the lek

2024-09-27 11:40:06Biznes SHKRUAR NGA REDAKSIA VOX

The euro "depreciates" further even though BSH bought 137.60 million

In order to increase the foreign exchange reserve, the Bank of Albania has purchased 101.60 million euros through auctions in the second quarter. In total, 7 auctions were held for the purchase of currency, where 3 of them were held with a forward agreement, i.e. through a preliminary agreement for the purchase of euros at a future date and with an exchange rate determined from the moment of reaching this agreement , as well as 4 SPOT type auctions, i.e. with purchase according to the exchange rate on the date the auction was held.

In addition to auction purchases, from May 2, 2024, the Bank of Albania has also begun interventions in the foreign exchange market in fulfillment of monetary policy or financial stability objectives, bringing the total purchased to 137.60 million euros.

In the first three months of this year, the Bank of Albania bought 32.60 million euros. In the auctions held in January and February, a total of 26.8 million euros were purchased, an amount that remains around the average of 2023, while only 5.8 million euros would be purchased in March.

Thus, in the first half of the year, it turns out that 134.20 million euros were purchased only through auctions. If we also count other interventions in the foreign exchange market, the total of purchased euros reaches 170.20 million.

But what happened to the euro recently?

The euro has broken the threshold of 99 lek and was exchanged yesterday for 98.91 lek.

This is the lowest level ever recorded, but the trend indicates that the rate may touch even lower levels.

Meanwhile, all other major currencies have recorded a slight increase against the Lek, with the dollar being exchanged at 88.71 and the British pound at 118.51 Lek.

According to the Bank of Albania, foreign investments and tourism are the main factors of the devaluation of the European currency, but a calculation by financial experts shows that the formal flow of the euro does not have enough weight in the economy to cause such a blow, suggesting that they are informal flows those that e

During the height of the summer season, the euro created a stability staying for several weeks at the level of 100 lek, which according to market experts happened after the Bank's interventions.

The continued decline of the euro is expected to take with it the export industry, which has reported only losses for more than 1 year. The devaluation also directly affects individuals who are paid in the European currency and reduces their ability to pay and disposable income.


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