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Euro continues to fall, drops near historic low

2026-09-09 14:14:18Biznes SHKRUAR NGA REDAKSIA VOX

Euro continues to fall, drops near historic low

The Euro exchange rate continues to decline in the first ten days of September. According to the official exchange rate of the Bank of Albania, the European currency was exchanged today for 92.02 lekë, very close to the historical minimum level of 92.01 lekë recorded on September 3.

Since the beginning of the year, the Euro-Lek exchange rate has fallen by 4.9%, while compared to a year ago, the Euro has depreciated by 5.3%.

According to foreign exchange agents, the supply of Euro in the market appears high, which can be partially explained by the extension of the summer holiday season and the high inflows associated with it.

Meanwhile, it is hypothesized that the continuous decline of the Euro in recent years is also leading to a decline in demand for the Euro related to domestic economic transactions. For example, in the real estate market, a shift in quotations and sales towards the Lek has begun to be observed.

The depreciation of the Euro, but also the lower interest rates of the Lek, in recent years have been accompanied by a massive shift in individual lending towards the Lek, and even with conversions of existing loans from Euro to Lek.

To some extent, such a trend is also being observed in deposits. All these factors have led to an increase in the sale of Euros and increased the demand for Lek in the foreign exchange market.

The Bank of Albania explains the strengthening of the Lek mainly with the continuous improvement of the Balance of Payments. Statistics showed that for the first quarter of the year the current account deficit shrank to 228 million euros, down 28% compared to the same period a year earlier. Meanwhile, foreign direct investments reached the value of 404 million euros, marking a new historical record for this period of the year. They increased by 11.6% compared to the same period last year.

According to the Central Bank, the combined analysis of foreign exchange market and balance of payments data up to the first quarter reconfirmed the close relationship between trading volumes in the foreign exchange market and flows of foreign exchange of goods and services.

On the other hand, the policy followed by the Albanian government in recent years, with large budget surpluses for most of the year, is believed to be exerting an additional influence on the strengthening of the Lek. For the first 7 months of 2027, the budget was in surplus at the value of 50.7 billion Lek, an increase of 60% compared to the same period a year earlier.

The Bank of Albania continues to purchase foreign exchange in order to curb the rapid decline in the Euro exchange rate, but this year the effectiveness of its interventions has been lower.

The figures for the Bank of Albania's interventions have only been made public until the end of the first quarter, when approximately 140 million euros were purchased, the highest figure ever recorded. Figures for the following period have not yet been made public, but based on indirect estimates, market analysts believe that purchases have increased further compared to the same periods of the previous two years. Earlier, in the period 2024-2025, the Central Bank had withdrawn more than two billion euros from the market, in its efforts to slow down the strengthening of the local currency./monitor.al


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