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The euro goes down to the new record of 119.54 lek: What is happening with the European currency?

2022-06-22 15:32:52Biznes SHKRUAR NGA REDAKSIA VOX
The euro goes down to the new record of 119.54 lek: What is happening with the
The euro drops to the new record of 119.54 lek

The Euro exchange rate continues to record new declining records.

According to the Bank of Albania, on Wednesday the Euro reached a new historical minimum, reaching the level of 119.54 Lekë.

Foreign exchange agents think that the unprecedented fall of the Euro against the Lek is already being driven mainly by the seasonal element. According to them, in recent days there has been a slow but steady decline in the exchange rate, mainly due to the increase in inflows from tourism.

According to data from the Bank of Albania, the current account deficit for the first three months of the year was worth 233 million Euros, a value that is 57% lower compared to the last quarter of 2021 and 22% lower compared to the same period of last year.

On the other hand, the effect of price increases on the country's trade balance this year is proving to be more limited compared to the last quarter of last year.

The growth of the trade deficit in goods this quarter has slowed down significantly compared to the IV quarter 2021, while the services account has further increased its positive contribution. This factor has eased the demand for the euro and the depreciating pressures on the Lek exchange rate against the European currency.

In parallel, the services account has continued to improve, mainly due to the positive impact from tourism, transport services and tailoring.

This year, the number of visitors from abroad has returned to near pre-pandemic levels and this is being reflected in the increase in foreign exchange inflows. Foreign national inflows expanded by 42% on an annual basis in the first quarter of the year.

Revenues from tourists for the first quarter of the year reached a record value of 409 million Euros, an increase of 70% compared to the same period last year.

Revenues from tailoring services also recorded a record value of 158 million Euros, 24% more compared to a year ago.

Now that the effect of rising import prices appears to be somewhat mitigating, the increase in inflows from the tourist season is increasing the supply of the Euro in the market is affecting the largest historical depreciation of the European currency.

Exchange agents expect exchange rate trends to be similar throughout the summer season, which means expectations for further depreciation of the Euro against the Lek.

The strengthening of the Lek against the Euro, which is also the main currency in the country's foreign trade exchanges, has a damping effect on the monitoring of imported inflation in the Albanian economy.


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