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What "knocked down" the Euro today? The exchange rate with the Lek drops suddenly, touching a new historical record

2022-09-15 17:29:36Biznes SHKRUAR NGA REDAKSIA VOX
What "knocked down" the Euro today? The exchange rate with the Lek
What "knocked down" the Euro today?

The euro-lek exchange rate fell sharply on Thursday and touched a new historical low.

Sipas kursit zyrtar të Bankës së Shqipërisë, euro u këmbye sot me 116.57, në rënie me 0.77 lekë krahasuar me ditën e djeshme. Vlera e shënuar sot është lehtësisht më e ulët se niveli prej 116.6 lekësh, që ishte shënuar në fund të muajit korrik. Euro kishte shfaqur tendencë rënëse graduale prej një jave, por sot rënia është shpejtuar veçanërisht ditën e sotme. Agjentët e këmbimit valutor shprehen se një rënie në këto përmasa është e papritur dhe mund të shpjegohet kryesisht me transaksione të shitjes në vlera të mëdha nga aktorë të caktuar.

Pasi kishte prekur nivelet minimale historike në muajin korrik, në vijim kursi i euros shënoi një korrektim në rritje. Gjatë muajit gusht, rritja u ndikua sidomos nga kërkesa e Korporatës Elektroenergjetike Shqiptare (KESH) për valutë me qëllim pagesën e importeve të energjisë elektrike. Gradualisht, edhe zbehja e efektit sezonal të lidhur me turizmin bëri që në fillim të shtatorit euro të rritej deri në nivelin e 117.8 lekëve. Por, në ditët e fundit, kursi i euros po shënon një rënie të re, që aktorët e tregut e kanë të vështirë ta shpjegojnë plotësisht.

According to the agents, the drop in the exchange rate was determined especially by one of the commercial banks, which realizes the largest volumes of exchanges in the foreign exchange market. Usually these fluctuations come from large operations that are carried out on behalf of clients. In this case, it is assumed that there were sales of large amounts of euros by separate entities. To give such an effect, it is believed that the amount sold must have been quite large, above the level of five million euros.

Sources from the market inform that until noon even the Bank of Albania did not have any information why such a decline occurred. However, banks report currency exchanges to the central bank at the end of the day and very soon, at least for the Bank of Albania, the volume of exchanges that has brought about the devaluation of the euro will be clarified. Experts rule out that the decline is related to speculative behavior by specific market actors, because such behavior is not allowed by the Bank of Albania.

What "knocked down" the Euro today? The exchange rate with the Lek

The strong fall of the euro seems to have surprised the market as well. As always happens when the exchange rate has strong daily movement in one direction, foreign exchange agents have significantly increased the spread or the difference between the buying and selling rate. In the past, moments of panic in the market were resolved immediately after the intervention of the Bank of Albania, through operations of sale or purchase of currency with commercial banks.

The last time the foreign exchange market went through such a moment was in March, but in that case in the opposite direction, when the euro appreciated by approximately 5% in the space of a few days. According to market agents, in that case the panic came because of large and concentrated purchases in a few days by KESH. After the intervention of the Bank of Albania, the market quickly calmed down and gradually returned to previous levels.

Meanwhile, the lek strengthened significantly today against all other major currencies. The American dollar, after a significant strengthening on Wednesday, dropped again to the level of 116.53 lek on Thursday. The exchange rate of other currencies against the lek reflects their performance against the euro, and in the last two weeks the European currency has significantly regained ground in the international markets. The main factor has been the aggressive increase in the basic interest rate by the European Central Bank by 0.75 percentage points, in an attempt to react to very high levels of inflation./Monitor


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