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Currency flow, the euro falls again below 111 lek, in a new historical record

2023-05-09 14:55:39Biznes SHKRUAR NGA REDAKSIA VOX
Currency flow, the euro falls again below 111 lek, in a new historical record
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The lek has started this week with a new strengthening momentum in the exchange rate against the euro.

On Tuesday, the euro fell again below the limit of 111 lek, even touching a new historical minimum.

According to the official exchange rate of the Bank of Albania, the euro was exchanged today at 110.94 ALL, slightly lower than the previous level of 110.98 ALL, which was recorded on April 26. According to sources from the foreign exchange market, the situation in the market continues to be characterized by large inflows of euros.

These flows tend to increase especially after weekends, which are accompanied by a significant number of visitors, especially from Kosovo and neighboring countries. Exchange rate trends generally remain similar to the second part of April.

In the first days of May, the euro recorded a slight increase, reaching the level of 113.32 ALL. The sources inform that the temporary growth of the euro came mainly as a result of the purchases made by one of the commercial banks.

But, with the withdrawal of the bank in question from the buying position, the exchange rate of the euro has returned to the previous trends. The approach of the summer season, the increased role of tourism in foreign exchange flows, but perhaps also the election campaign have increased the supply of the European currency and brought its devaluation to the lowest historical levels.

The strengthening of the lek in the foreign exchange rate is playing an important role in the Albanian economy. This strengthening has amortized part of the external inflationary pressures and has allowed the Bank of Albania to maintain a slower pace of interest rate increases in the last six months.

The strong lek is also helping a significant number of Albanian borrowers who have loans in euros, but whose income they provide mainly in lek. According to the Bank of Albania, at the end of last year, the stock of unsecured foreign currency loans (loans in a currency other than the one in which the borrower secures the income) reached about 130 billion ALL or about 1.15 billion euros. The fall in the euro exchange rate has reduced the value of the installment expressed in the local currency.

Vetë qeveria shqiptare ka pasur përfitime të konsiderueshme nga forcimi i lekut, në pjesën e portofolit të borxhit në valutë të huaj. Sipas Ministrisë së Financave, në fund të 2022 stoku i borxhit në valutë të huaj ra në rreth 646 miliardë lekë, 5.1% më ka krahasuar me një vit më parë, kryesisht si rezultat i mbiçmimit në lekut në kursin e këmbimit ndaj euros.

Por, forcimi i lekut po jep efekte negative në atë segment të ekonomisë që i ka të ardhurat në euro dhe shpenzimet në lekë, ku përfshihen sektorët eksportues të mallrave, shërbimeve apo familjet që përfitojnë remitanca.

Bizneset eksportuese në muajt e fundit janë shprehur gjithnjë e më të shqetësuara për efektet e zhvlerësimit të euros në biznesin e tyre dhe për këtë qëllim kanë zhvilluar në ditët e fundit takime me përfaqësues të Ministrisë së Financave dhe Bankës së Shqipërisë.

The Bank of Albania has made it clear that it will not intervene in the exchange rate, as long as Albania adopts a free exchange rate regime and exchange rate values ​​reflect the essential factors of supply and demand in the market. The central bank has suggested exporters to cooperate as closely as possible with the financial industry, using the instrument of futures contracts, which provide protection against strong and undesirable movements of the exchange rate./Monitor

Currency flow, the euro falls again below 111 lek, in a new historical record


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