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The fall of the euro broke a new record, the European currency close to the threshold of 110 lek

2023-05-30 14:56:49Biznes SHKRUAR NGA REDAKSIA VOX
The fall of the euro broke a new record, the European currency close to the
Euro

The exchange rate of the euro with the lek is touching new records in decline during this week.

According to the official exchange rate of the Bank of Albania, the euro was exchanged on Tuesday at 110.19 ALL, down by another 0.43 points since the end of last week. The annual decline of the euro exchange rate has already reached almost 9%.

The fall of the euro seems unstoppable, since the tourist season has not started well. According to market agents, the supply of the European currency is high. High inflows of European currency in recent years have significantly increased the monetary amount in euros.

These flows can be explained by the strong growth of tourism income in the post-pandemic period, the good performance of the export of services in general and a new cycle of growth in remittances and high values ​​of foreign direct investments, while an element with foreign exchange flows from informal sources also have an impact on the market.

Euro deposits are continuing their uninterrupted growth even in the first months of this year. At the end of April, they reached almost 6.5 billion euros, up almost 17% compared to the same period a year ago. For the same period, the annual growth of deposits in Lek is much lower, with only 3.5%.

As a whole, the indicator that expresses the monetary supply in lek, the monetary aggregate M2, is recording very low rates of annual growth, with only 2.4% at the end of April.

The slowdown of the money supply in lek has started to show the effects of the tightening of the monetary policy by the Bank of Albania and the slower credit growth, but also partly the effect of the fiscal consolidation policy. By the end of April, the state budget was in significant surplus, even at even higher levels compared to the same period last year, with 78% more.

All these factors seem to have significantly affected the balance of supply between the main currencies used in the Albanian economy. Now that the summer season is officially upon us, the expectations for the increase in the supply of euros and the further strengthening of the lek are becoming even higher.

Mbiçmimi i paprecedent i monedhës vendase i bën më të lira importet, megjithëse deri tani një efekt i tillë nuk po përkthehet në ulje të çmimeve të mallrave të konsumit që importohen. Megjithatë, në analizat e veta Banka e Shqipërisë vlerëson se në mungesë të mbiçmimit të lekut rritja e çmimeve të konsumit do të kishte qenë më e lartë.

Leku i fortë po ndihmon edhe huamarrësit në valutë të huaj, përfshirë qeverinë shqiptare, bizneset dhe familjet. Efekti i kursit të këmbimit po ul ndjeshëm borxhin publik dhe vlerën mujore të këstit të kredisë në euro për të gjitha subjektet me të ardhura në lekë.

Nga ana tjetër, rënia e euros po godet bizneset eksportuese të mallrave dhe shërbimeve, që për efekt të kursit, kanë pësuar një rënie vjetore të të ardhurave me afërsisht 9%.

The strengthening of the lek is also hurting the fragile segment of families dependent on remittances and may become a factor that will encourage the increase of their flows from immigrants, to maintain the purchasing power of their families while the lek strengthens./ Monitor

The fall of the euro broke a new record, the European currency close to the


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