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The "unstoppable fall" of the euro. The European currency reached the peak levels of the 2023 summer season this month

2024-04-26 11:11:31Biznes SHKRUAR NGA REDAKSIA VOX

The "unstoppable fall" of the euro. The European currency reached the

Throughout the years, the European currency was exchanged at low levels against the Albanian lek, in two moments; during the summer tourist season and at the end of the year when the country knew an increased flow of immigrants who came to celebrate in Albania.

Last year, the European currency reached its lowest level in July, being exchanged at 100.4 ALL in the local foreign exchange market, setting a record that had not been known before.

In the following months, the exchange rate between the euro and the lek did not fall below 101 lek.

But this year, the situation seems to be different.

The month of April turns out to be a month where the depreciation of the European currency against the Lek reached the levels of July last year, falling for the first time to the level of 100 Lek.

For more than 1 year, in the domestic foreign exchange market, there is a 'new reality' of the euro exchange and an appreciation of the Albanian Lek compared to other foreign currencies.

The Albanian authorities argue that the flow of tourism plays a big impact. The latest INSTAT data proved that only in the first 3 months of this year, 1.5 million foreigners visited our country. So, an increase of 43% compared to the same period of the previous year.

This warns that Albania will have a season overloaded with tourists this year; a 'burden' that may continue to burden the European currency, the euro, given that most of the tourists are from Europeans.


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