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The European currency has touched new historical lows in the Albanian foreign exchange market. The Bank of Albania confirms that the downward trend of the euro was observed at the beginning of this week, with 1 euro being exchanged for 96.91 lekë. A decrease of about 3% compared to the beginning of the year.
According to experts, there are a number of factors that have influenced the increase in the monetary supply of the euro in the market, the main one being tourism.
Economic expert, Adrian Civici: " We are at the end of an intense tourist period in June-July-August where the availability of the euro has been high. This monetary mass in euros continues to increase the pressure on the exchange rate and the strengthening of the lek. So it is normal to get used to it, we have already entered a new equilibrium. We should not do the calculations or expect the euro to return to the levels it was at 3 or 4 years ago ."
In the first 6 months of the year alone, according to Central Bank statistics, over 500 million euros have entered the Albanian market in the form of remittances, while tourists spent 2.1 billion euros over the same period. Foreign investments and informal money have also contributed to the depreciation of the euro. Which have caused losers and beneficiaries from this situation.
But what instrument can stabilize the euro in the market?
" Of course, the beneficiaries are the importers who buy goods cheaper, even those who have loans in euros, taking into account that a measure is in euros and income in lek, the loan becomes easier to repay, " says Civici.
The Bank of Albania intervenes indirectly for stabilization. The Bank of Albania confirms that by August over 500 million euros have been withdrawn from the market. Whether the euro will decrease further or remain in the current situation, according to experts, will depend on foreign exchange inflows in the coming months and foreign trade balances. /Top Channel
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