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The lek appreciated against major currencies, but the extent and speed of appreciation was lower, in the second half of 2024 and beyond.
The Bank of Albania, in its recently published report on Financial Stability, announced that the appreciation of the lek was more visible in the months following the summer season, following increased foreign exchange flows from tourism.
Meanwhile, in November, the average euro exchange rate marked the lowest historical level of 98.2 lek.
At the end of the period, the lek had appreciated by about 4% against the Euro in annual terms, compared to 6% and 11%, respectively, six months and a year earlier.
The US dollar has also recorded similar performance to the euro.
In September, one dollar was traded at an average of 89.4 lekë, which was the lowest average level in the last 15 years. Towards the end of the year, following political developments in the US, the US dollar gradually strengthened, until in December it was quoted at an average of 93.9 lekë.
The Bank of Albania has continued to intervene in the foreign exchange market through auctions for the purchase of foreign exchange, with the objective of increasing the foreign exchange reserve and mitigating the pace of appreciation of the local currency, while during this year the exchange rate continues to reflect stability with slight fluctuations of the lek against currencies.
The US dollar is exchanged today for 86.96 lek and the euro for 98.75 lek. / Ora News
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