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Deputy Governor of the Bank of Albania Natasha Ahmetaj stated that the Albanian economy has been euroized according to real factors.
According to her, the withdrawal of euros from the market is done according to an annual calendar.
She stated that in addition to the strengthening of the lek, the problem is the speed of its strengthening, which can cause shocks.
"As we have assessed, the Albanian economy is euroized, it is real and has real factors. This means that in the financial system we have a presence of the lek and the euro and this means that there is a need for a safety net that responds to this performance," she said for the 'Dollar Square' program on ABC News.
Ahmetaj emphasized that the goal is to maintain financial stability in the event of stress.
"The criterion that has been four months of imports or debt is not sufficient. Today, to create foreign exchange reserves, we have a calendar depending on the purchase parameters that this process requires of us. In response to the information we receive, we have a calendar.
When we notice that there is speculation and it creates noise in the market, we intervene in two situations. To stabilize the market and the reason is to maintain prices and financial stability. The interventions we have made in recent years were made after we concluded that these changes could increase financial stability, so we must eliminate them. Our intervention in the market is not to bring the price of the euro and the lek to a certain level, because we have no intention at all. All fundamental factors have led to the strengthening of the lek. In addition to the trend that is strengthening, speed is a problem, it is created when it is at high levels and can cause shocks. It can be transmitted to macroeconomic shocks", said Ahmetaj.
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