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The foreign exchange auction, the Bank of Albania bought 9.1 million euros in April

2023-04-19 10:15:22Biznes SHKRUAR NGA REDAKSIA VOX

The foreign exchange auction, the Bank of Albania bought 9.1 million euros in

Last week, the Bank of Albania held the third auction for the purchase of euros, according to the forecast calendar for 2023.

The amount planned to be purchased in the first round of the auction was between five and nine million euros, while the Bank of Albania accepted all the offers presented in this round, for a total amount of 7.9 million euros.

The purchases in the first round were made at a rate that was between 112.75 and 113 lek. The weighted average rate of purchases in the first round was ALL 112.86.

The Bank of Albania also exercised the purchase option in the second round, for an additional amount of 1.2 million euros, with the average purchase rate in the first round, of 112.86 ALL.

The total amount purchased, of 9.1 million euros, was significantly lower compared to the amount of 14 million euros purchased in the March auction, mainly due to the lower amounts offered by the auction participants.

The auction held last week was of the one-month forward type. For 2023, the Bank of Albania aims to further develop the use of agreements of this type, which are evaluated as an instrument that can encourage commercial banks to take steps towards the development of the money market.

Of the 16 anticipated auctions, half are anticipated with forward agreements and half with classic spot agreements (with purchase on the auction date). In the last two years, the Bank of Albania has usually used forward agreements with a one-week term, while for 2023 the forward agreements will have a longer term, one month.

The Bank of Albania has projected to purchase an amount between 160 and 220 million euros for 2023. This amount represents a significant increase compared to last year's figures, when foreign currency purchases were estimated at approximately 140 million euros.

These figures refer only to planned purchases for the purpose of increasing the foreign exchange reserve. At the end of January, the country's foreign exchange reserves were worth 4.96 billion euros, slightly down compared to the same period a year ago.

Despite periodic purchases in significant amounts by the Bank of Albania, the euro continues to decline in the first half of 2023, even setting new historical records. According to the official exchange rate, on Tuesday the euro was exchanged at 112.63 ALL, the lowest level ever recorded.

Among other things, the strengthening of the lek in the exchange rate against the main currencies and especially against the euro has had a significant negative impact on the financial result of the Bank of Albania.

The devaluation of the foreign exchange reserve, expressed in the local currency, has caused losses in the amount of 14.5 billion lek for the last year./ Monitor


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