DREAM / The Prime Minister resigns and wakes up under the Parisian bridge!

 Kliko këtu për të tjera
Voxpress:

Bank of Austria: After the war in Ukraine, the Euro defeated all currencies in the region, except in Albania

2023-07-13 18:25:14Biznes SHKRUAR NGA REDAKSIA VOX
Bank of Austria: After the war in Ukraine, the Euro defeated all currencies in
After the war in Ukraine, the Euro beat all currencies in the region, except in Albania

Across the Eastern European region and in the Balkan countries, local currencies experienced exchange rate fluctuations, depreciating against the Euro over the past year, except in Albania where the local currency has been significantly overvalued against the common currency, notes a periodic report of the Central Bank of Austria on the countries of Central and Eastern Europe.

The analysis shows that the Czech Koruna lost 2.5% and the Hungarian Forint lost 6%. Also Macedonian Denari and Serbian Dinar had a slight devaluation after the war in Ukraine, generally the exchange market had stability.

In Albania, unlike other countries in the region, the local currency experienced rapid appreciation against the Euro.

A survey by the Central Bank of Austria showed that confidence in local currencies in the region has declined except in Albania, where the national currency Leku appreciated by 7% against the euro from March 2022 to January 2023.

The Central Bank of Austria notes that economic developments were similar to those of other countries in the region, except in the case of the exchange rate, where the Albanian currency shows a different trend.

Internal developments in the Albanian exchange market indicate that the Euro has further depreciated after January 2023.

On July 12, the Euro was exchanged at 104.05 ALL, marking a new historical minimum level. The Euro-Lek exchange rate is down by 11.5% compared to the same period a year ago and by 8.9% since the beginning of this year.

The governor of the Bank of Albania, Genti Sejko, a few days ago in a press conference said that the strengthening of the Lek is a result of positive developments in the economy. The governor said that the lek is strengthening due to the increase in foreign exchange flows from tourism flows, remittances, foreign investments and exports.

But foreign exchange inflows from the improvement of economic factors did not positively affect the economy at least in the quarter of the year. INSTAT data shows that GDP expanded just 2.7%, the slowest pace since the pandemic.

The devaluation of the Euro against the Lek has put exporters in difficulty, who are facing huge losses during this period.

The latest industry data shows rising unemployment in the sector, falling exports and falling real wages.

Manufacturing and exports, which are considered the heart of a country's economy, are being seriously damaged by the strengthening of the local currency, and the consequences created will not be easily recovered.

The Albanian industry was moving to a higher level of the value chain, but the Euro is seriously hindering this process, the exporters' associations pointed out./Monitor


Në përputhje me standarded JTI

Video

SHIKO KANALIN NE YOUTUBE
×