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Damage from the sinking of the euro: Debt decreased, but exports were affected/ During the summer, the European currency will decrease more

2023-04-20 21:04:34Biznes SHKRUAR NGA REDAKSIA VOX
Damage from the sinking of the euro: Debt decreased, but exports were affected/
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The exchange rate with the euro has entered a new trajectory. Since the beginning of last year, the euro has only depreciated against the lek.

If earlier one euro was exchanged for 122 lek on average, in the period of March one euro was exchanged for 112 lek, reaching the lowest historical minimum. The devaluation of the euro has not stopped even though the Bank of Albania has intervened in the local market to buy foreign exchange reserves.

Euroization seems to be affecting all links of the economy, as loans and deposits in the banking system are mostly in the European currency.

But could the strong devaluation of the euro be a normal market development?

"How can there be a normal development of the market when a currency has gained ground by 10-15% in such a short period. There have been no major macroeconomic events to explain or justify this change. Whether we like it or not, we have to pay attention to the informal whole to explain this phenomenon".

According to experts, the reduction of the euro has different effects on the economy

"It seems that the public debt decreases, but in the medium and long term, mainly for the economic actors, the first to be affected are imports - exports have a negative import, especially for the category of manufacturers or market operators that operate abroad and have fixed exchange rates determined in advance .”

But how is the course of the euro expected to continue in the rest of the year?

"If even the electoral campaign due to public investments did not manage to be an opportunity to curb the growth, I think that in the tourist season there will be a further decrease and why not go to the value of 110 against the lek".

In 2017, public institutions in the country launched a deeuroization policy, but the battle seems lost to stop the return of the European currency in our economy./ TCH

 

 


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