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Euro in free fall: In addition to domestic exports, tourism is also being hit, only the government benefits

2025-07-12 20:56:56Biznes SHKRUAR NGA REDAKSIA VOX
Euro in free fall: In addition to domestic exports, tourism is also being hit,
Illustrative photo

Last week brought a significant weakening of the euro, reaching a new historical level for the euro-lek exchange rate. According to the official exchange rate of the Bank of Albania, the European currency is exchanged for 97.84 lek, the lowest level ever recorded.

Meanwhile, in the free foreign exchange market, one euro is sold for 98.1 lek, while it is bought for 97.3 lek.

Foreign exchange agents say that the exchange rate is under the influence of the tourist season, which is accompanied by increased inflows of the common European currency.

Seasonal effects have begun to strengthen since the second quarter, reaching their highest point during this period of the year.

To keep the exchange rate under control and prevent the lek from further strengthening, the Bank of Albania has resumed direct purchases of foreign exchange in the market. This year, the central bank plans to purchase from 270 to 350 million euros through auctions.

While together with direct purchases on the market, this value could be much higher, considering that last year the Bank of Albania withdrew 933 million euros from the domestic foreign exchange market.

An increasingly strong lek, in addition to domestic exports, is also hitting the service sector, starting with tourism since the main income of foreign visitors is in euros. In addition, the strengthening of the lek is negatively affecting families receiving remittances, reducing their disposable income in lek.

Meanwhile, the Albanian government has generally benefited from the strengthening of the lek, because the exchange rate has been the main factor in reducing public debt, as well as those families that have euro loans.


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