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Euro "touches the bottom", the expert: The new order of foreign exchange will last

2024-09-23 17:40:42Biznes SHKRUAR NGA REDAKSIA VOX
Euro "touches the bottom", the expert: The new order of foreign
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The exchange rate of the euro against the lek has begun this week to decline, already reaching close to the threshold of 99 lek. According to the exchange rate of the Bank of Albania, the euro was exchanged on Monday at ALL 99.08, reaching a new historical minimum level.

According to the economy expert Selami Xhepa, this is a new order, and it will continue for a medium-term period.

"It has been almost 3 years since the exchange rate of the national currency has created a history of balance. The lek will be a strong currency and will probably continue to remain so at least in the medium term", said Selami Xhepa in a television interview.

From the weakening of the Euro, the biggest beneficiary, according to expert Xhepa, is the government, as it has reduced the public debt, while causing problems in some sectors.

"The whole sector of exports and goods or services has been seriously hit. For my part, what is not yet visible, but will be read in the future, is that national industries that compete with imports have had negative pressures. This means that even the existence of these businesses can be questioned" , said Xhepa.

The significant fall of the Euro has also affected the savings of Albanians.

"More than half of the deposits in the banking system are in euros, which means that savers have been hit hard negatively", emphasized expert Xhepa.

The euro remained below the level of 100 lek throughout the month of September, with a steady downward trend. In the last 30 days, the euro exchange rate has fallen by 1.4%, while on an annual basis the fall has reached 6.9%.

The Bank of Albania intervened for the last time in the foreign exchange rate at the beginning of August. Since then, the exchange rate is only under the effect of market forces.

After managing to keep the exchange rate above the limit of 100 lek between May and July, in August the Bank of Albania decided to withdraw from the intervention, in order to test the movements of the exchange rate in its normal market values. Despite the fact that the exchange rate has fallen below the level of 100 lek, as expected, the Bank of Albania has assessed that the volatility of the exchange rate (in this case the fall) has not been very strong and worrying. For this reason, the Central Bank has decided that an intervention in the exchange rate, for the moment, is no longer necessary.

Other major currencies rose slightly on Monday, but remained near multi-year lows.


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