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They "earned" 250 million euros! Losses of citizens' savings from the devaluation of the European currency

2023-12-28 10:58:44Biznes SHKRUAR NGA REDAKSIA VOX

They "earned" 250 million euros! Losses of citizens' savings from

Businesses and citizens who have their savings in banks in the common European currency have lost at least 250 million euros from the devaluation of this currency compared to last year.

According to the Bank of Albania, savings in euros were 7.28 billion in November, with a minimal increase of 22 million euros, which is the lowest since November 2022. Compared to November last year, deposits in euros have increased by 17 percent , or almost 1 billion euros that have been added to banks as a form of savings in the common currency.

Converted into Lek and at the current exchange rate, deposits in Euro are 706 billion Lek, with a decrease of more than 25 billion, or 250 million less compared to the same period last year.

On November 1 of last year, 1 euro was exchanged for 117 ALL, while on November 30 of this year, 1 euro was exchanged for 102 ALL.

The devaluation of the European currency has two sides, one positive and another negative. The positive side of the decline is related to the reduction of imported inflation, as well as the reduction of the Government's external debt, while its negative side is related to the losses of exporting businesses.


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