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"Disappointing" week for the euro, the local currency strengthens at a record pace. Other currencies also lose

2023-12-02 11:27:25Biznes SHKRUAR NGA REDAKSIA VOX

"Disappointing" week for the euro, the local currency strengthens at a

The euro ended the week with a further drop in the exchange rate with the lek. The euro followed the depreciating trend by "pulling with it" other currencies, from the dollar to the British pound and the Swiss franc. It lost only during Friday 0.75 points in relation to our currency, closing the week with an average exchange rate of 101.17 ALL.

It was the average purchase price that suffered the biggest drop, confirming again the very high volumes of euros in circulation in the Albanian financial market. The average price at which they bought it at exchange points, as well as bank counters, fell to 100.63 ALL, losing a full 0.81 point from the previous day.

Other currencies had the same fate this week, because in the Albanian financial market they are quoted with reference to the common European currency. On Friday, the US dollar fell to 92.89, losing 0.43 points in a single day. Likewise, the British pound, which lost even more than the dollar, a full -0.56 points, falling to the level of 117.42 ALL. Swiss francs suffered a similar devaluation together with the Japanese yen.

Currency exchange points argue the devaluation of the European currency with its high amounts in the market, due to the November holidays. However, they say that the euro's downward trend is unlikely to stop once the holiday effect wears off, warning of further lek appreciation, especially as the year-end holidays approach.


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