The abnormal exchange rate of the Euro, the Bank of Albania intervenes in the market

2023-08-04 14:52:24Biznes SHKRUAR NGA REDAKSIA VOX
The Bank of Albania

The Bank of Albania has decided to buy more euros in the market to minimize the depreciation that the European currency has suffered in relation to the Lek.

The bank will withdraw from the market up to 80 million euros more than it had planned until the end of the year. According to the Bank's own information, during the year 2023, with the objective of increasing the foreign exchange reserve, 220-300 million euros will be purchased through auctions.

According to the information given on Wednesday by the governor Gent Sejko, the Bank of Albania has bought 170 million euros so far, crossing the lower limit of the initial annual interval already in the first seven months of the year.

The bank decides to intervene in the market as the euro is experiencing abnormal fluctuations in the foreign exchange market.