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The lek ends the week in decline against the Euro and the Dollar

2022-08-26 17:39:46Biznes SHKRUAR NGA REDAKSIA VOX
The lek ends the week in decline against the Euro and the Dollar
The lek ends the week in decline against the Euro and the Dollar

The lek closed the week with a decrease in the foreign exchange rate compared to most foreign currencies.

According to the official exchange rate of the Bank of Albania, the Euro regained points today after a slight drop during the week. The Euro was exchanged at 117.1 Lek, increasing by 0.31 Lek compared to Thursday and ended this week approximately at the same level as last week.

Market agents believe that the Euro may enter a phase of seasonal effect correction, mainly related to tourism flows. During the month of August, the depreciation of the Euro was somewhat restrained by the purchases of the Albanian Electricity Corporation (KESH). KESH's demand somewhat balanced the seasonally high supply and during August the Euro exchange rate appeared relatively stable.

With the end of summer, according to experts, it is expected that the Euro rate will have a slight increase. However, the fact is that in recent years the tourist season has a slightly longer cycle. This has its own effects on the foreign exchange rate and it is not excluded that the offer will remain higher than the usual levels during September, especially in the first part of it.

The American Dollar strengthened again on Friday and ended the week almost at the same level as the Euro, at the rate of 117.09 Lek. However, the dollar exchange rate does not reflect domestic demand and supply developments, but mainly the movements of the greenback against the Euro. The same logic applies to all other currencies traded in Albania.

This week, the Dollar rate exceeded the Euro rate for the first time in history. This came as a result of the devaluation of the EUR-USD exchange rate and the fall of the Euro below the value of one US Dollar.

At the moment, the trends in the international markets remain in favor of the Dollar, due to the tightening policy of interest rates that the Federal Reserve is undertaking, but also the very gloomy prospects for the Eurozone economy. The trends seem in favor of a further appreciation of the Dollar against the Euro and, consequently, also against the Lek.

Although the US Dollar is now used very little in economic transactions in Albania, its performance remains important in determining the prices of imported products that are quoted in this currency. The overvaluation of the Dollar has played a marginal role in increasing the price of fuel by the Transparency Board in recent meetings./Monitor


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