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At a historic low - What is happening with the euro in Albania?

2026-05-20 15:47:17Biznes SHKRUAR NGA REDAKSIA VOX

The exchange rate between the Euro and the Lek has fallen again today and has slightly broken the previous historical minimum.

According to the official exchange rate of the Bank of Albania, the European currency was exchanged today for 95.32 lekë, the lowest level ever recorded.

Since the beginning of the year, the Euro has depreciated by 1.5%, while on an annual basis the decline of the European currency has reached 2.8%.

Foreign exchange agents say that the Euro exchange rate continues to be characterized by downward pressures, due to the abundant supply of currency in the market.

These downward pressures are temporarily mitigated by the continuous interventions of the Bank of Albania. But, within a few days, market pressure to devalue the Euro exchange rate increases again, causing it to set new historical records in decline, albeit with limited amplitudes of movement.

The third quarter of the year has further accentuated the downward pressures on the Euro, due to the increase in foreign exchange supply, especially related to tourism. It is expected that the market will push the Euro downward throughout the summer season, while the extent of the decline will remain linked to the role that the Bank of Albania will continue to play.

According to official statistics, last year the Central Bank bought 1 billion and 27 million euros, with the objective of increasing the foreign exchange reserve, but mostly in order to curb the strengthening of the Lek exchange rate. The amount of foreign exchange purchased increased by 10% compared to the previous year. In total, in the period 2024-2025 the Central Bank has purchased approximately two billion euros in the foreign exchange market, purchases that have only slowed down the decline of the Euro.

Foreign currency purchases have continued throughout the first months of this year, given the downward trend in the Euro-Lek exchange rate, but the purchase figures have not yet been made public.

However, with inflation approaching the 3% target, the Bank of Albania's interventions will become more difficult to justify with the argument of maintaining price stability. A reduction in the role of the Bank of Albania in the foreign exchange market could lead to a somewhat faster decline in the Euro exchange rate. On the other hand, an adverse effect related to the expected increase in the cost of imported goods on the exchange rate is not currently apparent. (Monitor)


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