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The historic fall of the euro, Sejko is not worried: We have no reason to intervene

2023-07-05 20:51:25Biznes SHKRUAR NGA REDAKSIA VOX
The historic fall of the euro, Sejko is not worried: We have no reason to
Governor of the Bank of Albania, Gent Sejko

According to the official exchange rate of the Bank of Albania, 1 euro was exchanged today for 104.55 lek, with a decrease of 0.3 lek in relation to the previous day, reaching another minimum historical record, since 2002, when the euro began to function as physical currency.

The Governor of the Bank of Albania, Gent Sejko, in a statement to the media expressed why this exchange rate is a consequence of economic activity. "The entry of the euro into the country is being stimulated by tourism flows and foreign investments. Purchases of real estate by foreigners and remittances. Consequently, the Bank has no reason to intervene in the exchange rate," said Sejko.

Keeping the government's line, as the Ministry of Finance declared - the day before - the governor also emphasizes that this exchange rate has served to curb inflation.

"We do not see a reason to intervene in the exchange rate. The exchange rate is one of the factors that has influenced to keep inflation under control and to positively influence this economic growth".

However, he said that next week they will have a meeting with the second level banks to discuss the businesses that are affected by the exchange rate.

"We intend to accelerate the rate of economic growth. The exchange rate is one of the factors that influenced to keep inflation under control".

Since the beginning of this year, the euro has fallen by 11.5 ALL, or by almost 10%, while it is exchanged by 14.4 ALL (12.1%) less than July 5 of the previous year. The decline has been more pronounced starting from May.

Major market players said that this trend is related to the high supply in the market, which comes from both tourism and informal sources, which are mainly channeled into real estate.

Meanwhile, exporting companies continue to be penalized more and more by the devaluation of the euro.


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