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Business associations and exporters: The fall of the euro is bankrupting us, an economic disaster!

2023-07-25 11:10:39Biznes SHKRUAR NGA REDAKSIA VOX

Business associations and exporters: The fall of the euro is bankrupting us, an

Business associations have gathered today in a joint press statement, expressing concern about the effect that the devaluation of the euro is having on their activity.

They have warned of bankruptcies and serious consequences in the country's economy and have been quite harsh in their language towards the institutions, as they added that the manufacturing and exporting businesses are at the limits of their existence.

"Already the extremely serious consequences of the overvaluation of the lek with the exchange rate are showing the first effects. In the economy as a whole, double-digit losses for several months in a row are having direct effects on the pockets of citizens, whose income comes from remittances, not a few of those who have home loans in euros", said Alban Zusi, from the Association of Exporters.

He added that bankruptcy is guaranteed specifically for exporting businesses.

"During this period, businesses, especially exporting ones, have followed the institutional path to address risks with institutional actors for solutions. But it is a fact that there has been no progress, while the regression of exporting companies to bankruptcy is a reality that is getting worse every day.

I declare that it has been established that unfortunately experts, economic advisors of central and public institutions in which the economic catastrophe due to the uncontrolled and inexplicable overvaluation of the lek has been discussed do not have full awareness of the importance of the situation and the dimensions of the economic and social consequences that this situation may produce in the future.

It is a fact that these staffs who advise the economy are effectively disadvising it, due to their lack of knowledge of the real economy, but also their irresponsibility.

Not only has the Bank of Albania not shown any role in stabilizing the foreign exchange market, but it has refused to be transparent about the fulfillment of the legal duties it has connected with the progress of the foreign exchange to explain with understandable statistics and data what has happened that the local currency is being overvalued in Albania, unlike anywhere in Europe, what projection and perspective this issue has.

There is no official explanation from the Bank of Albania. Exporting businesses first, but also all other businesses and citizens exercise economic and financial activity in an uncertain environment.

Pas disa takimeve të pafrytshme me institucionet , jemi këtu sot për të deklaruar publikisht se bizneset eksportuese por edhe ato prodhuese janë në limitet e rezistencës ekonomike e financiare të tyre. Po ashtu janë prodhuar dëme, pasojat e të cilave do të ndihen në muajt në vijim, por nëse zgjidhja e situatës nuk do të bëhet menjëherë pasojat afatgjata ekonomike dhe sociale do të jeën shumë të renda dhe buxheti I shtetit dhe ekonomia në tërësi do të ballafaqohet për ti kompensuar me buxhete shumë të të larta se sa ato që kërkon zgjidhja të menjëhershme”, tha Zusi.

The euro has seen a significant decline in recent years, but the contraction was stronger this year. Currently, one euro is exchanged close to the level of 100 lek, which is the lowest historical level since the euro came out as a physical currency in 2002. Compared to the beginning of the year, when it was exchanged for 117.5 lek, the euro has fallen by 14.4%.

The Bank of Albania has repeatedly stated that the fall of the euro is related to the improvement of the economy and the increase of tourism in the country.

However, the euro has been in a depreciating trend for several years, also influenced by informal flows of currency entering the country, mainly in the real estate market in the capital and the coast./ Monitor


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