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How did the strengthening of the lek affect loans in euros? Loans taken in European currency are added

2024-08-06 09:44:03Biznes SHKRUAR NGA REDAKSIA VOX

How did the strengthening of the lek affect loans in euros? Loans taken in

The strengthening of the lek was reflected in an increase in loans received in the European currency by Albanian individuals and businesses in the first half of this year. However, if we make a comparison with loans received in Lek, more families and businesses have decided to take loans in Lek this year, than in euros. The figures show that the loan in euro has undergone a very small increase, while that in lek has been accompanied by a significant increase.

According to data from the Bank of Albania, the total amount of loans received by individuals and businesses was over 782 billion at the end of June this year, where 455 billion were in Lek and 332 billion in Euro. Meanwhile, the total value of loans granted at the end of the first half of last year was about 701 billion, 374 billion of which were in Lek and 327 billion in Euros.

Since the beginning of 2023, the European currency has fallen significantly against the Albanian Lek, with the exception of August last year. Referring to the official exchange rate of the Bank of Albania, from the beginning of May until today, the euro has been fixed and exchanged with our national currency in the range close to 100 lek.

The fall of the euro against the local currency is favorable for those who have loans in euros, as it reduces the amount required in the local currency to meet the loan obligations. In cases where the lek strengthens against the euro, fewer units of lek are needed to convert them into euros, in order to make the loan payment. This reduces the overall cost of repaying the loan. Despite this, the demand for loans in euros from citizens and businesses has been average during the months of lek appreciation.

Seen from a different perspective, the foreign currency loan itself has had a small impact on the foreign exchange rate, because it has brought about a mild increase of the European currency in the market.


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