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The seasonal effect fades: the Euro ends the week with an increase in the exchange rate with the Lek

2022-09-02 17:45:04Biznes SHKRUAR NGA REDAKSIA VOX
The seasonal effect fades: the Euro ends the week with an increase in the
The euro ends the week with an increase in the exchange rate with the Lek

The euro closed this week with an increase in the exchange rate with the Lek.

According to the official exchange rate of the Bank of Albania, the European currency was exchanged on Friday at 117.81 Lek, increasing by 0.71 points compared to the end of last week. Foreign exchange agents believe that the growth of the Euro is mainly due to the fading of the seasonal effect on the foreign exchange rate.

This summer, the Euro touched historic lows in the exchange rate with the Lek, also due to the record numbers of incoming tourism in the country. At the end of July, the Euro dropped to the level of 116.6 Lek, the lowest level ever recorded.

With the beginning of the month of September, the intensity of the tourist season is decreasing and the foreign exchange flows associated with it as well.

Experts believe that in the future, the exchange rate may be affected by the need to import electricity. This factor has played a significant role in specific moments this year, especially at the beginning of March, but also in August. It is estimated that this year the Albanian Electricity Corporation has imported energy in the value of about 300 million Euros, much of which was purchased in the domestic foreign exchange market. In the absence of these purchases, surely the Euro could have reached even lower levels in the exchange rate with the Lek.

Now that the tourist season has passed the peak phase, foreign exchange needs to meet electricity imports may have an increasing impact on the foreign exchange rate and may move the Euro to Lek exchange rate to higher levels.

The lek ended the week in decline even in the exchange rate with the US dollar. According to the official rate, the Dollar was exchanged on Friday at 117.85 Lek, approximately 0.85 points more compared to the end of last week. The appreciation of the dollar reflects the strengthening of the American currency in world markets and mainly in relation to the Euro. The fall of the Euro below the value of the American Dollar has caused the green currency to strengthen against the Lek, even for the first time at the end of August, the USD-LEK exchange rate reached higher levels than the EUR-LEK exchange rate.

The strengthening of the Dollar has a negative impact especially on the price of raw materials and by-products, which are usually quoted and sold in the American currency. The most significant effect is on fuel prices, which for months have been traded at a ceiling price fixed by the Transparency Board and where the dollar exchange rate is one of the elements used in the price calculation formula./ Monitor


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