Global Courant 2023-05-17 22:52:53
The exchange rate of the euro has increased by 2.38 points from the historically low level reached on May 11.
Immediately after the end of the electoral campaign, the European currency is experiencing a rapid recovery and has been growing for three days.
On the 15th it reached 111.31 against the lek, while on the 17th it is trading at 113.43 against the lek. The euro has now reached the same levels as in March of this year.
The confidence of the market agents for a further strengthening of the currency after the election period may have led to the acquisition of buying positions influencing this development.
The Bank of Albania connects the weakening of the European currency with the structural improvement of the Albanian economy, which has strengthened the external positions.
The argument was not accepted by the Albanian exporters, who stated that they have lost millions of euros from the devaluation of the currency by 8% within a year.
The monetary institution has not given signals for intervention in the market, as it considers currency fluctuations to be normal market developments.
The only decision taken by the Bank of Albania was during the pandemic, when the euro exchange rate fluctuated strongly within three days, while the bank’s intervention stabilized the foreign exchange market.
Global Courantl
