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Euro plummets/ Economic expert warns: The fall will continue if...
Written by SOT.COM.AL 5 Dhjetor 2023
The strengthening of the lek continues to be present in the market, causing the euro and the dollar to touch the lowest values ??after the peak of the tourist season. Faced with this situation, when the euro is touching the lowest level, economic expert Teuta Kortoci Nunaj, in an interview for Report TV, says that payments in euros should be limited and made in lek, especially in the purchase of real estate.
As for de-euroization, the expert said in 'Today Live in Albania' with journalist Nertil Agalliu, that this policy cannot have a 100% real effect on the market, as there is a lot of informal money circulating.
"I think not. It is related to a policy that the bank takes, it has not been a frontal fight to reduce the circulation of the euro. Any policy taken by the bank, even the ministry, cannot give a 100% real effect on the market, because we have informality. We have 7 billion euros in remittances, a continuous flow of euros, formal coming from the purchase of real estate, and the arrival of informal money through remittances.
They have not undertaken a fixed decision-making process. One of the forms establishes a rule that transactions for the sale and purchase of apartments are made in the national currency. Since the market has a lot of informal money, it is very difficult to de-euroize it," she said.
Asked if the value of the euro will continue in this trend, the expert says that if there is no intervention from the Bank of Albania, the decline will continue.
In this inertia, how is the foreign exchange market acting, if we do not have intervention, the bank that buys the euro in the market or cash. If we don't have external intervention, this decline will continue as we are feeling the effects of not realizing fiscal and criminal amity in the market. That money is in the market as informal money.
The expert adds that if citizens want to buy apartments now, they should take the loan in Lek.
"If we refer to the real estate market, since two decades ago, the currency that has been in value has been foreign, initially the dollar for the purchase of apartments, with the entry of the euro into force, and it began to dominate the market, construction companies they returned it immediately. Since we buy apartments in euros and citizens have incomes in lek, at this moment they took advantage of buying as many euros as possible. If they plan to buy an apartment, they are interested in getting the loan in lek, since when they convert it to euro, it will be less.
In today's currency exchange, 1 euro is exchanged for 101.56 ALL, marking a record drop since the end of the tourist season, although experts had warned of an increase.