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What's going on with the exchange rate? The euro is no longer "holding its feet"
Written by SOT.COM.AL 23 Shtator 2022
The euro continues to depreciate against the Albanian lek. According to the official exchange rate of the Bank of Albania, one euro was exchanged on Friday for 116.58 ALL, returning to the downward trend.
The European currency has weakened, remaining at the average level of the summer months, even though we are at the end of September and the effect of tourism is minimal. Experts emphasize that the main formal factor, which affects this decline, seems to be partially due to the increase in exports. which has brought more income in euros.
An influential element for the Albanian foreign exchange market is the informal introduction of the Euro, which still has a high impact on the foreign exchange market.
Experts also say that an influence also comes from the international market, where the Euro this summer has had a devaluation against the US dollar as the risk continues to destabilize efforts for the economic recovery of all of Europe.
The American currency has suffered a significant appreciation against the Albanian Lek.
According to the official exchange rate of the Bank of Albania, one dollar is being exchanged for 119.46 ALL, the highest level recorded during the month of September. The devaluation of the euro is expected to continue for as long as the massive inflows of informal money and seasonal flows into Albania will continue.