Lekë continues to strengthen, influenced by migrants, tourists

Lekë continues to strengthen, influenced by migrants, tourists

The peak of the tourist season has again weakened the European currency against the Albanian one. 

August is known as the month with the highest inflow of migrants returning to vacation homes but also the highest number of foreign tourists who also bring the euro further reducing ita value compared to the lekë.

According to the official exchange rate, one euro is exchanged for 125.5 lekë, reaching the lowest value in the first days of August. From January to July, the European currency lost about 10 points, falling from 134 to 125 lekë.

Expectations are to have a European currency depreciation trend against the lekë this month. Experts clarify that this situation is a result of inadequate intervention by the Bank of Albania in buying Euro.

Exporters are the ones most affected by the weakening of the euro while revenues. From the official data in the budget, 3.6 billion lekë are missing only as a result of the exchange rate.

Euro stabilization against the lekë is not expected until the autumn. Officials explain the depreciation of the euro at this level with rising investment and remittances revenues.

On the other hand it is understood that the market may also saturated with Euros derived from informal means.

A low euro is positive for those citizens who have loans in euro as the equivalent required payment is reduced. 

Head of the Central Bank, Gent Sejko, stated that the Bank of Albania will continue to buy euro in the coming months.

EMISIONET