The euro exchange rate starts the week falling, reaching a new historical record at 100.26 ALL

The exchange rate between the euro and the lek has started this week with another slight drop.

According to the official exchange rate of the Bank of Albania, the euro was exchanged on Monday at 100.26 ALL, which also represents the lowest historical level of the exchange rate, while the previous record had been the value of 100.27 ALL, on June 11.

Over the weekend, however, the exchange rate fell to even lower levels. Several foreign exchange points, including the largest entity, Iliria '98, have traded the euro at 99.6 ALL for purchase and 100.4 ALL for sale. On average, this exchange rate would result in the level of 100 lek, registering a new factual record of the exchange rate.

However, since the Bank of Albania does not calculate and publish the exchange rate during the weekend (when the central bank and the main reporting entities, commercial banks, are on holiday), officially the lowest average exchange rate is recorded today, of 100.26 ALL .

This summer, as predicted, the euro exchange rate is facing new downward pressures, due to the high foreign exchange inflows of the tourist season. The average exchange rate did not fall below the level of 100 ALL only thanks to the interventions of the Bank of Albania, which during the months of May and June made several direct purchases of euros in the foreign exchange market.

The intervention of the Bank of Albania has withdrawn part of the currency from the market, preventing the further fall of the European currency, but at the same time it has also had a psychological effect, conveying the message that the central bank does not want to allow the exchange rate to fall below the limit of 100 lek .

In the conditions of low inflation, below the objective of 3%, the Bank of Albania can justify this intervention in function of its main objective, price stability. A further strengthening of the lek would further reduce the price of imported products and further strengthen the disinflationary pressure in the economy.

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