FLASH NEWS
The Euro exchange rate approaches the threshold of 102 lek, touching the lowest level in five months
2024-04-09 07:36:10 / EKONOMI&SOCIALE
The exchange rate of the Euro with the Lek has started the week with further decline and has touched the lowest level of 2024.
According to the official exchange rate of the Bank of Albania, the Euro was exchanged on Monday at 102.26 ALL, the lowest level since December 11 of last year.
In the last month, the Euro-Lek exchange rate has decreased by approximately 1.6%, while compared to the same period a year ago, the rate has decreased by 9.4%.
The fall in the Euro exchange rate is also reflected in the exchange rate of other major currencies.
The American dollar fell today to the value of 94.44 alleks and is again approaching the lowest annual level, which it recorded on March 21 (at the value of 94.16 alleks). On an annual basis, the Dollar-Lek exchange rate is decreasing by 8.7%.
Even the British Pound fell to the value of 119.25 lek, very close to the annual minimum level, which was recorded on January 3.
With the entrance of the second quarter, experts think that the foreign exchange rate is already showing the effects of the growing influence of tourism. A similar trend was observed last year, around the same period. If we take into account the seasonal dynamics of tourism, it is expected that this effect will strengthen during the following months. The same thing happened during 2023.
The current account deficit touched the lowest historical value for 2023, in the amount of 191 million euros, with a 78% decrease compared to 2022.
Services and tourism in particular provided the main effect. The external account in services last year was positive in the amount of 3.4 billion euros, increasing by 43% compared to the previous year. More than half of the surplus in services came from tourism. The statistics showed that the net income in the travel item of the Balance of Payments had the value of 1.84 billion euros, increasing by 72% compared to 2022.
In addition, the record value of foreign direct investments, of almost 1.5 billion euros (where a large part is investments in real estate), has exceeded by more than seven times the value of the current account deficit. This shows that the foreign exchange flows entering the economy have been greater than the outgoing ones, which has reduced the exchange rate of the Euro to the lowest historical levels.
Based on the trend of arrivals of foreign nationals and the expectations of tourism operators, it is likely that the balance of payments situation will continue to improve during 2024. Under these conditions, it is not unexpected that the exchange rate ratios are continuing to tilt towards in favor of Leku./ Monitor
-
-
Horoscope for today, April 9, 2024
April 9, 07:09
Happening now...
83 mandates are not immunity for Rama's friends
Nga Gentian Gaba
ideas
top
Alfa recipes
TRENDING 
services
- POLICE129
- STREET POLICE126
- AMBULANCE112
- FIREFIGHTER128