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Many Euros, few Lek/ Euro falls below 106 Lek, touching the lowest level since August 21
2023-10-04 15:06:19 / EKONOMI&SOCIALE
The Lek continues to gain ground in the exchange rate with the Euro even in the first days of October.
According to the official exchange rate of the Bank of Albania, the Euro was exchanged on Wednesday at 105.99 ALL, down 0.64 ALL since the end of last week. The European currency has again fallen below the level of 106 lek for the first time since August 21.
The euro experienced a rapid appreciation after the middle of August, up to the value of 110.58 ALL. However, even this appreciation did not last long and since the end of August, in general, the trend of the Euro-Lek exchange rate has been decreasing. As it happened last year, Leku is also reaching levels similar to those recorded during the summer season in autumn.
According to experts, this can be explained by the fact that the supply of Euro and Lek in the market during the last two years is moving in different directions.
The foreign exchange offer is showing a significant increase and the main contributor is estimated to be tourism. Based on the data of the Bank of Albania, for the 6th month of 2023 the deficit had the value of 323 million euros, down by 27.4% compared to the same period last year and simultaneously marking the lowest historical level. The net income from tourism for the first 6 months of the year reached a record value of 577 million euros, an annual increase of 71%.
Vlerësohet se prurjet valutore kanë qenë të larta edhe gjatë tremujorit të tretë, që shënojnë edhe pikun e sezonit veror. Statistikat e Bankës së Shqipërisë treguan se depozitat bankare në Euro në fund të muajit gusht arritën rekordin historik prej 7.1 miliardë eurosh. Në harkun e një viti, depozitat në monedhën europiane janë rritur me më shumë se 1 miliardë euro ose 16.5%. Vetëm për tremujorin qershor-gusht, depozitat bankare janë rritur me më shumë se 500 milionë euro, duke dëshmuar në mënyrë të tërthortë një ndikim të fortë të turizmit në prurjet valutore në ekonomi.
On the other hand, the supply of local currency seems to be quite tight, as evidenced by the weak growth of deposits in Lek and of the monetary aggregate M2 as a whole. The Bank of Albania estimates that the Government's fiscal policy has a significant impact on the decline in the supply of Lek.
At the end of the 8th month, the budget surplus reached a record value of almost 48 billion ALL, increasing by 230% compared to a year ago. The large amount of liquidity withdrawn by the Government has significantly reduced the supply of the local currency and increased the appreciation pressures on the Lek exchange rate./Monitor
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