The euro does not stop its fall, it drops close to 104 lek

The euro does not stop its fall, it drops close to 104 lek

The common currency has returned to an accelerated decline today.

According to the official exchange rate of the Bank of Albania, one euro was exchanged today for 104.36 ALL, or 0.22 ALL less than the day before.

This is another all-time record low since the euro began to be used as an official currency in 2002.

After two days that the euro resisted, the lek came out victorious again today. Compared to the beginning of the year, the local currency has strengthened by 10.2 ALL, or 8.8%.

At the beginning of this year, one euro was exchanged for 114.54 ALL. Other currencies were also in a downward trend. The dollar fell by 0.9 lek, to 95.85 lek, fluctuating at the lowest levels of the last 12 years. The British pound dropped to 122.21 ALL, or 0.27 ALL less than the day before.

The Swiss franc also fell by 0.15 lek, being exchanged at 107.07 lek.

Market actors claim that the reasons for the decline are related to the high supply in the market for the euro and its weak withdrawal from the market.

A stable supply factor is the informal currency, while in recent months the increase in tourists has influenced this supply to increase even further.

The closer we get to the peak of the season, the more the euro depreciates. In previous years, the seasonal decline generally started in mid-July and peaked in August, but this year the devaluation of currencies has been present almost throughout the year and has intensified significantly since May.

Published on Monitor.al