The euro touches a new historical minimum against the lek
The common European currency has resumed its rapid devaluation against the lek, registering a new historic low. At noon on Tuesday, according to the official exchange rate of the Bank of Albania, the euro was exchanged for 104.85 lek, which is a record devaluation since January 2002 when this currency was launched on the market. Meanwhile, during one year, the euro has depreciated by 14 ALL.
The American dollar seems to be following the same trend, where on Tuesday at noon, according to the official exchange rate of the Bank of Albania, it was exchanged for ALL 96.18. During one calendar year, the green banknote has depreciated by almost 19 ALL.
The decline of the two main world currencies against the Lek was also significantly reflected in the free market, where at midday the euro was bought at 104 Lek and the dollar at 95.2 Lek.
The high supply in the market, which also coincides with a good tourist season, seems to be the main factor in the strengthening of our national currency.
According to the latest data from INSTAT, during May the number of foreign citizens who entered the Albanian territory was about 17% higher compared to a year ago. Whereas, as a five-month 42.5% higher.
However, these figures are destined for further growth during the period of June, July, August, which is also the peak of the tourist season, which can consequently lead to even lower values of the main currencies against the lek.
In her speech to the media, the Minister of Finance, Delina Ibrahimaj, emphasized that the increase in foreign direct investments, remittances and tourism are the main factors that have influenced the performance of the exchange rate.
Meanwhile, exporting companies continue to be penalized more and more by the devaluation of the euro and the US dollar. To help this category, the government has decided that export taxpayers who in 2022 have exported not less than 70% of the total value of sales, including exports, will not pay the installments that are prepaid in the months of June, September and December of of 2023, as well as the deadlines for VAT reimbursement will be reduced. But according to the companies, this intervention is not enough to solve the situation./Scan