Euro returns to levels above ALL 132, downturning its recent decline

Earlier this week, the euro touched its lowest level since August 2009 in its exchange rate with ALL.

But on Wednesday, the common European currency seems to have stopped the downfall, and increased again above the average level of ALL 132.

Referring to the official exchange rate of the Bank of Albania, on average, one euro was exchanged with 132.15 Lek, increasing by 0.17%, compared with Tuesday.

But, despite modest growth, the common European currency was standing at the lowest level in the last 8 years in relation to lek.

The decline is affected by the high supply of euro currency in the domestic market, mainly from the increase in foreign direct investment and tourism revenues, but there are also speculations that illicit activities have a great impact.

In June, the pressure on the euro may also have been increased due to expenses for the election campaign.

Referring to historical data, it is characteristic that during summer months euro tends to fall, due to the summer season where the inflows in euro are higher.

The depreciation of the euro is a problem for exporting sectors of the Albanian economy.

SCAN

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