Euro reaches lowest level since 2009 in exchange rate with ALL

The euro’s value against the ALL recorded a new record on Thursday. According to the official exchange rate of the Bank of Albania, the euro was exchanged at 132.4 leks, which represents the lowest level since May 2009.

According to experts, the decline at the lowest level in the last 8 years is motivated by the high bid of the common European currency in the market.

This expansion of supply in the last two years has been explained by the growth of foreign direct investment, tourism revenues, but also by a growing contribution from illegal activities.

More specifically, during June, it is believed that the euro amount in circulation has been expanded due to campaign spending.

It remains to be seen whether the euro depreciation will be hampered after the election run, however, if we refer to trends stories, summer months will be more likely to deviate further the European currency.

In the summer season, historically the euro weakens, due to the growth in tourism and remittances.

If the same thing is confirmed this year, the euro may move towards a new border at 130 leke, after about a decade during which the level reference was 140 Lek.

Loss of the euro is a problem for the export sectors of the Albanian economy.

If the euro industry is offset by rising raw material prices, the most vulnerable is the forward processing industry, where price rises are difficult due to contracts and competition with other countries.

SCAN

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