The exchange rate this year is different – There are no signs of seasonal appreciation of the lek

2020 is not a year like any other for the economy and financial markets. The exchange rate is no exception. Historically, in the summer months, the lek records an appreciation trend against the euro, related to the larger supply of European currency. Inflowing tourism year after year and the return of emigrants brought increased inflows of the euro, leading to a temporary decline in the lek exchange rate. This year, there do not seem to be any signs of such trend. The data of the Bank of Albania show that during July, the euro is stabilized slightly above the level of 124 lek, with minimal daily fluctuations.

Although Albania has opened its borders without restrictions to foreign nationals, the Covid-19 pandemic situation has led to a drastic drop in the number of tourists. Last year, in the three summer months, over 2.3 million foreign citizens visited Albania. This year the figure will be much less.

SCAN

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