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Journalist Lorenc Rabeta spoke about the data of the Bank of Albania, where although the lek has strengthened, deposits in euros have increased.
According to Rabeta, we have an increase in euro deposits from businesses, also driven by the fear of confiscations that SPAK is doing regarding black money.
Regarding the devaluation of the euro, Rabeta says that the biggest beneficiary is the government, where the external debt has already fallen to 45.5 percent, and the GDP will continue to artificially increase. However, he points out that a comprehensive debate on the pros and cons is needed, noting that exporters as well as consumers are harmed.
" External debt has fallen drastically from 49 percent to 45.5 percent. The debt is constantly increasing, but measured against the GDP it is very low. It turns out too low because of the exchange rate. We really get a lot of euro flows from tourism, but our exports have shrunk tremendously. The decrease in value of exports also leads to a decrease in production and employment. We need a comprehensive debate, what are the pros and cons. The biggest beneficiary is the government, which is paying much cheaper the external debt, which is 45.5 percent, and is benefiting from the increased prices, getting more income in the budget, and artificially increasing the GDP- in. The losers are the consumers. Any price increase from abroad is passed on to us. Fortunately, when the strong fall of the euro started, there was a fear that the citizens would be faced with the dilemma of whether to keep the money in euros or return it to lek. But since we have so euroized the economy, I have the impression that the Albanians will not be put in such difficulty by this drastic fall of the euro, and they will not withdraw from the banks. Seeing the very high levels of euros that have entered the Albanian market, the euro/lek ratio has broken down in the Albanian market. We have such a strong offer of the euro, it means that it is under pressure for devaluation, and it is depreciating and there is no indication that these euros will decrease, there is no indication that these euros will be absorbed by the banking system. We have increased business deposits in euros. We also have a voice from civil society, and the authoritative voices of the economy, who say that the fear of SPAK is forcing businesses to put them in the bank, so they don't have them in the black. Seizures have raised the fear of the subjects that they may be found suddenly. This effort is increasing deposit flows. We have an increase in euro deposits to around 16 percent. We will not have a quick integration with the euro because we have a lot of unclear money in circulation ", he said in "MCN".
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