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The peak of the tourist season in the country has had its first effects on the European currency. According to the exchange rate, it has lost value against the lek in the summer season. In the graph illustrated by the Bank of Albania as of July 1, one euro has been exchanged for 97 lek, suffering a constant but minimal depreciation.
But if we compare the euro-lek exchange rate with the same period a year ago, it turns out that the European currency has weakened by more than 3 points.
In the first 10 days of July last year, one euro was exchanged for over 100 lek. The Bank of Albania links this trend of strengthening of the lek to the increase in euros in circulation from tourism.
Official data shows that in the first few months alone, Albania welcomed 3.4 million foreign citizens. The strengthening of the lek has also been affected by the increase in foreign investments and the money sent by emigrants as remittances.
While in just 5 months, euro transactions in the Albanian economy reached a value of 2.4 billion euros. These figures confirm the high value of the European currency in the Albanian economy at a time when the euro remains below the 98 lek limit.
But despite these fluctuations, it seems that the domestic foreign exchange market has entered a new normal, as the strong seasonal fluctuations in the euro-lek exchange rate are gradually fading./ EuronewsAlbania
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