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Shkruar nga Pamfleti
The euro is gaining ground in the exchange rate with the lek during this week and has returned above the level of 105 lek for the first time since the end of July.
According to the official exchange rate of the Bank of Albania, the European currency was exchanged on Wednesday at 105.09 ALL, increasing by 1.26 ALL since the end of last week.
The strengthening of the Euro has pushed up the rate of other currencies as well. The American dollar was exchanged today at 96.2 Lek, increasing by 1.65 Lek since the end of last week.
The British pound was exchanged at 122.72 ALL, increasing by 2.7 ALL since the end of last week. Even for the Pound, as for the Euro, it is the highest value since July 28.
After the messages given by the Bank of Albania at the beginning of this month, the Euro rate seemed slightly more stabilized, remaining for several days at the levels of 103-104 lek.
The slight recovery of the Euro in the exchange rate can be partially explained by the softening of the seasonal element. Historical data show that during the summer season, the Euro rate reaches its lowest level at the beginning of August, while thereafter there is a slight upward correction trend.
At the end of this week, the Bank of Albania will hold the second currency purchase auction for the month of August. The estimated amount to be purchased in the first round is 5 to 9 million euros, but considering the previous auctions, it is expected that, including the second round of the auction, purchases will reach up to 17-18 million euros.
In general, the effect of Bank of Albania auctions is more sensitive in the preceding days, when the entities participating in the auction can enter a buying position.
The Bank of Albania decided this month to increase its planned purchases of Euros in the domestic foreign exchange market to a range between 220 million euros and 300 million euros, from the previous range of 160 million -220 million euros. This decision came as a way to withdraw the large amount of currency from the market and to restrain the further strengthening of the Lek.
Another factor that may begin to affect the foreign exchange market in the future is the import of electricity. In the first part of the year, abundant energy production in the country created no need to import electricity.
But, in the last two months, the drop in production has caused the Albanian Electricity Corporation to resume energy imports. Considering that imports affect significant values, this factor may have influenced the increase in the demand for currency./Monitor
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