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This Tuesday, the euro touched a new historical low in the foreign exchange market. According to the official exchange rate of the Bank of Albania, today one euro is being exchanged for 100.23 ALL, from 100.24 ALL, which was the lowest historical level until now. Meanwhile, merchants are buying euros from citizens for an average of 99 ALL.
The institutions say that the reason for this devaluation of the euro is the high amount of currency in the market, mainly influenced by tourism and foreign investments, but also the money that comes from informal sources.
The continuous decline of the euro is significantly harming exporters by shrinking profits. The manufacturing sector took the biggest hit, as exports of textiles and shoes decreased by 123 million euros.
Meanwhile, the Bank of Albania calls on businesses to adapt to the "new normal", in the exchange rate. In the 2023 annual report, the Bank of Albania says that businesses should not depend on the financial support they can get from the government, but take measures to cope with the new exchange rate.
" In the medium and long term, the businesses of these sectors must increase restructuring efforts, in terms of increasing productivity, finding new markets and making greater use of financial protection instruments against exchange rate fluctuations ", says the Bank in the report.
The manufacturing sector itself has stated that it is working for the closed cycle for production, from the design to the final product, they would do it themselves independent of foreign contracts, but until now the process has stalled as the sovereign guarantee is not being disbursed either, and made available from the state budget, which would help with liquidity. /albania.com
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