FLASH
Shkruar nga Pamfleti
The euro has dropped again today below the quota of 107 lek, returning to the downward trajectory, which was somewhat stopped after the intervention of the Bank of Albania in the market a few days ago, which bought 15 million euros.
According to the official exchange rate of the Bank of Albania, one euro was exchanged today for 106.91 ALL, with a decrease of 0.13 ALL compared to Friday of last week.
The contraction of the dollar was stronger, which went down to 97.75 ALL, or 0.48 ALL less than on Friday.
On June 9, the euro reached its all-time low of 105.62 ALL. Compared to the beginning of the year, the euro has depreciated by ALL 10.55, or by 9%.
Whereas compared to the end of June last year, the euro is traded 12.5 lek less, with a decrease of 10.5%.
reason
According to market actors, the strong fall of the euro is related to two factors:
-First, the high flow of informal currency that has significantly increased the supply of euros in the market. In recent months, real estate purchases have increased in the south of the country, where transactions are often in cash. The high demand has borne fruit and the prices have reached up to 3,000 euros per square meter.
-The second reason is related to seasonal effects, as the number of tourists has increased significantly, becoming another factor that has influenced the circulation of currency in the market. Last until August, seasonal effects are expected to put downward pressure on the euro.
Who wins and who loses
The biggest losers are the exporters. For one euro, they collect less than 107 ALL, from 119 ALL a year ago. Exporters, especially fashion, have repeatedly complained that they are in a difficult situation due to the increase in costs and the lack of labor force, but the devaluation of the euro is giving them the last blow.
They have repeatedly asked the Bank of Albania and the Ministry of Finance for the reasons for the strong devaluation, while the Bank maintains the argument that this has come from the improvement of the economy.
Those who are paid in euros are another category, who suffer, since when they convert euros they are getting less and less lek. Tourists, especially those from Kosovo, who are traditional vacationers and come often, are feeling it more, since in addition to the increase in prices, they receive less lek when converting euros.
The importers are the winners, who are buying the products more and more cheaply, as this does not seem to be reflected in cheaper prices for the final consumers, on the contrary, inflation returned to growth in May.
Borrowers who have loans in euros and are paid in lek win, as they need less money to buy the same amount of currency. The government is the next winner due to the reduction in the cost of debt service in foreign currency./Monitor
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