FLASH
Shkruar nga Pamfleti
Almost 80 million euros in just five months. The Bank of Albania has withdrawn so much currency from the exchange market, stopping at least for the moment a possible fall of the euro below 100 ALL.
"The Bank of Albania has held three auctions in the first quarter of the year. About 33 million euros were purchased in these three auctions. Regarding the months of April and May, four more auctions were held, where the average of purchases at auctions was even higher than in the first quarter", said Marian Gjermeni, director of the Department of Monetary Operations at BSH.
In total, by the end of the year, the Central Bank plans to carry out 20 auctions to buy the euro on the foreign exchange market. The purchases are planned to accelerate in the summer months with 6 auctions only in the months of June and July. With the arrival of autumn, the Bank plans to carry out one intervention for each month, to complete the purchases on December 19 and 20, 2024.
"The segment that the Bank of Albania intends to buy is between 250 million euros and 330 million euros. We have also taken into account the seasonality part. There are months where two auctions are planned and there are months where three auctions are planned", said Marian Gjermeni, director of the Department of Monetary Operations at BSH.
Although with fluctuations, according to the exchange rate published by the Bank of Albania, one euro has been exchanged on average for 100.5 ALL. But what is expected to happen with the massive summer tourist season on the eve? "All market operators should follow both demand and supply normally and not be influenced by the seasonality of the moment", said Marian Gjermeni, director of the Department of Monetary Operations at BSH.
Last year, the Bank of Albania withdrew about 290 million euros from the foreign exchange market. Interventions forced due to the devaluation of the euro expanded the foreign exchange reserve to 5.7 billion euros. This year it is planned to reach 6.3 billion euros.
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