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The Euro has touched the historical minimum during the month of August, capturing the lowest level in recent years. The situation of the last weeks in the foreign exchange market is also reflected in the official exchange rate of the Bank of Albania.
1 euro in the Albanian foreign exchange market is being exchanged for 99.86 ALL, with a decrease of 0.15 ALL at the beginning of this week.
Compared to August 2023, the European currency has depreciated by 4 Lek. The main reasons we can list for this devaluation of the European currency are the record inflow of tourists in the first 7 months of the year, informality and the increase in foreign investments.
Until now, the Central Bank has not published information regarding the amount of direct foreign exchange purchases to prevent further appreciation of the lek in the exchange rate. In the auctions planned for 2024, the Bank of Albania expects to withdraw 250-330 million euros from the market.
The interventions of the Central Bank in the foreign exchange market have increased significantly since the beginning of the pandemic./ A2CNN
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