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The head of Confindustria, Gjergj Buxhuku, says that the government and importers are the big beneficiaries of the devaluation of the euro and the strengthening of the lek.
He said in an interview for News 24 that the devaluation of the euro did not come through the growth of the Albanian economy, but from other factors, including the introduction of the euro into the market through informal sources.
How do you explain the devaluation of the Euro?
The first explanation comes from the informal source. The euro has depreciated in one year by more than 15% and the depreciation continues. Second, tourism affects the summer months. We must bear in mind that most tourists come from EU countries. On the other hand, there are also incorrect financial maneuvers by the government. It is left "let it be what is done". The informal sources of the euro's income are not predictable and put the economy in a difficult situation. The Government and the Bank have played the role of indifference. I have seen cases when the Albanian government issued a Eurobond of 600 million euros and did not address the local market. At the same time, the government received money through taxes and today we are -50% for investments. This means that we are minus hundreds of millions of ALL. There's a combination of things that I don't know if it's incompetence or well thought out strategy,
Who wins and who loses from this situation?
The devaluation of the Euro and the strengthening of the Lek would not be a problem if it came again as a result of the strengthening of the Albanian economy. Here the picture is reversed. Within a year, we have devaluation of the euro by 15% and it does not stop. Those who benefit are the importers who, devaluing the euro, win. The Albanian government also wins by making the payments it has for the public debt, and these are large. If the Albanian economy would function like a normal economy, the citizens would also benefit. Ko because the import prices would be cheaper, but we are all witnesses that the prices have not fallen. So while the euro depreciates by 15%, the prices of the basket have not only not fallen, but have increased. Exports, agro-industry and agriculture are hit. This is a very big stimulus for imports.
Is there a chance to stabilize the situation?
The devaluation of the euro against the lek is not bad. If it came from a strengthening of the economy, it would be welcome. But it's not coming from that. We are dealing with informal factors. While the executive has not taken measures to stabilize these effects. The situation can be even more serious.
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