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The graphs of the last few days on the exchange rate of the European currency and the Albanian one show a temporary strengthening of the former and a devaluation of the Albanian lek.
Despite the abundant flows of European currency coming from exports, but especially from the increase in the number of foreign visitors to Albania, the euro has been in demand in the market. Commercial banks have needed to exchange the lek with this currency, to pay at the end of the month, as well as importing businesses, causing the growth to be somewhat significant
But, this is a temporary trend according to foreign exchange market experts. The economy is performing well, the forecast for the increase in wages, the increase in consumption and imports, but especially the unstoppable increase of foreign visitors put the further growth of the euro in relation to the Albanian currency, in a report of temporary volatility.
The year 2023 marked improvements in the internal and external balances of the economy, according to the analysis made by the Bank of Albania. Foreign direct investments registered a historical record of 1.5 billion euros, the good performance of Albanian exports increased foreign currency inflows by 1.7 billion euros, but also the dual attractiveness of Albania, as a tourist destination and an investment destination, made the level of reserves foreign currency of the Bank of Albania to record a historical record of 5.8 billion euros.
In particular, the strengthening of the lek has been and continues to be one of the most discussed economic developments of this period. The national monetary authority says that the strengthening trend of the exchange rate of the lek has also come as a result of the improvement of the balance of commercial and financial exchanges of Albania with the world, reflected in the increase in exports, mainly those of tourism, remittances and investments foreign direct. This means that the strengthening of the lek will continue to have an overall positive impact on the economy, starting from the control of inflation, the increase in the purchasing power of Albanian families, as well as low costs of financing businesses.
The exchange rate is claimed to be volatile even in the medium term, with the tendency of strengthening the local currency. / RTSH
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