FLASH
Shkruar nga Pamfleti
While we constantly measure the appreciating trend of the lek in relation to the common European currency, very little attention is paid to the drastic devaluation of the dollar in Albania. A look at the exchange rate throughout the year 2023 shows that the euro has depreciated in annual terms by about 10% in the lek, while the dollar by about 15%, reaching a record devaluation of over 16% during the tourist season of last year.
More specifically, the USD/LEK exchange rate recorded an average of 94.2 ALL in December 2023, from 100.0 ALL in September. The annual appreciation of the lek against the dollar in the fourth quarter softened to 15.1%, from 16.8% a quarter earlier.
As is the seasonal trend, the dollar started to recover some ground during January and February of this year. For the month of January, it stood at around 95 Lek and in mid-February it exceeded the value of 97 Lek, but still remaining in two-digit depreciating parameters against the Lek, about 11% lower than a year ago.
Similar, but somewhat softer, is the trajectory of the euro-lek exchange rate, which largely dictates the dollar-lek exchange rate. The euro quote decreased to an average of 102.8 ALL in December, from 106.9 ALL in September, with an appreciation of the ALL of 3.8% in this period. The annual appreciation of the lek marked 10.4% during the last quarter of the year, from 10.2% in the third quarter.
During the month of January, the lek began to depreciate gradually, as is typical in this period. It reached its lowest value on January 5 in relation to the euro, at the rate of 104.71 lek, to remain around the value of 103.5 lek until mid-February./SCAN
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