FLASH
Shkruar nga Pamfleti
The fall of the Euro to Lek exchange rate stopped today, after more than two weeks.
According to the official exchange rate of the Bank of Albania, the euro was exchanged on Monday at 106.26 allek, increasing from the historical minimum level of 105.62 allek that it touched on Friday.
This was the first daily rise in the Euro rate since May 26. The inhibition of the fall of the Euro was transmitted to the exchange rate of other main currencies.
The US Dollar, British Pound and Swiss Franc all posted gains compared to the end of last week.
A significant and unexpected increase in the Euro exchange rate was observed already at the weekend. On Saturday, foreign exchange points applied a strong increase in the Euro exchange rate, especially in sales, widening the trading margins to three points, from less than one point they have usually been in the last two weeks.
Such a situation has also been verified in the past, for the last time a month ago, during the period of local elections. After reaching an all-time low on May 11, the rate reversed with a rapid rise that continued for about a week.
Further, the Euro rate returned to decline, a decline that continued until last Friday.
According to experts, these strong movements in opposite directions appear to be mainly the result of psychological factors and perhaps even possible speculative behavior, rather than fundamental movements of demand and supply in the foreign exchange market.
The euro depreciated at a record pace of 4.5% in just two weeks, while on Saturday, unexpectedly, the rate returned to growth.
It remains to be seen whether the Euro will somehow manage to correct the sharp fall of the past two weeks, before the beginning of the peak period of the summer season, between the months of July and August.
The strong movements of the exchange rate in the last two months make forecasts even more difficult, although based on historical data, the Leku is expected to continue to enjoy strong positions in this period of the year./Monitor
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