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The Governor of the Bank of Albania Gent Sejko has reported to the Economy Commission.
Gent Sejko, while answering the MPs' question about interference in the exchange rate, said that he could not say that.
Sejko added that there is a great pressure of euros from informal channels.
"We cannot communicate this. I cannot say whether we have intervened because it affects market speculation. Communication is called intervention. After 3 months the data will come out and you will see if we intervened, but the course is stable anyway. It's a new exchange rate reality. We have a normality, we have a new exchange rate, there is a great pressure of euros, increased supply of euros from informal channels and we cannot measure this, but of course they exist. From formal channels, we measure the numbers and they are in the billions" , said Sejko.
The governor informed that the strengthening of the local currency in the foreign exchange rate has come as a result of the improvement of the balance of commercial and financial exchanges of Albania with the world.
According to him, the strengthening of the lek has had a positive effect on the country's economy.
"During 2022 we carried out 5 increases in the interest rate, for a cumulative effect of 2.25 percentage points, during 2023 we carried out only two increases in the base rate, with a cumulative effect of 0.5 percentage points. This slowdown reflected the strengthening of the exchange rate and the consolidation direction of fiscal policy. The rapid appreciation of the lek helped to soften foreign inflationary pressures, while the fiscal consolidation helped to restrain internal pressures", declared Sejko.
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