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The expert on economic issues, Selami Xhepa, in an interview for the show "Sheshi i Dollarit" emphasized that the policies undertaken by the Bank of Albania have minimized the negative impacts of the fall of the euro. He says that the euro rose for several days as a result of the measures taken by the bank.
"I think that the developments are also dictated by a more active policy of the Bank of Albania through interventions in the market, to influence the minimization of the negative impacts that the significant weakening of the euro has had in relation to the national currency for important groups of economic operators, in particular for exporters. I attribute this kind of recovery of the lost value of the euro to the active policy of the Bank of Albania, but such a strong fall of the euro may have encouraged some of the savers who had their savings in the national currency, who benefiting from a highly valued euro, may have shifted savings to euros in anticipation of future transactions of a stronger euro, which will most likely be realized in the remainder of this year," he emphasized.
Asked when the measures taken by the Albanian bank will give effect, the expert said:
"The Albanian bank has declared that it will be active almost throughout the year through open market operations, in the foreign exchange market, which means that this presence of the bank can have its effects. On the other hand, I think that the policy should be a bit more structural and long-term in the sense that some new arrangements of the foreign exchange market, in particular of transactions with large values at exchange points, could perhaps be considered by the bank as a way to to control the flow of illegal money because, as we have emphasized, exchange rate developments are largely dictated by the flow of money through informal channels of the economy," Xhepa added to ABC.
Xhepa added that it is difficult to determine what the level of the euro could be in the future, but he emphasized that referring to previous experiences, a stronger national currency can be expected.
"Perhaps a stronger national currency can be expected, but how much it will be remains to be seen during the next year and beyond," said the expert.
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