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The euro closed the autumn weaker than ever. The latest figures from the Bank of Albania show that one euro was exchanged for an average of 96.66 lekë during November, depreciating by 1% in the autumn quarter alone. Meanwhile, compared to the autumn of last year, the European currency depreciated by 2%.
The strongest has been the fall of the US dollar. The dollar has depreciated by 9% compared to the fall of 2024. During this month, one dollar cost an average of 83.64 lek, while last year it was 92.25 lek.
This devaluation of foreign currencies, according to local institutions, has come about due to the money coming from the tourism sector, from investments and remittances. Also, the official entry into SEPA, which has made it easier and less expensive to bring foreign currency into Albania, has had an impact on the decline of the euro in November, as commissions have been significantly reduced.
The strengthening of the lek has helped the government and all those citizens and businesses that have debts in foreign currency, as it has made repayment less costly. But it has directly harmed exporters and families that receive money from their emigrant relatives.
Also, the decline of the euro and the dollar have contributed to the failure to realize the revenue plan by 70 million euros so far. This situation should have also translated into lower prices on the market for imported goods, such as oil, but according to experts, due to abuses by traders, this is not happening.
As a result of the depreciation of currencies against the national currency, the Bank of Albania has purchased euros on the market to stem an even stronger decline. For this reason, foreign exchange reserves have also increased significantly, which this year has crossed the threshold of 7 billion euros for the first time. Although compared to September, foreign exchange reserves have decreased slightly, compared to October 2024, they are estimated at almost 1 billion euros more.
A few days ago, the International Monetary Fund declared that the Bank of Albania should leave the exchange rate free and reduce market interventions to curb this decline./ Report Tv
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