Next year, the Bank of Albania plans to withdraw up to 350 million euros in 22 auctions from the foreign exchange market. This is in order to curb the downward trend of the euro.
The Bank of Albania plans to withdraw at least 270 million euros from the foreign exchange market next year. Based on the amount of European currency that will be brought into the country, purchases can increase up to 350 million euros.
This is the highest ever level of planning the Central Bank makes to intervene in the foreign exchange market.
"There are signals for a further strengthening of the lek. In order to maintain balances, the Bank of Albania intervenes by withdrawing currency from the market. This is the mechanism," said Dritan Vakaj, head of the Association of Foreign Exchange Agencies.
According to the Central Bank's calendar, interventions in the foreign exchange market are expected to start on February 25 and continue on March 13 and 25. The purchases are planned to be accelerated with 9 auctions only in the months of June, July and August.
With the arrival of autumn, the Bank plans to carry out one intervention for each month, to complete the purchases on December 5 and 19, 2025.
"More euros are expected to come in as a result of tourists, but also foreign investments, remittances or exports. Therefore, more interventions are planned during the summer", said Dritan Vakaj, head of the Association of Foreign Exchange Agencies.
This year, the Bank of Albania has withdrawn from the foreign exchange market about 320 million euros, including the last auction held on Wednesday.
The forced interventions due to the devaluation of the euro at unnatural rates have expanded the country's foreign exchange reserve to over 6 billion euros. (A2 Televizion)
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