The euro is showing a strengthening trend. After 5 months of significant decline, the euro is approaching the level of 100 lek. The European currency has been exchanged for 99.71 lek in the last 24 hours according to the official exchange rate of the Bank of Albania. A figure that coincides with the highest level reached since September of last year.
A rising euro is seen as hope for a number of sectors in the country that have been suffering from the depreciation of this currency for years. The Bank of Albania lists the inflows from tourism, remittances, and foreign direct investment as the cause.
The highest level of the euro in 2024 was in January, while the downward trend deepened even more in May. The lowest level was reached in November 2024 at 98.2 lekë, while the end of January is showing hope.
But such trends in the International Monetary Fund report are viewed with concern if the euro reaches the level in 2022 where it was exchanged for 120 lek.
The Bank of Albania increased its foreign exchange market interventions in 2024 with the aim of stabilizing the euro. But the IMF recommends that the Bank should allow the exchange rate to adjust more flexibly to the market. (A2 Televizion)
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