The above-target purchases, along with the Eurobond, have expanded Albania's foreign exchange reserves to their highest level ever. At the end of March, they reached almost 7 billion euros from less than 6.3 billion in February.
"The devaluation of the euro continues, despite the fact that the reserve has reached its highest level ever," banking expert Kliton Vaso told A2 CNN.
Compared to March of the previous year, the foreign exchange reserves that the Central Bank has collected have reached 1.3 billion euros, or 23 percent.
However, the euro continues to depreciate, particularly hurting exporters.
"And for me this brings exactly what is happening now. The depreciation of the euro even outside the tourist season. The supply of the euro is very high," Vaso added.
Based on a preliminary analysis, the Minister of Finance and Economy estimates that the amount of foreign exchange reserves is sufficient to cover over a year of imports. On the other hand, the increase in foreign exchange reserves is another bad news for exporters.
"This year, exporters will consume the accumulated "fat". Next year, we may see layoffs and bankruptcies in these enterprises, based on the exchange rate's performance so far," the expert underlined.
Foreign exchange reserves serve to repay government debt in foreign currency, support international trade, and prevent or mitigate strong exchange rate movements. (A2 Televizion)