Due to tourists and immigrants, more euros and dollars in the market, exchange rates are increasing

Tourists and expatriates are increasing the number of currency exchange points. The ever-increasing amount of euros, dollars or pounds they are bringing with them has led to 642 exchange offices in the country. Data from the Bank of Albania shows that compared to 2023, the number of currency exchange offices increased by 22.

"The fact that today Currency Exchange Offices are serving not only as Exchanges but also for sending and receiving money has also had an impact. Let's say they are serving as a one-stop shop," Dritan Vakaj, president of the Currency Exchange Association, tells A2 CNN.

The majority comes from tourism and exports, followed by foreign investment and remittances... over 12 billion euros entered the country last year through these channels alone. For foreign exchange market players, the rise of Ecxhange is also a result of high bank commissions. "People want cheap rates and they find them at Exchange. Every gap created by the banking system is filled by these types of businesses," says Vakaj.

But along with the increase in currency flows, the risk of money laundering also increases. With these changes, after the controls, the licenses for 24 exchange were revoked. "The risk of money laundering is never excluded. In a number of jurisdictions, including the National Risk Assessment that was approved at the end of last year, the financial sector is the most prominent for money laundering. Because it is essentially the main instrument to be used as a means of payment," says Vakaj.

Last year alone, over 12 billion euros were exchanged at 642 foreign exchange offices and second-tier banks. This is the highest level ever recorded. (A2 Televizion)