Could the euro recovery have begun? The European currency shows signs of growth, the impact of the decline in tourist flows
The euro has shown signs of recovery against the lek during the week that just ended, but it still remains below the average level of 97 lek. According to the official exchange rate of the Bank of Albania, the euro closed on Friday at an average of 96.71 lek. However, the exchange rate offered by foreign exchange agencies closed on Friday at higher levels. According to Iliria98, the euro closed the week at 96.5 lek for purchases and 97.3 lek for sales. So, the average level is 96.9 lek.
On the other hand, the US dollar has fluctuated significantly during the week in the domestic foreign exchange market due to international developments, closing on Friday at 82.62 lek, according to the Bank of Albania. The US government shutdown and renewed concerns about the escalation of the trade war between the United States and China have put pressure on the dollar.
Due to the decline in the flow of the European currency, as a result of the lower number of tourists during October, analysts believe that the euro may attempt a recovery above 97 lekë, but this will also depend on other factors, such as Foreign Direct Investment and remittances.
According to data from the Bank of Albania, remittances amounted to around 531 million euros in the first half of this year, while Foreign Direct Investments for the same period were around 760 million euros. The euro-lek ratio in the domestic market is mainly determined by demand and supply and is not affected by external factors. Developments in international markets are mostly reflected in the USD-lek ratio.
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