BSH withdraws EUR 270.5 million from the market - The lek depreciated against the common currency at the end of the third quarter
The Bank of Albania has withdrawn from the internal foreign exchange market about 270.5 million euros, with the main aim of stabilizing the exchange rate, but not only.
In order to increase the foreign exchange reserve, the Bank of Albania has carried out 6 auctions for the purchase of foreign currency, where two of them were with the forward option, i.e. through a preliminary agreement for the purchase of euros at a future date and with a defined exchange rate since the moment of reaching this agreement.
Through the auctions held during the third quarter, it turns out that 94.40 million euros were purchased. The average purchased in this quarter's auctions resulted in the value of 15.70 million euros, with an improvement compared to 14.50 million euros in the seven auctions held in the previous quarter.
In addition to auction purchases, 176.10 million euros were purchased through interventions in the foreign exchange market, in fulfillment of monetary policy or financial stability objectives.
During the third quarter, the exchange rate was again accompanied by fluctuations, where during the month of September, the euro suffered the biggest drop in relation to the lek, being exchanged at 98.77 lek on September 30. By intervening in the foreign exchange market, the Bank of Albania has tried to mitigate exchange rate fluctuations. These purchases increase the supply of the lek in the market and reduce its value by stabilizing the exchange rate.
On the other hand, in the period January-March a total of 32.60 million euros were purchased, while in April-June about 101.60 million euros. In nine months, the Bank of Albania has withdrawn over 542 million euros in the domestic foreign exchange market. Meanwhile, during the year 2025 it is expected to be purchased through auctions around 270-350 million euros, 20 million euros more than the current year where annual purchases were planned at 250-330 million euros.
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