The fall of the euro does not stop, it drops to 96.78 lekë/ The high influx of tourists in September, remittances and FDI affect
For the first time in history, the euro has fallen below the average level of 97 lekë in the domestic foreign exchange market, even below the levels of July or August, when the flow of euros into the Albanian economy was higher, as a result of the high number of tourists. According to the official exchange rate of the Bank of Albania, the euro is exchanged on Wednesday at an average of 96.78 lekë, down 0.13 points compared to Tuesday.
According to experts, the decline can be explained by the fact that the flow of foreign currency is being distributed throughout the year, as a result of remittances and Foreign Direct Investments, while the number of tourists in the country continues to be high even during September. Financial markets expert, Artur Ribaj, states that the change in the market structure is affecting this performance of the euro.
According to data from the Bank of Albania, remittances amounted to around 531 million euros for the first half of this year, while foreign direct investments for the same period were around 760 million euros. Moreover, this depreciation of the euro comes at a time when in international markets, the European currency has risen to over 1.18 dollars, the highest level in almost the last 4 years. However, the euro-lek exchange rate in the domestic market is determined mainly by demand and supply and not by external factors.
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