How did the balances of the European currency change against the national ones? Albania and Poland with depreciation, while in Turkey with the strongest growth
During 2024, the European Union's currency, the euro, experienced significant fluctuations against local currencies in several countries in Europe and beyond. The latest Deloitte report has highlighted a clear picture of how the euro, on average, has gained ground in some markets, while in others it has lost value against national currencies.
In some countries, the euro has depreciated significantly, directly affecting the prices of goods and services calculated in euros. Albania is one of the countries where this decline has been felt the most, with a decrease of 7.40% during 2024. A similar trend was observed in Poland, where the euro lost 5.21% of its value against the zloty, as well as in the Czech Republic with a decrease of 4.43%.
However, the picture is not the same everywhere. In some countries, the euro has gained value against local currencies, reflecting its strengthening in international markets. In Romania, the euro has increased by 0.57%, in Norway by 1.81%, in Hungary by 3.47%, while the strongest growth was recorded in Turkey, where the euro has strengthened by a full 61.35%, mainly as a result of the high and persistent inflation that has affected the domestic economy during the year.
Meanwhile, in Bulgaria and Bosnia and Herzegovina the exchange rate has remained unchanged, as these countries' currencies are directly linked to the euro. In other countries such as the United Kingdom (-2.64%), Israel (-0.31%), Serbia (-0.14%) and Denmark (-0.11%), the euro has also recorded a slight decline.
These exchange rate fluctuations are an important component for the analysis of international price and investment affordability, reflecting the impact that monetary stability has on national economies and the purchasing power of citizens on the continent.
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