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Euro does not come off the 'cliff', the European currency regains points in the exchange rate but remains below the level of 102 lek
Written by SOT.COM.AL 4 Dhjetor 2023
The Euro has gained points in the exchange rate with the Lek at the beginning of this week.
According to the exchange rate of the Bank of Albania, the European currency was exchanged on Monday at 101.75 ALL, increasing by 0.58 ALL compared to the last official exchange rate of last week.
In fact, the growth of the euro came mainly in the second half of the day on Friday, but it is reflected in the official exchange rate that is updated every noon on Monday. However, today the Euro rate seems stable at the levels of Friday afternoon.
The rise of the Euro has also been reflected in the exchange rate of other major currencies. The American dollar was exchanged on Monday at 93.63 ALL, increasing by 0.74 ALL compared to Friday. The British pound recorded an even stronger increase, by 1.21 lek and rose again to the level of 118.63 lek.
According to foreign exchange agents, the prevention of the fall in the Euro rate came from an increased demand for currency purchases, especially in the business segment.
As it happened earlier this year, a strong drop in the Euro exchange rate brings, at a certain moment, an increase in demand for it, in order to benefit from a rate that is perceived to be favorable.
For this reason, after a several-week downward cycle, the Euro exchange rate often shows significant but short rises, lasting a few days. This is also the typology of last weekend's increase, while it remains to be seen if it will continue during this week.
Hopes for an increase, even short-term, of the Euro exchange rate, are mainly related to the high budget expenditures that are expected during this month.
By the end of October, the budget was in a high state of surplus, of more than 48 billion ALL. The performance of the exchange rate during November indirectly hints that even last month there was no drastic increase in budget expenditures.
However, the expected increase in Leka liquidity will be at least partially balanced by the seasonal increase in foreign exchange supply that generally occurs during the month of October, associated with the end-of-year holidays, the return of emigrants and increased tourism.
Beyond the short-term fluctuations that the month of December may bring, experts think that exchange rate balances are expected to continue to support a Lek in strong positions. Monitor