New data show that Albania is today on of non EU countries with the
highest level of Euro usage. Many goods of the domestic market are sold
in Euro, although Lek is the official currency. Experts say that this
situation has many risks for the economy.
“The first risk in the macro-economic management point of view has to do with the destabilization and functioning of the monetary offer, which means that it increases the difficulties that an efficient monetary policy faces. In a simpler plan, there certainly are complications. First of all, in finding a bank system and for managing the portfolio also from other economic agents, including common citizens”, says Selami Xhepa.
Economy expert Adrian Civici says:
“Albania is a structurally importing country. More than 70% of the foreign commerce is developed through Eurozone countries. The strengthening of the Euro will be reflected in price increases for domestic goods and services”.
According to Ardian Civici, the situation is not without a solution. He suggests a law enforced limitation towards transactions in Euro, at least for common products; limitations on payments given in Euro, when Euro is artificially used.
While Selami Xhepa says that the eurozation process has no return. Every intervention by the government or the Central Bank for putting limitation to transactions in Euro would be a certain failure. That is why he proposes the contrary.
“Based on the fact that the country has a European perspective, I don’t see it as a solution limiting Euro. Instead, I think that there must be given more space to it, turning the eurozation of our economy into a practical issue, not a strained one”, Xhepa declared.
However, Xhepa says that for the moment, citizens must protect themselves from Bank of Albania, which must not be so liberal towards the currency rate.