Bank of Albania buys 109 million EUR, but ALL keeps winning terrain against EURO
29/09/2018 17:24
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The unprecedented devaluation of Euro during this year has been slowed down by the financial operations of the Bank of Albania, which intervened and didn’t allow the European Union currency to go under 124 ALL.
On June 5th, Euro marked the lowest value level for the past 10 years, at 124.17 ALL.
The Central Bank of Albania was forced to intervene, urgently buying 13.9 million EUR to stop the further drop.
The Bank’s interventions continued. By June 6th and to the end of September, the Central Bank has bought 51.4 million EUR from second-level banks, with the purpose to stabilize the exchange rate.
Euro kept dropping, despite interventions, and not it going below 125 ALL.
Before this drop, the Bank of Albania used to say that it was a result of economic improvement. But they changed this stance later, declaring that it has been affected by temporary -mainly psychological- factors.
The unprecedented drop has affected budget revenues with 5 billion ALL, hurting especially exports.
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