Currency, September exerts pressure on Lek

01/09/2011 08:00

The European currency gained terrain in the last days of August toward the Albanian Lek , while historical data show that the Albanian currency usually
loses 1% of the value during September.

1 Euro was exchanged with 140.44 ALL yesterday, when in the beginning of August it was exchanged with only 139.9 ALL.

According to “Shqip” newspaper, Bank of Albania historical data show that the Albanian Lek has constantly weakened since 2002 with an average of 1.2% during September, as result of the end of the summer season and the return of businesses to work.

September has never been a positive month for the ALL during the last decade. The weakening of the Albanian currency towards Euro has fluctuated from 0.1% in 2004 to 2.2 % in 2009.

Based on these data, it is reasonable to expect another weakening of ALL during September, at least with 1%. Lek stayed stable during the entire summer.

During July and August, Euro has been exchanged in average with 139.9 Euro, fluctuating in a very narrow band.

Compared to one year ago, one Euro costs 2.7% more. Compared to the period before the financial crisis of 2008, ALL has lost 15.3% of its value.

At the same time, the Albanians who have taken house mortgages in Euro and who take their salaries in ALL are obliged to have a higher burden on their shoulders.

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