Fullani: Don’t rush to exchange EUR to ALL
20/12/2011 08:35
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The Governor of the Albanian Bank, Ardian Fullani, spoke yesterday about
the panic created in the beginning of this month at the currency
market, suggesting the citizens to consult experts before undertaking
long-term decisions about the currency in which they want to keep their
savings.
Fullani congratulated the media for informing the citizens during the panic days, which made it unnecessary for the authorities to intervene.
After the news for a possible removal of the Euro from the market, the alarmed citizens rushed to exchange their savings from Euro to ALL, causing the Albanian Lek to rapidly increase towards Euro. In a few days during november, 1 Euro fell from 140 to 136 ALL, but the recent days have seen the European currency climbing again.
The Governor of Bank of Albania did not give any recommendation to the citizens, but he advised them to consult the bank experts before undertaking any action.
Most of the Albanian savings are made in emigration and arrive in euro. From 2002 to 2008, the foreign currency was exchanged to ALL for making more profit from the saving accounts, which offered higher interests for ALL.
Also, many Albanians had their savings in USD, which had a fast decline towards the EUR and made them suffer losses.
However, the situation now seems more complicated. Euro is expected to fall, compared to other currencies such as the Swiss franc, the USD or British pound, but these predictions have high norms of incorrectness.
On the other hand, although the Euro might be falling to the dollar, the interests offered by the banks for the accounts in Euro are twice higher than in USD or British pound.
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