Less Euros in market

14/06/2011 16:10

According to Bank of Albania official data, in the first trimester
of 2011, the money sent to home from Albanian emigrants was 157
million Euros, or 8.2 less than the first trimester of 2010.

The decrease of this money that enters Albania is not casual. Data confirm a stable decreasing tendency that continues for more than 4 years.

This situation rings alarm bells on the fact that Albanian economy must find other sources for financing the high commercial deficit that has put the country in a difficult financial position with foreign relations.

According to Bank of Albania, only in the first trimester, the foreign reserves were 77 million Euros less. This was due to the fact that the incoming flux of foreign currency was not enough to finance the needs for importing goods and services from abroad.

The weak financial position of our economy has turned into the main concern of Bank of Albania, which has raised this problem more than once.

If the foreign currency gap will not be filled in time by increasing exports or foreign investments, the Albanian economy will face more risks. Not only in exchange rates, but also in the country’s financial stability.

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