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Euro drops below 110 ALL, BSH: Intervention for the restructuring of foreign currency loans
The euro is officially exchanged below the level of 110 lek. The data of the Bank of Albania show that the European currency is valued in the market at an average level of 109.69 against the lek, the lowest in history. The decrease is by 0.5 points compared to the previous day, while the difference in sales and purchases for the currency is 0.6 lek.
The Bank of Albania is anticipating intervention for the restructuring of loans in foreign currency, while the devaluation of the euro is considered by the market performance
" We are considering the discussion to once again implement plans for credit restructuring, so that banks are inclined to accept clients with these requests. Interventions in the exchange rate, as long as it is the result of the market, we do not have any such measures. The Bank of Albania does not set the course, but the market, and we do not want to create precedents by interfering. In 2022, there was an additional 400 million euros in foreign currency due to the increase in remittances, exports and foreign direct investments" - said Sejko.
The devaluation of the euro has dealt the biggest blow in reducing the value of Albanian exports. According to INSTAT, in April the decline reached 20% compared to a year ago.