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The euro equals the dollar for the first time in 20 years

2022-07-12 14:14:00, Ekonomi CNA

The euro equals the dollar for the first time in 20 years

For the first time in 20 years, the euro has equaled the dollar, signaling that the European economy is heading for a deep recession as a result of Russia's invasion of Ukraine.

Today, 1 euro is equal to 1 dollar.

The change means that European companies and consumers will pay more for imported goods and services, while European exports become cheaper on international markets. Euro has experienced a dramatic loss since the beginning of February, when it was above 1.13 dollars, writes Euro News.

The decline accelerated in recent weeks as fears spread that Russia, the EU's main energy supplier, will completely cut off gas flows in retaliation for Western sanctions. /CNA.al





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