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Euro, on the decline/ Sejko: When will the Bank of Albania intervene in the exchange rate

2023-08-02 16:37:00, Ekonomi CNA

Euro, on the decline/ Sejko: When will the Bank of Albania intervene in the

For months now, the euro and foreign currencies have suffered a significant drop in the currency exchange rate, while the lek has strengthened.

There have been harsh reactions to the Bank of Albania for the devaluation of foreign currencies, due to the impact on the economy.

The Governor of the Bank of Albania, Gent Sejko, spoke about this issue this afternoon. He stated in a conference with journalists that the Bank will intervene in the currency market if the euro has further declines that would damage the normal functioning of the market.

The Council considers that the strengthening of the exchange rate has enabled the Albanian economy to simultaneously have one of the lowest levels of inflation, interest rates and financing costs and one of the highest levels of economic growth in the region.

The supervisory board emphasizes that it remains attentive to the speed of strengthening and the increased fluctuations of exchange rates during the last months. If these phenomena expand further, they may harm the normal functioning of the foreign exchange market and our objective of price stability and financial stability. If these premises are established, BSH reserves the right to intervene in the domestic foreign exchange market in fulfillment of its legal mandate ", he emphasized./ CNA.al





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