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The local/Malay currency is strengthened: the 3 factors that have influenced the strengthening of the lek

2023-04-28 15:38:00, Ekonomi CNA

The local/Malay currency is strengthened: the 3 factors that have influenced the

A strengthening of the local lek has been noticed in recent days. The former Minister of Finance, Arben Malaj, spoke about this this afternoon, who showed the 3 factors that influence the strengthening of the lek.

In a televised appearance, Malaj said that the sources are tourism, remittances and income from foreign direct investments.

He stated that the strengthening of the national currency occurs when the economy is strengthened, while he emphasized that those who have their liabilities in Euros and incomes in Lek benefit from this.

"The dimensions of the strengthening of the national currency are at unprecedented levels. The exchange rate is the price. As with any price, we look at the supply, entry of euros, demand and exit. What is appreciated by analysts is that there are three sources; tourism, remittances and foreign direct investment income. The figures will have to be clarified by the relevant institutions. What is happening is considered normal if these indicators are real. The strengthening of the national currency occurs when the economy is strengthened. Albania has a trade deficit. We must clarify that the Bank of Albania, like any other institution, is interested in the national currency, and not in the euro. The bank steps in when our pay and pension system is hit. But who wins and who loses from the strengthening of the national currency?! The first ones benefit those who have obligations in euros and incomes in Lek. The Albanian government also benefits from this, as we have a large debt in euros. The World Bank launched a campaign to reduce dependence on the euro", emphasized the former Minister of Finance./ CNA.al

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