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Devaluation of the euro/ Gent Sejko: We have no reason to intervene in the exchange rate

2023-07-05 17:37:00, Ekonomi CNA
Devaluation of the euro/ Gent Sejko: We have no reason to intervene in the
Governor of the Bank of Albania, Gent Sejko

The governor of the Bank of Albania, Gent Sejko, was asked today during a press conference about the devaluation of the euro.

Sejko said that the Bank of Albania has not intervened in the exchange rate. He said that the Bank intervenes in the exchange rate "when there are disturbances from speculative factors or when it buys currency to create a reserve".

In the current case, he declared that "he does not see a reason to intervene in the exchange rate".

However, Sejko emphasized that next week they will have a meeting with the second level banks to discuss the businesses that are affected by the exchange rate.

"We intend to accelerate the rate of economic growth. The exchange rate is one of the factors that has influenced to keep inflation under control. We do the analysis as a whole. Even the Bank of Albania informs that the exchange rate comes as a result of the improvement in the balance of payments. Even the first 3 months of 2023 show that we have an increase in income from tourism that has almost doubled, from direct investments. We have real estate purchases and increased remittances. These 3 channels have sufficient sources of inflows in foreign currency, mainly in euros.

As long as the exchange rate is determined by real factors, we see no reason to intervene in the exchange rate. This is BSH's position on the exchange rate. Next week, we have prepared a meeting with the second level banks, to discuss the effects on the businesses affected by the exchange rate and to increase the cooperation between the affected businesses and the banks", underlined, among other things, the Governor of the Bank of Albania. / CNA.al





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