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The European currency continues to depreciate in the foreign exchange market against the Lek.
According to the official exchange rate of the Bank of Albania, the euro is exchanged for 118 ALL, the lowest historical level almost equaling the dollar which is currently exchanged for 116.7 ALL in the domestic market. Only in the first week of July, the euro lost 1.1 lek, while since the beginning of the year it has depreciated by about 2.8 lek.
However, the currency is exchanged even more cheaply at currency exchange points or by various businesses that already use the euro, exchanging it much below the official exchange rate of the central bank.
This period, which coincides with the tourist season, is always accompanied by a weakening of the euro and a strengthening of the lek as a result of foreign exchange flows from immigrants or tourists, but also because of the informal money that circulates in the country.
But, from these significant exchange rate fluctuations there are winners and losers. Exporters or individuals who receive their salaries in euros are mainly affected by the continuous devaluation of the European currency.
While for citizens or businesses that have taken out a loan in euros, this is a favorable period since loan installments are cheaper in foreign currency, as well as for those who choose to take vacations abroad, taking advantage of the weakening of the euro. Also, the fall of the euro makes imports cheaper since most of them are made in this currency.
The euro has already entered a downward trajectory and is expected to stabilize with the end of the effects of the tourist season in the country.
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