De-Euroization, Euro drops against the lek

The euro has weakened significantly against the Albanian lek in recent days. Expert Elvin Meka says the euro has reached the lowest level for the last 10 years. Experts explain this with the psychological effects of the de-euroization initiative, but do not exclude other informal and seasonal factors. "The euro has returned to the pre-crisis levels of 2008." said Elvin Meka. So what effect does a weak Euro against the Lek have on the Albanian economy? Expert Besart Kadia explains that the biggest beneficiary is the government, who find their loan repayments lighter, though he suggests the Bank of Albania need to monitor the situation carefully. "The Bank of Albania must carefully evaluate the situation of the European currency devaluation," Kadia emphasized. You can currently exchange one euro for about 132 Lek, whereas last February the euro did not fall below 135 Lek.

Source : Ora News

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