The US dollar strengthened considerably in the Albanian domestic market. According to the official Bank of Albania exchange rate, one dollar was traded on the market yesterday at an average of 112.15 lek.
In the last week, the American currency has earned 1.66 points of value over the Albanian one, reaching the highest value registered by 20 December of the 2017 to date. On the other hand, the lowest value dates back to the 17 April 2008, when a dollar was traded at a maximum of 104.31 lek.
According to experts, this trend reflects the strengthening of the dollar in international markets, unlike the euro which is traded in international markets at the lowest level of value in the last twelve months.
The situation of the euro
Despite this, the euro has also started to gain ground on the lek since yesterday. According to the official exchange rate of the Bank of Albania, one euro yesterday was exchanged at 122.37 lek or 0.23 value point more than the 1 October.
Experts argue that the currency exchange market in Albania is determined by the euro lek rate: if the exchange rate between euro and lek, in fact, reflects factors of the domestic market, that between other foreign currencies and the lek depends precisely on from the first exchange rate in question (euro-lek).
Although the euro is fluctuating at the lowest levels of the year in international markets (today it is traded at 1,09 dollars), in Albania it has begun to recover value against the lek mainly due to the end of the summer season, which in other words corresponds to to a lower entry of euros into the country and to a consequent increase in value.
At the moment the situation in the Albanian domestic market appears to be calm, even if the main players in the sector say that two commercial banks are going to carry out a capital conversion, with the aim of transferring the money in question to the "mother" banks.
The months of October and November, historically dead in terms of trading volumes and currency in circulation, should continue to keep the Euro-lek ratio on these levels.
Follow Albania News on Google News