Exporters have officially complained to the government and governor of the Bank of Albania Gent Sejko about the financial impact they are suffering from as a result of the devaluation of the Euro against the local currency.
In a letter addressed to Prime Minister Edi Rama, Minister of Economy and Finance Arben Ahmetaj and Governor Gent Sejko, they estimate that the impact caused to the Albanian economy will equate to a loss of 14 billion lek during 2018 alone.
It is also determined that the effect will be felt on the state's cashflow, with a 25% loss of income predicted equating to an amount of 3.5billion lek, or 26million Euros.
Based on these estimates the exporters are asking the directors to react and to conduct their own analysis in more detail in order to fully understand the situation.
Among other things, they seek the set up of a working group to manage the situation created by this accelerated depreciation of our country's export capabilities and the decrease of cash circulation for the entire economy.
Following their of analysis and studies related to the currency valuation projections, exporters are denanding the Bank of Albania halt the de-euroization strategy in order to evaluate their options given the scenario the exporters are facing.
The effects of de-euroization strategy could seriously hurt the export and tourism industries, as well as some of the most vulnerable populations such as the elderly living off remittances.
In particular farmers must be mentioned, for the fact that they suffer double the damage.
Their income generated by exports will decrease, but at the same time, the selling prices of their products will also decrease, especially milk and meat, due to cheaper imported products flooding the market.
The exporters also predict that the weakening of the euro will translate into higher employment levels, as a consequence of lower profits.
Perktheu: Sabina Doma