The Albanian Lek has continued to gain significant points against the Euro.
According to the data provided by the Bank of Albania, 1 euro is already exchanging at 124.48 lekë, reaching the lowest level since the beginning of June.
Although experts predicted that this period would bring a strengthening of the European currency, which was expected to reach a level of 126-128 lekë per Euro, in fact quite, the opposite happened.
The weakening of the Euro and the appreciation of the Albanian lekë comes down to two factors.
In the domestic market there is a high circulation of the Euro despite its weakened state in the International markets where it has reached an exchange rate of 1.35 US dollars.
In order to stabilize the exchange rate in June, the Bank of Albania intervened in the market and bought in the Euro by returning the European currency to the value of 130 Lekë; however, it has been accepted that the Euro will continue to remain weak against the Albanian currency.
Currently, the Bank of Albania is unable to make decisions as six members of the Supervisory Council have completed their mandate.
In this way, if a decision should be made to stabilize the course of currency, this can be achieved only after the selection of new members; respectively, three by the Assembly and three by the Government.
When asked about this issue, the Head of Finance promised that within two weeks this cutoff will be resolved *and the Supervisory Council will have new members.