Euro rallies again amid coronavirus measures

Tirana Times
By Tirana Times April 7, 2020 15:01

Euro rallies again amid coronavirus measures

TIRANA, April 7 - The euro jumped again on Tuesday, after a week of strong depreciation against the lek. According to the official exchange rate of the Bank of Albania, one euro was exchanged with 125.92 lek, increasing by 0.48 lek compared to the previous day, thus jumping by 0.56 percent.

Since March 19, the euro and other foreign currencies have fluctuated sharply. One week ago, the euro rose to 131 lek from 123 lek on March 19, as a result of the restriction of movements that reduced the amount of foreign currency entering the country. However, more currency was brought in during the weekend and therefore the euro fell to 125.44 lek on Monday.

The euro rally was associated with the coronavirus restrictive measures, including the suspension of all flights, which also reduced spending to a minimum. However, experts claim that now the exchange of the euro is moving towards normalization and the market is reflecting real prices, which come from the demand and supply.

Currently, the demand for foreign currency is not high, due to low levels of of economic activity. As a result, according to experts, there is no reason for the euro to jump again, but still, in uncertain times predictions are always very difficult.

On the other hand, the U.S. dollar and the British pound remain at high levels in terms of the appreciation against the lek, though without any surges during the past few days. The dollar was exchanged for 118.2 lek on Tuesday, while the pound was exchanged for 145.16 lek.

Tirana Times
By Tirana Times April 7, 2020 15:01