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BoA emergency purchases of €170 mln not enough to stop euro’s free fall

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7 years ago
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By Ervin Lisaku TIRANA, Jan. 7 – Albania’s central bank says it purchased around €170 million from the local currency exchange market in the second half of 2018, but its temporary emergency operations in the county’s free floating regime were unable to stop the free fall of Europe’s single currency against the Albanian lek. The euro has lost 7 percent against the Albanian lek during the past year and currently trades 10 lek (€0.08) below its early January 2018 of around 133 lek, with a series of negative effects for Albania’s highly euroized economy, primarily affecting exporters to the Eurozone,…

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Story Highlights

  • With no intervention in the final quarter of 2018, the euro continued losing ground and traded at an average of 123.45 lek in December 2018, compared to an average of 126 lek in the third quarter of the year when the central bank purchased considerable amounts of euros from the local market

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