TIRANA, July 29 – Higher rates in some currency exchange stores? Be careful to ask in advance and read carefully if they ask to sign papers. Some money exchanges stores, especially in Tirana, are charging up to 8 percent of the amount converted in commissions without letting customers know in advance, local media report citing few cases in Tirana.
The Albanian lek gained a slight advantage against the single European currency this week in an annual trend which sees the national currency slightly appreciate during summer due to an inflow of euros in the peak tourist season.
The Euro traded 139.55 lek this week, dropping below the 140 lek level for the first time this year.
The national currency, lek, has lost around 15 percent during the past six years against the Euro, the main currency used in real estate lending. In November 2008, when the global crisis broke out, the Euro stood at an average of 123.29.
With international oil prices having more than halved since their peak level in mid-2014, the Albanian lek has lost around a quarter against the US dollar in a similar situation with the Euro.
The U.S. dollar slightly rose to 126.14 lek this week, up from an average of 125.61 lek last June but down from an average of 129.97 lek last April when it registered a 12-year high making several key imports in Albania, especially fuel, much more expensive.
