Albanian currency is getting weak again…
According to the official rate of the Bank of Albania, one euro was exchanged with 123.39 lek, dropping by 0.27 lek and by reached the lowest level this year. Foreign exchange experts think that there are several factors that are affecting the devaluation of the euro these days.
First, the market is being affected by the psychological effect on individuals. Second, the suspension of bank transfers has created amulets, by increasing the foreign currency supply in the country. The Austrian Airlines airline terminated the money transport service of banks from Albania to Austria on April 10, one day after the theft in the womb of an aircraft about 6.5 million euros, as the robbers managed to easily break the perimeter of the only international airport in country. As of April 9, when the theft occurred, the euro lost 1.5 ALL .
But experts do not deny even seasonal effects. During the Easter the euro coins tend to be under evaluated. The expectations of individuals, which even the week ahead will be a break, has impacted the exchange rate.
The US dollar has strengthened today. One dollar was exchanged for 110.7, about 0.43 points more than one days ago.
The robbery in Rinas is also a main cause of this fluctuation
According to experts this has reflected its strengthening in international markets. While sources from banks said the problem continues to be the money transfer outside. Although yesterday Austrian Airlines performed a test delivery the problem remains transport security. Raiffeisen International that is
the correspondent working with banks in Albania is taught to have recently brought an amendment to the banks contract, where notifies that will review the terms of the money transport insurance and that no longer takes over airport and flight insurance, but only in Vienna. This situation has created a slump in the market, which could endanger exchange rates.
Silvio Pedrazzi, Chairman of the Banking Association and CEO of “Intesa Sanpaolo Bank Albania” explained yesterday at a meeting with the media that operational costs and risk premiums for banking business will grow after the event of 9 April at Rinas Airport, where about 6 million euro cash was robbed.
The Albanian economy suffers from high euroization also due to the Albanians’ tendency to use the currency foreign.
He said that currently all parties involved in the cash transfer process abroad are at an attempt to find a solid solution. The process has many parties, including airline companies, security companies, banks corresponding companies and insurance companies. All parties are working to find a solution to eliminate the risk operational cash transport operation – said Mr. Pedrazzi.
Source: Albanian News and Online Media/ Albanian Association of Banks