Bank of Albania records 664 million euro purchase in six months

The Bank of Albania has purchased a record 664 million euros in the foreign exchange market during the first six months of the year. A significant portion of this activity occurred in the second quarter, with 524 million euros purchased, marking a substantial increase compared to the same period last year.

These interventions, conducted through direct market operations and planned auctions, aim to bolster the country's foreign exchange reserves. Consequently, reserves have reached a new record of 8.4 billion euros, an 18.7% increase year-on-year. Despite these efforts, the euro continues to lose value against the Albanian lek, depreciating by 5.3% since the start of the year. The official exchange rate stands at 91.65 lek per euro, while retail exchange points have seen rates as low as 87 lek.

High euro supply in the market is driven by tourism inflows, foreign investment, and remittances. The ongoing trend of euro depreciation remains a critical factor for the Albanian economy and business sector.