TIRANA, July 23 – The European currency is very close to falling below the level of 100 Lek. According to the official exchange rate of the Bank of Albania, 1 Euro is exchanged for 100.93 Lek, while at the currency exchange stores it is bought for 100.6 Lek. Economic experts predict that the Euro may reach the level of 90 Lek in August.
Igli Tola, Economic expert was quoted by TV Klan as saying on Sunday that even in August and September the euro will continue to be in the downward trend of the exchange rate.
The only chance for a change in this trend is expected during the autumn months due to the end of the summer season and the departure of immigrants.
“But, anyway, I find it difficult to reach that average exchange rate of around 120 Lek per Euro. It can approach 105, 110 Lek. Whether we like it or not, we have to accept that this is a normal course now, so it’s not just a momentary phenomenon,” said Tola.
Faced with the significant devaluation of the Euro, the discussion has also arisen as to whether or not the European currency should be officialized as the national currency in Albania.
In a comment on this issue, the economic expert, Tola saw the transition to the European currency as very costly, but considered that it is an alternative that should be considered. “Today we are in the condition when 1 Euro is 100 Lek, so the conversion would be simpler,” said Tola.
The Lek has strengthened significantly against the Pound and the US Dollar, too. One Dollar is bought for 90.4 Lek, while 1 Pound for 115.4 at currency exchange stores. /argumentum.al