Euro falls to record low against lek

The euro has fallen to its lowest level on record against Albania’s currency, the lek.

The Bank of Albania’s official exchange rate put one euro at 94.3 lek on Monday.

Currency exchange agents said the euro was trading even lower in the market, close to 93.8 lek.

The lek has strengthened as Albania receives more foreign currency from tourism, money sent home by emigrants and foreign investment.

The euro could fall further in the coming weeks, with the peak summer tourist season still ahead.

A stronger lek makes imported goods cheaper, but reduces the value of euros earned by exporters and families receiving money from abroad.