Euro hits an all time low against the lek

The European currency, the euro fell to a historic low against the Albanian lek hit on Friday against with an exchange rate 108.73 lek to each euro.

According to economy experts, this is due to the large influx of euros in the market. The beginning of the high season is believed to have increased the supply, but based on the past, the peak is expected to be reached at the beginning of August.

The depreciation of the Euro is favouring those companies whose expenses are in euro and incomes in lek, in particular importing companies and the Albanian government.

Two days ago, the head of the central bank, Gent Sejko argued that the euro is losing ground as a result of the great supply as a result of more incomes from tourism and remittances from Albanian expats.