TIRANA, October 3/ATA/-The Governor of the Bank of Albania Gent Sejko said today that this current year the exchange rate has been more stable if compared to last year.
Sejko told the reporters that, “During the summer season there has been an appreciation in the exchange rate due to seasonal effect, tourism, but the exchange rate appreciation was easier than last year and various sectors of the economy were better prepared to handle the risk of exchange rate appreciation ”.
According to him, Albania’s economy has a trade deficit which means there are more imports than exports. The most vulnerable sector to exchange rate appreciation is the export because the exporters export in Euros, but use the Lek for raw materials, payments and other expenses they need.
“In general terms, the exchange rate has not had any strong negative effect this current year in the economy level as a whole. We are interested in supporting the export sector, but as a Central Bank we pay special attention to the exchange rate as a factor that positively or negatively affects inflation. The exchange rate appreciation has its negative effect on the target inflation rate set by the Central Bank. The exchange rate has been appreciated, but stabilized. Practically, the Central Bank monitors the exchange rate. But, I say, we are not at the level of intervention. During the recent days, the exchange rate has been depreciated, so the Euro has started to gain points against the Lek “, – stated Sejko./e.xh/r.e/p.s./
