TIRANA, Sept 4 /ATA/ The foreign exchange reserve of the Bank of Albania set a new record in July.
According to data from BoA, the value of foreign exchange reserves reached 5.61 billion euros in July of this year, recording the highest value.
The value of the reserve has increased by another 64 million euros (about 1.15%) during the month of July, while compared to a year ago the value of the reserve has increased by 12%.
The Bank of Albania is adopting a strategy of gradually expanding the reserve through the purchase of euros in the domestic foreign exchange market.
According to the updated information, the estimated amount of purchases for the calendar year will increase to between 220 and 300 million euros, from the previous range of 160-220 million euros that was published earlier this year. Until the end of August, it is estimated that the Bank of Albania has bought about 190 million euros in the auctions held.
The foreign exchange reserve is administered by the Bank of Albania and can serve as an instrument to finance the insurance of imports, to support the financial sector with liquidity in foreign currency or to buffer shocks in the foreign exchange rate.
/sm/
