TIRANA, February 1/ATA/ The hard currency reserve continued to grow during 2023.
According to the Bank of Albania statistics, at the end of 2023, the country’s hard currency reserves amounted to 5.85 billion Euros. Thus, the value of hard currency reserve assets has increased by 18% or 895 million Euros compared to the end of 2022.
The hard currency reserve is an important instrument to amortize possible shocks, related to both the current account deficit and the high level of Euroization of the financial sector in the country. Also, the hard currency reserve can serve as an instrument to support the financial sector with liquidity in foreign currency or to stabilize shocks in the foreign exchange rate.
The increase of the hard currency reserve is realized mainly through purchases of hard currency in the domestic foreign exchange market. During the year 2024, the Bank of Albania has foreseen a total of 20 auctions for the purchase of hard currency./p.s./
