TIRANA, July 20 /ATA/ The Bank of Albania purchased €139.6 million on the domestic foreign exchange market during the first quarter of the year, marking a 320% increase compared with the same period last year.
According to data from the central bank, the foreign currency purchases were carried out through two main channels: scheduled auctions aimed at increasing foreign exchange reserves, and direct market interventions to curb the appreciation of the lek against the euro.
As part of its scheduled auctions, the Bank of Albania purchased €44.1 million during the first quarter, an increase of 33% compared with the same period a year earlier.
Meanwhile, direct interventions in the foreign exchange market accounted for the majority of the purchases. During February and March, the Bank of Albania bought €95.5 million, aiming to slow the euro’s decline against the domestic currency.
Foreign currency purchases are part of the Bank of Albania’s policy for managing foreign exchange reserves and maintaining financial market stability.
For this year, the Bank of Albania plans to further increase its scheduled foreign currency purchases, aiming to buy between €330 million and €450 million through auctions, with the goal of strengthening the country’s foreign exchange reserves.
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