Lek, 'stronger' than ever! - The exchange rate leans in favor of the Albanian currency
The first half of the year has ended with the euro depreciating like never before. According to the official exchange rate of the Bank of Albania, the European currency experienced its biggest decline on June 30. Specifically, 1 euro was exchanged for only 94.14 lekë.
For some time now, the Albanian economy has been struggling with a very strong lek and a weakening euro. Only on January 30, the euro reached its highest exchange rate of 96.70 lek. Since mid-June, the European currency has fallen to the level of 94 lek.
All those who own euros and for various reasons need to convert them to lek will lose, because if previously for 1 euro you got 120 lek, now 1 euro is exchanged for 93.82 lek. Meanwhile, those who want to buy euros will benefit more, because for 94.4 lek they will get 1 euro.
The Bank of Albania has continued to intervene in the foreign exchange market through auctions for the purchase of foreign exchange. In order to stabilize the exchange rate and increase the foreign exchange reserve, the Bank of Albania purchased around 1 billion and 27 million euros during 2025.
The losing actors are already well-known, exporting businesses (such as those in the fashion industry or agriculture) that have often raised their voices about the consequences that the exchange rate is bringing to their activity. These businesses earn income in euros from the production they send for export, but have their expenses in lek.
However, the BoA uses the strengthening of the lek as one of the tools to keep inflation under control. Importers, those who buy goods abroad, also benefit, as they need less lek to buy the same amount of goods in euros.
On the other hand, when the lek strengthens, the cost of repaying public debt, most of which is in foreign currency, decreases, improving the state's balance sheet. Those who have taken out a loan in euros also benefit.
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