The European currency continues to free fall. This midweek it exchanged at 110.73 ALL, according to the rates of the Bank of Albania. This is a new record in the devaluation of the euro, which has been on a downward trajectory since the beginning of 2022. Compared to May of last year, the decline is 8%.

Foreign exchange agents say that flows of the European currency remain relatively high from individuals. The country’s trade balance has also had an impact on the path to decline, where the trade deficit has decreased by 70%.

Even tourism is becoming a factor with an increasingly important influence on the balance of payments, with 25,000 visitors arriving in a day on average, 90% of which are from a European country that uses the euro as a means of payment.

The devaluation of the euro hits exporting businesses and those entities that receive income in foreign currency and carry out expenses in the Albanian lek. The latter have asked for help from the Bank of Albania and the government, but at the moment, it seems that they will face the difficulties caused by the exchange rate.