All foreign currencies have experienced dramatic declines this week against the national currency. According to the exchange rate of the Central Bank, the euro is exchanged at 102.43 ALL, losing about 1.5 points from last week. This is the lowest level of the euro-lek exchange rate since August 2.

The fall of the euro has also affected other currencies circulating in the Albanian market. The American dollar went down to the level of 93.9 lek, with 1.7 points lost in the exchange rate. Meanwhile, the British pound has dropped to 118 lek, the lowest level since July 25.

November is an unusual month for such fluctuations, but the rapid decline in the last two weeks is thought to be due to the large circulation of the European currency.

Even the commercial exchange of electricity, which is done in euros, has influenced today’s exchange rates.

The supply of Euros and the demand for Lek in recent months is estimated to have been influenced by a tendency to convert loans held in foreign currency into the local currency. Due to the low exchange rate of the euro and the lower interest rates for loans in lek, many borrowers have taken the opportunity to convert the currency of their loan.