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BoA intervenes in the foreign exchange market, bought EUR 19.3 million in the first quarter

BoA intervenes in the foreign exchange market, bought EUR 19.3 million in the first quarter

Bank of Albania intervened in the foreign exchange market by buying EUR 19.3 million only in the first quarter of this year.

According to BoA data on money market interventions, in the two auctions conducted in February and March, the purchased amount went well beyond forecasts.

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Last year, the Bank of Albania bought 71.2 million euros in the foreign exchange market, within the framework of the foreign reserve growth process. While in the intervention calendar, the Central Bank had planned three other auctions for the purchase of the euro, in order to increase the foreign exchange reserve.

In addition to these previously planned interventions, in June, other currency purchase operations were also developed, expressly aimed at curbing the appreciation of the lek against the euro.

This was decided at the June meeting of the Supervisory Council of the Bank of Albania, with the argument that the rapid strengthening of the lek was neutralizing external inflationary pressures.

Finally, the Bank of Albania’s interventions seem to have stabilized the euro exchange rate at the 126 ALL level. According to the official exchange rate, the euro was exchanged on Tuesday with 125.88 lekë.

News Source: ATA, BoA

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