Albanian Industry Group: Bank of Albania Intervened Too Late To Strengthen Euro

The Confederation of Albanian Industries, Konfindustria Albania, has declared that the Bank of Albania’s attempts to prevent the unnatural strengthening of lek in rapport with the euro are belated and incomplete.

Konfindustria General Administrator Gjergj Buxhuku told the media that the late interference of the Bank of Albania has cost several companies hundreds of million euros in damages, and risks bankrupting some of them.

According to Buxhuku, theBank of Albania hasn’t been transparent with regards to what caused the euro value to plummet so far in such little time, and why it decided to intervene at this precise moment.

Furthermore, the Bank of Albania did not say whether or not financial and institutional measures would be put in place to prevent similar future incidents.

On June 6, the Bank of Albania intervened, withdrawing excess currency from circulation, three weeks after the euro had reached the lowest exchange rates in history.

Within very few days, Euro seems to have gained some value: on June 5,€ 1 was exchanged with 124 lekë, whereas, today, €1 is exchanged for 128 lekë.