ATA News

Bank of Albania plans to increase hard currency reserve by 25%

The Bank of Albania plans that over the next three years to increase hard currency reserves by 25% to a total of almost 7.2 billion Euros, as an important instrument to amortize possible shocks related to the current account deficit and the euroization of the financial sector in the country.

According to the Bank of Albania, at the end of the 9th month period of 2023, the country’s foreign exchange reserves had the value of 5.73 billion Euros. The value of foreign currency reserve assets has increased by 13.3%, or 671 million Euros compared to the same period of the previous year.

The Bank of Albania regularly organizes auctions for the purchase of hard currency, in order to increase the foreign exchange reserve. This year 2024, the Bank of Albania has planned purchases in the domestic foreign exchange market between 220 million Euros and 300 million Euros./