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| Bank of Albania building at Skanderbeg Square in Tirana |
Albania maintains currently a foreign exchange reserve covering about four times the current account deficit, ensuring stability and sustainability of the financial sector in the country.
According to Bank of Albania (BoA), at the end of last year, the foreign exchange reserves amounted to 3.4 billion euros, with an annual increase of 13% or 403 million euros in absolute value.The main purpose of the foreign exchange reserve is precisely to cover the emergency needs that an economy may have for foreign currency. Also, foreign exchange reserves can be used in case of strong exchange rate fluctuations, which may be a concern for the macroeconomic stability of the country.
The Bank of Albania has forecast 17 auctions for foreign currency purchases, where the amount expected to be purchased is between 51 and 85 million euros.