TIRANA, June 28
After Britain voted to leave the European Union (EU) the member states and those that are expecting to join the union became concerned about the consequences of Brexit, but should Albania be worried?
The answer was obvious, no, and it was confirmed on Tuesday by Governor of the Bank of Albania (BoA), Gent Sejko. He highlighted that Brexit is not expected to have any consequence in the Albanian banking system because the latter has a low exposure.
The governor repeated what other experts for the sector said during the last days.
The trade in goods level between Albania and Britain is 0.6 percent. Meanwhile, transactions in Pound are low. The number of migrants and their remittances are relatively low, while British investors are not present in Albania.
However, Brexit has shaken international currency markets and this was reflected even in the Albanian currency market. The pound is falling and on Tuesday, the British Pound exchange rate to Lek was 164, 90. Moreover, even Euro is expected to weaken against the dollar.
News Source: ATA