The Albanian lek has registered the greatest strengthening against the euro over the last decade, compared to the 40 major global currencies included in Eurostat's analysis, reducing the value of the euro in the domestic market by about a third since 2016.
According to Eurostat, in August 2016, one euro was exchanged for 136.51 lek, while in August 2026 the exchange rate dropped to 92.78 lek per euro, with a 32% drop in the value of the euro against the lek in a 10-year period.
Eurostat's measurements analyzed the average monthly exchange rate for 40 of the main currencies in circulation in the world, both European and non-European. The lek results in the currency with the greatest appreciation against the euro in the period August 2016 - August 2026 (see chart below).
Eurostat's comparison includes important currencies of developed and emerging economies, such as the US dollar, Swiss franc, British pound, Japanese yen, Canadian dollar, Australian dollar, but also European currencies such as the Czech koruna, Polish zloty, Hungarian forint, Romanian leu, Serbian dinar and North Macedonian denar, etc.
The exchange rate of the lek has significantly diverged from most other currencies analyzed. None of the major currencies on the Eurostat list has recorded such a large decline in the euro exchange rate against a local currency.
Swiss franc and Czech koruna after lek
After the lek, the largest strengthenings against the euro were recorded by the Swiss franc and the Czech koruna, but at significantly lower rates. The Swiss franc strengthened by about 14% against the euro, while the Czech koruna strengthened by about 10.5%, between August 2016 and August 2026.
In the Balkan region, movements have been much more moderate. The Serbian dinar has strengthened by about 5% against the euro, while the North Macedonian denar has remained almost unchanged, with an exchange rate of around 61.5 denars per euro in both periods.
Some European currencies of developed countries have also seen limited changes. The British pound and the Polish zloty have maintained almost the same ratio to the euro, while some other currencies have weakened during this period.
Most currencies have weakened against the euro
Unlike the lek, a large portion of the currencies included in the analysis have lost ground against the euro over the last ten years.
The euro has strengthened significantly against the Turkish lira, with the exchange rate going from 3.32 lira per euro in August 2016 to over 55 lira in August 2026. The euro has also gained ground against the Ukrainian hryvnia, the Japanese yen, the Indian rupee, and several other currencies.
In the case of major international currencies, the changes have been more limited. The US dollar has moved from $1.12 per euro to $1.16 per euro, reflecting a relatively moderate weakening against the European currency.
A decade of exchange rate changes
The strengthening of the lek has significantly changed the ratio between the Albanian currency and the euro. In 2016, one euro cost over 136 lek, while in 2026 the level is close to 93 lek.
Eurostat data only measure the change in the exchange rate and do not provide an analysis of the factors that have influenced currency movements. For Albania, the period of strengthening of the lek has coincided with the increase in foreign exchange inflows into the economy, including the expansion of tourism, the increase in remittances and other foreign exchange flows, mainly informal money that has entered for the most part through construction. / B. Hoxha
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