The Albanian lek has recorded the biggest appreciation against the euro over the past decade compared with the 40 major global currencies included in Eurostat’s analysis, reducing the value of the euro on the domestic market by around one-third since 2016.
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According to Eurostat, in August 2016 one euro was exchanged for 136.51 lekë, while in August 2026 the exchange rate fell to 92.78 lekë per euro, representing a 32% decline in the value of the euro against the lek over a 10-year period.
Eurostat’s measurements analyzed the average monthly exchange rate for 40 of the major currencies in circulation around the world, both European and non-European.
The lek recorded the largest appreciation against the euro during the period from August 2016 to August 2026 (see the chart below).
Eurostat’s comparison includes important currencies from developed and emerging economies, such as the US dollar, Swiss franc, British pound, Japanese yen, Canadian dollar and Australian dollar, as well as European currencies including the Czech koruna, Polish zloty, Hungarian forint, Romanian leu, Serbian dinar and North Macedonian denar, among others.
The lek’s exchange rate has diverged significantly from that of most of the other currencies analyzed. None of the major currencies on Eurostat’s list recorded such a large decline in the euro’s exchange rate against a domestic currency.
Swiss franc and Czech koruna follow the lek
After the lek, the biggest appreciations against the euro were recorded by the Swiss franc and the Czech koruna, although at significantly lower rates. The Swiss franc appreciated by around 14% against the euro, while the Czech koruna strengthened by around 10.5% between August 2016 and August 2026.
In the Balkan region, movements were much more moderate. The Serbian dinar appreciated by around 5% against the euro, while the North Macedonian denar remained almost unchanged, with the exchange rate at around 61.5 denars per euro in both periods.
Several European currencies of developed countries also experienced limited changes. The British pound and Polish zloty maintained almost the same ratio against the euro, while some other currencies weakened during this period.
Most currencies weakened against the euro
Unlike the lek, a large share of the currencies included in the analysis lost ground against the euro over the past 10 years.
The euro strengthened significantly against the Turkish lira, with the exchange rate rising from 3.32 lira per euro in August 2016 to more than 55 lira in August 2026. The euro also gained ground against the Ukrainian hryvnia, Japanese yen, Indian rupee and several other currencies.
In the case of major international currencies, the changes were more limited. The US dollar moved from 1.12 dollars per euro to 1.16 dollars per euro, reflecting a relatively moderate weakening against the European currency.
A decade of exchange-rate changes
The appreciation of the lek has significantly altered the relationship between the Albanian currency and the euro. In 2016, one euro cost more than 136 lekë, while in 2026 the level is close to 93 lekë.
Eurostat’s data measure only changes in exchange rates and do not provide an analysis of the factors that have influenced currency movements.
For Albania, the period of lek appreciation has coincided with increased foreign-currency inflows into the economy, including the expansion of tourism, rising remittances and other foreign-currency flows, primarily informal money that has entered largely through the construction sector. / monitor
