Euro falls to its lowest level in 20 years

The euro fell against the dollar to its lowest value in 20 years — to 0.993 euros per dollar.

According to Bloomberg, now the euro is trading at the value that the European currency had in 2002, in the early years of its existence.

The European currency has being losing value against the backdrop of economic difficulties that the EU has been facing in terms of the energy crisis and drought.

The euro fell below parity against the dollar in mid-July, which was due to reluctancy of EU Central Bank officials to tighten monetary policy in the face of high inflation.

By the end of the month, the ECB tased the basic interest rate up to 0.5 percent per annum from zero. At the same time, difficulties remain due to rising energy costs against the backdrop of reducing fuel supplies from Russia.

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Author`s name: Editorial Team, Editor: Dmitry Sudakov