Albanian Lek

Overview

The official currency of Albania is the Lek (ALL). The currency symbol for the Lek is L. The lek is divided into 100 qindarka; however, the qindarka is no longer produced. In 1947 the Lek was chosen as the main denomination. So far, four editions of the Lek have been printed by Albania.

Economy

• Although Albania is seen as a poor country, their economy is improving at a fast rate.
• According to the International Monetary Fund (IMF), Albania showed 2.8% economical growth in the year 2009.
• Agriculture products are vegetables, fruit, grapes, dairy products, potatos, maize, wheat, and sugar beets.
• Albania relies on the import of most goods and the country does not do much export.
• Currently Albania’s economy is undergoing macroeconomic restructuring, which is led by the World Bank and the International Monetary Fund (IMF).
• The tourism industry is booming and it is starting to contribute a huge amount to the country’s GDP.
• In 2008, oil and gas were discovered in Albania, which are helping to improve the country’s economic status.

History

• In 1926, the Lek was introduced by the Albanian King Ahmet Zoghu. Bronze, nickel, and silver coins were minted and distributed in denominations of 5 and 10 qindar.
• In 1956, the Lek was redistributed and was available in denominations of 1 lek and 5 qindar, 10 qindar, 20 qindar, and 50 qindar.
• In 1991, and 1992 the Lek was reintroduced with added denominations of 200, 500, and 1,000 Lek notes.
• In 1997, a newly printed series of Lek banknotes were made available.
• Since 2002, there have been special issues of the Lek; for example, in 2005 the 50 Lek was designed for the 85th anniversary of the capital Tirana.