"currency, the lek, stabilized. Albania became less dependent on food aid. The speed and vigour of private entrepreneurial response to Albania's opening and liberalizing was better than expected. Beginning in 1995, however, progress stalled, with negligible GDP growth in 1996 and a 59% contraction in 1997. A weakening of government resolve to maintain stabilization policies in the election year of 1996 contributed to renewal of inflationary pressures, spurred by the budget deficit which exceeded 0.12%. Inflation approached 0.20% in 1996 and 0.50% in 1997. The collapse of financial pyramid schemes in early 1997 – which had attracted deposits from a"
"were introduced by the Banka e Shtetit Shqiptar in denominations of 1, 3, 5, 10, 25, 50 and 100 lekë. A second series of notes was issued in 1976 when the country changed its name to the People's Socialist Republic. On 11 July 1997, a new series of banknotes dated 1996 was introduced. Notes dated 1996 were printed by De La Rue in the United Kingdom. Albanian lek The lek (; plural ""lekë"") (sign: L; code: ALL) is the official currency of Albania. It is subdivided into 100 ""qindarka"" (singular ""qindarkë""), although qindarka are no longer issued. The lek was"
"Albanian lek The lek (; plural ""lekë"") (sign: L; code: ALL) is the official currency of Albania. It is subdivided into 100 ""qindarka"" (singular ""qindarkë""), although qindarka are no longer issued. The lek was introduced as the first Albanian currency in February 1926. Before then, Albania was a country without a currency, adhering to a gold standard for the fixation of commercial values. Before the First World War the Ottoman Turkish piastre was in full circulation, but following the military occupation of the country by various continental powers the gold franc (Franc Germinal) was adopted as the monetary unit. In"
"of Albania in 1926. It comprised 1, 5, 20, and 100 franga notes, the first of which was recalled shortly after being released into circulation. In 1939, during the Italian occupation, the 100 franga notes were overprinted to obscure the image of king Zog. Franga The Franga is an obsolete unit of currency, equal to 5 lek, used in the Albanian Republic and Albanian Kingdom under Zogu. Coins denominated in Franga were in use from 1926 until 1939. Between 1926 and 1938, 1, 2, and 5 franga coins were issued in silver (835 fine for the two lower values, 900"
"foreign currency are also reimbursed at a rate derived from the base rate of the European Central Bank and Federal Reserve. Bank of Albania The Bank of Albania () is the central bank of Albania. The Bank of Albania has considerably evolved since being established, in contour with economic, political, and social developments. The main headquarters of the bank is in Tirana. The bank also has five other branches located in Shkodër, Elbasan, Gjirokastër, Korçë, and Lushnjë. The central bank was founded in 1925, and was named the National Bank of Albania until 1944. It was then re-established as the"
"the country's currency and is pegged at approximately 132,51 lek per euro. The cities of Tirana and Durrës constitute the economic and financial heart of Albania due to their high population, good infrastructure and geographical location. The country's most important infrastructure facilities take course through both of the cities, connecting the north to the south as well as the west to the east. Among the largest companies are the petroleum Taçi Oil, Albpetrol, ARMO and Kastrati, the mineral AlbChrome, the cement Antea, the investment BALFIN Group and the technology Albtelecom, Vodafone, Telekom Albania and others. In 2012, Albania's GDP per"
"to the Universal Postal Union (UPU) for membership. The request was rejected, and Albania would become a member of UPU only in 1922. After Albania achieved its independence from the Ottoman Empire in 1912, its legal system continued to function under the Ottoman Civil Code (Mejelle) for some time. Since 28 November 1912 until 1926 the Albanian government did not mint any currency. Transactions occurred in gold and silver coins of other countries, whereas the official unit of account was the franc of the Latin Monetary Union. Until 1912, the education system in Albania depended on religious institutions. Muslims attended"
"were issued for the 90th Anniversary of the Independence of Albania and 20 Leke under the Albanian Antiquity theme. In 2003, 50 Leke was issued in memory of the 100th anniversary of the death of Jeronim De Rada. In 2004, 50 Leke was issued under the Albanian Antiquty theme depicting traditional costumes of Albania and the ancient Dea. In 2005, 50 Leke were issued for the 85th anniversary of the proclamation of Tirana as capital and the theme of traditional costumes of Albania. In 1926, the National Bank of Albania (""Banka Kombëtare e Shqipnis"") introduced notes in denominations of 1,"
"In 1989, a cupro nickel 2 leke coin was introduced. All three of these coin series remained in circulation during and shortly after the 1991 revolution. In 1995 and 1996, new coins were introduced in denominations of 1, 5, 10, 20 and 50 lekë, with a bimetallic 100 lekë added in 2000. The 1 lek coin is not practically in use. In 2001, 100 and 200 Leke were issued under the theme of Albania's integration into the EU and 50, 100, and 200 Leke under the 500th anniversary of the Statue of David. In 2002, 50 Leke and 100 Leke"
"to as ""euro"". This is the same for Albanian in Kosovo, Macedonia and rest of the Balkans. Some Kosovo Albanian speakers however, pronounce euro like Germans; 'oiro'/'oi', due to heavily migration. It is derived from the Albanian word for Europe, ""Europa"", ""Europë"" and also ""Evropa""/""Evropë"". All variants are official in Albanian, however Albania uses Euro, Europa or Europe whilst other Albanian dialects such as in Kosovo, Macedonia, Montenegro and Serbia often use Evrope or Evropa. However the currency euro is not ever pronounced as evro like their Slavic neighbours. Note: depending on dialect, location, diaspora and ethnicity some Albanians vary"
"the reverse of the Albanian five lekë coin, issued in 1995 and 2000. Beginning in 1969, the flag of Albania was widely unofficially flown in Kosovo by the country's ethnic Albanian population. It was the symbol of the unrecognized Republic of Kosova during the 1990s. The current independent state of Kosovo uses a different flag that was designed to avoid any symbols associated with a particular ethnic group. Flag of Albania The flag of Albania (Albanian: flamuri i Shqipërisë) is a red flag with a silhouetted black double-headed eagle in the center. The red stands for bravery, strength and valor,"
"has generally been low. As of 1996 military spending was an estimated 1.5% of the country's GDP, only to peak in 2009 at 2% and fall again to 1.5%. The transition from a socialist planned economy to a capitalist mixed economy in Albania has been largely successful. The country has a developing mixed economy classified by the World Bank as an upper-middle income economy. In 2016, it had the 4th lowest unemployment rate in the Balkans with an estimated value of 14.7%. Its largest trading partners are Italy, Greece, China, Spain, Kosovo and the United States. The lek (ALL) is"
"substantial portion of Albania's population – triggered severe social unrest which led to more than 1,500 deaths, widespread destruction of property, and an 0.08% drop in GDP. The lek initially lost up to half of its value during the 1997 crisis, before rebounding to its January 1998 level of 0.00143 to the dollar. The new government, installed in July 1997, has taken strong measures to restore public order and to revive economic activity and trade. Albania is currently undergoing an intensive macroeconomic restructuring regime with the International Monetary Fund and the World Bank. The need for reform is profound, encompassing"
"found a national bank and the second was the approval of the establishment of an Italian company (SVEA), to develop the economy of Albania. Later the National Bank of Albania was founded with Italian capital and Italy helped to issue and introduce the official currency of Albania, the Lek. On April 7, 1939, Mussolini's troops invaded Albania. Despite some stubborn resistance, especially at Durrës, the Italians made short work of the Albanians. King Zog was forced into exile, and the country was made part of the Italian Empire as a separate kingdom in personal union with the Italian crown. After"
"as a modern central bank. The primary goal of the Bank of Albania is to accomplish and sustain price stability. Collaborating with obligations developing from law, the Bank of Albania practices and applies policies of reaching its primary goal of keeping inflation under control. Along with their primary goal, the Bank of Albania promotes and supports the development of the foreign exchange regime and system, the domestic financial market, the payment system, and contributes to improving monetary and lending conditions. One of the roles of the Bank of Albania is that it acts as manager of the county's currency by"
"used for Albanian gold currency worth five Albanian Leke for use in international transactions. A similar alternate name ""Belga"" was used for units of five Belgian francs. In 1926, bronze coins were introduced in denominations of 5 and 10 qindar leku, together with nickel , and 1 lek, and silver 1, 2 and 5 franga ar. The obverse of the franga coins depict Amet Zogu. In 1935, bronze 1 and 2 qindar ar were issued, equal in value to the 5 and 10 qindar leku. This coin series depicted distinct neoclassical motifs, said to have been influenced by the Italian"
"Bank of Albania The Bank of Albania () is the central bank of Albania. The Bank of Albania has considerably evolved since being established, in contour with economic, political, and social developments. The main headquarters of the bank is in Tirana. The bank also has five other branches located in Shkodër, Elbasan, Gjirokastër, Korçë, and Lushnjë. The central bank was founded in 1925, and was named the National Bank of Albania until 1944. It was then re-established as the State Bank of Albania, which lasted until 1992 when the Bank of Albania was established. The Bank of Albania now operates"
"the reverses of the Albanian 200 lekë banknote of 1992–1996, and of the 500 lekë banknote issued since 1996. Albanian Declaration of Independence The Albanian Declaration of Independence (Albanian: ""Shpallja e Pavarësisë"", or ""Deklarata e Pavarësisë"") is the declaration of independence of Albania from the Ottoman Empire. Independent Albania was proclaimed in Vlorë on 28 November 1912. Six days later the Assembly of Vlorë formed the first Government of Albania which was led by Ismail Qemali and the Council of Elders, Pleqësia. The success of the Albanian Revolt of 1912 sent a strong signal to the neighboring countries, that the"
"5, 20 and 100 franka ari. In 1939, notes were issued denominated as 5 and 20 franga. These were followed in 1944 with notes for 2, 5 and 10 lek and 100 franga. In 1945, the People's Bank of Albania (""Banka e Shtetit Shqiptar"") issued overprints on National Bank notes for 10 lek, 20 and 100 franga. Regular notes were also issued in 1945 in denominations of 1, 5, 20, 100 and 500 franga. In 1947, the lek was adopted as the main denominations, with notes issued for 10, 50, 100, 500 and 1000 lekë. In 1965, notes (dated 1964)"
"Franga The Franga is an obsolete unit of currency, equal to 5 lek, used in the Albanian Republic and Albanian Kingdom under Zogu. Coins denominated in Franga were in use from 1926 until 1939. Between 1926 and 1938, 1, 2, and 5 franga coins were issued in silver (835 fine for the two lower values, 900 fine for the five-franga coins), while 10, 20, 50, and 100 franga pieces were minted in gold (900 fine). Fractional pieces in denominated in lek and qindarka were also issued during the period. An undated series of banknotes was issued by the National Bank"
"a referendum bid, to restore the lira in Italy. Italian lira The lira (; plural lire ) was the currency of Italy between 1861 and 2002 and of the Albanian Kingdom between 1941 and 1943. Between 1999 and 2002, the Italian lira was officially a national subunit of the euro. However, cash payments could be made in lira only, as euro coins or notes were not yet available. The lira was also the currency of the Napoleonic Kingdom of Italy between 1807 and 1814. The term originates from the value of a pound weight () of high purity silver and"
"began privatizing large state enterprises. After reaching a low point in the early 1990s, the economy slowly expanded again, reaching its 1989 level by the end of the decade. This is a chart of Gross Domestic Product (GDP) of Albania in US dollars based on Purchasing Power Parity (PPP) from estimates by the International Monetary Fund. For purchasing power parity comparisons, the US dollar is exchanged at 49 leks (2007 estimate). Mean wages were $300.83 per month in 2009. Albania is a low income country by Western European standards, with GDP per capita lower than all countries in the EU."
"In June 2005, the democratic coalition formed a government with the Sali Berisha. His return to power in the elections of 3 July 2005 ended eight years of Socialist Party rule. After Alfred Moisiu, in 2006 Bamir Topi was elected President of Albania until 2010. Despite the political situation, the economy of Albania grew at an estimated 5% in 2007. The Albanian lek has strengthened from 143 lekë to the US dollar in 2000 to 92 lekë in 2007. On 23 June 2013, the eighth parliamentary elections took place, won by Edi Rama of the Socialist Party. During his tenure"
"balancing the currency in circulation and credit within the economy. This role is important because allowing too much currency into circulation will end up leading to inflation and allowing less currency in circulation will prevent the economy to grow. As acting currency manager, the Bank of Albania pursues to reach equilibrium between two extremes, which is to promote economic growth by maintaining price stability. Another role of the Bank of Albania is that it acts as the fiscal agent to the most important client in the country, which is the Albanian Government. Since being the central Bank of Albania, the"
"Italian lira The lira (; plural lire ) was the currency of Italy between 1861 and 2002 and of the Albanian Kingdom between 1941 and 1943. Between 1999 and 2002, the Italian lira was officially a national subunit of the euro. However, cash payments could be made in lira only, as euro coins or notes were not yet available. The lira was also the currency of the Napoleonic Kingdom of Italy between 1807 and 1814. The term originates from the value of a pound weight () of high purity silver and as such is a direct cognate of the British"
"the League of Prizren"""" and the """"110th anniversary of the Congress of Manastir"""". At the same time, the Bank of Albania's supervisory council has approved the issuance of a series of commemorative coins with the theme """"550 years in memoriam Gjergj-Kastrioti Skanderbeg (1468-2018)"""". The series will consist of three types of coins: 200 Lek in gold, 100 Lek in silver and 50 Lek in plain metal. Year of Skanderbeg The Year of Skanderbeg () is a nationwide commemorative year in Albania which coincides with the 550th anniversary of the death of the Albanian national hero, Skanderbeg. Announced on 17 September"
"in Albanian, while in another poem ""Feja"" (Religion) he pleaded with Albanians not make religious distinctions among themselves as they all were of one origin that speak Albanian. The independent Albanian state created an order of merit that bears his name, awarded to, amongst others, Mother Teresa. A publishing house in Tirana was named ""Naim Frashëri"". Some Albanian elementary schools are named ""Naim Frashëri"" in his honor. Naim Frashëri is depicted on the obverses of the Albanian 500 lekë banknote of 1992–1996, and the 200 lekë banknote issued since 1996. Naim Frashëri Naim Frashëri (25 May 1846 – 20 October"
"the People's Socialist Republic of Albania, a new package of regulations went into effect on 3 July 1990 entitling all Albanians over the age of 16 to own a passport for foreign travel. Meanwhile, hundreds of Albanian citizens gathered around foreign embassies to seek political asylum and flee the country. The Berlin Wall officially remained guarded after 9 November 1989, although the inter-German border had become effectively meaningless. The official dismantling of the Wall by the East German military did not begin until June 1990. In July 1990, the day East Germany adopted the West German currency, all border-controls ceased"
"Bosnia and Herzegovina convertible mark The Bosnia and Herzegovina convertible mark (Bosnian, Croatian, Serbian: , Cyrillic: ); sign: KM; code: BAM) is the currency of Bosnia and Herzegovina. It is divided into 100 ' or ' (Bosnian, Croatian, Serbian: /; Cyrillic: /), and locally abbreviated ""KM"". The convertible mark was established by the 1995 Dayton Agreement. It replaced the Bosnia and Herzegovina dinar, Croatian kuna and Republika Srpska dinar as the single currency of Bosnia and Herzegovina in 1998. ""Mark"" refers to the German mark, the currency to which it was pegged at par. The names derive from the German"
"to its reserve base applying the required reserve ratio. This ratio is also the same for the Lek and foreign currency liabilities. The current required ratio is 10 percent. The Bank of Albania's minimum reserve system allows banks to use the averaging provisions. Banks are allowed to 40 percent if their required reserve. They must show the average of the reserve balance will not be less than the reserve requirement by the end of the maintenance period. Required reserves denominated in the Albanian currency are reimbursed at a rate derived from the base rate, while holdings of required reserves in"
"Banking in Albania Banking in Albania, in its present form dating from 1992, consists of the nation's central bank - the Bank of Albania - and an expanding network of secondary banks. The Bank of Albania has the task of supervising the financial system, which currently contains 16 privately owned banks and many other financial institutions. The banking network allows bank transactions to all the network members bank around the country and the world. For example, a network member bank in Albania has an order from its client to transfer funds to a network member bank in the country. The"
"Emmanuel III on the obverse and the Albanian eagle with fasces on the reverse. In 1947, shortly after the communist party took power, older coins were withdrawn from circulation and a new coinage was introduced, consisting of zinc , 1, 2 and 5 lekë. These all depicted the socialist national crest. This coinage was again minted in 1957 and used until the currency reform of 1965. In 1965, aluminium coins (dated 1964) were introduced in denominations of 5, 10, 20 and 50 qindar and 1 lek. All coins depict the socialist state emblem. In 1969, a second series of aluminum"
"began to function. Silver coins similar to Alexander the Great coins were minted here. The portrait of Alexander the Great was described on the surface of the coin and on the back side there was a description of Zeus. In the subsequent periods, Selevki, Frakia, Vflnia, Pontus, Bactrian, and Athenian coins were used in Albania's monetary circulation. Beginning in the 2nd century BC, the Roman coins had also been included in the Albanian territory. After the Arab invasion of Azerbaijan in the 7th century, Azerbaijan joined the Caliphate's currency circulation. The first independent money emission of the Republic of Azerbaijan,"