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.
