What is Albanian Lek (ALL)?
Albanian Lek (ALL)
The Albanian Lek (ALL) is subdivided into 100 qindarka, although qindarka coins are no longer in active circulation. The currency symbol for the Lek is 'L', and it is denoted by the ISO code ALL. The Lek has undergone several changes and revaluations throughout its history, reflecting Albania's economic evolution and stabilization efforts, especially following the transition from a centrally planned economy to a more market-oriented approach.
Coins are available in denominations of 1, 5, 10, 20, 50, and 100 Lek, while banknotes are issued in denominations of 200, 500, 1,000, 2,000, and 5,000 Lek. The design of the banknotes features prominent figures from Albanian history, including national heroes, intellectuals, and cultural symbols, which underscores the country's rich heritage and identity.
The value of the Lek can fluctuate against major currencies, influenced by various factors such as inflation, interest rates, and economic policies. The Bank of Albania is responsible for issuing the currency and managing monetary policy, ensuring stability and trust in the financial system.
In recent years, efforts have been made to modernize the currency and improve its security features, including watermarks, holograms, and various printing techniques to deter counterfeiting. The Lek is also commonly used in the neighboring regions, particularly in Kosovo, where it is accepted alongside the Euro.
As Albania moves closer to European Union integration, the Lek's future may evolve, with discussions around potential adoption of the Euro. Nonetheless, the Lek remains a crucial aspect of daily life in Albania, symbolizing the nation's sovereignty and economic independence.