The Republic of Albania in South Eastern Europe remains one of the
poorest of the continent. Once a closed communist country – the
People’s Socialist Republic of Albania, it is making slow but sure
strides towards democracy and capitalism. Albania’s location on the
Adriatic Sea, close to Macedonia, Greece, Montenegro and Kosovo, has
affected its past and will continue to influence its future. The
currency for Albania is the leke (plural lekë). It appears under the
abbreviation ALL on the markets. There is a further subdivision of the
money into qindar (plural qindarë). One hundred qindar are equal to 1
lek.
In the past, the Leke has been tied to the Yugoslavian dinar and the Soviet ruble.
History
Albania has had some form of coinage since the 5th century B.C. These silver coins came from 2 coastal cities: Apollinia and Dyrrhachium (Durres). Corinthian style coins appeared around 350 B.C. featuring a Pegasoid horse on the obverse and the head of the Goddess Athena on the reverse side. Civic issued coins continued in the region from around the 3rd century B.B. to about 50 B.C. During this early period, the coinage had ties with both Greece and Rome.
Late during the 1st century
B.C. the ties between Albania and Rome tightened. Roman coinage acted
as the main currency of the region. By Medieval times, the Byzantines
had replaced the Romans as a power in the region. This held until the
12th century when Italy became influential. Venetian coinage was
popular in some regions. However, in other sectors of the country, the
Turkish money held sway from 1385 until 1912.
Independence became a
major achievement in 1912, but the country was slow to organize in such
things as political and economic entities. As a result, it was not
until 1926 that Albania minted its first decimal coins. This introduced
the lek, the qindar leku and the franga ar. In this system, 100 qindar
leku equaled 1 lek and 5 lek equaled 1 frang ar. Mintings of the coins
came in gold, silver, bronze and nickel during this period with ¼ and ½
lek coins as well as 1, 2, 5, 10, and 20 franga ar.
Alterations to the system occurred during 1935 with the introduction of 1 and 2 qindar coins. The eagle and the head of King Zog commonly appeared on the obverse. Then, with the invasion of the Italians (1939-1944) and the Germans (1043-1944) the money of importance was the Italian lira. It took 100 lek to equal 1 Italian lira.
After the war, Albania became the People’s Socialist Republic of Albania. It sided first with Russia then with China. Both countries influenced the value of its coinage. Under there influence, the country has re-evaluated the lek several times. In 1961, for example, a new lek replaced the old lek. The value at this time was 10 old-lek for each new lek. In 1964, Albania revalued their currency some 10 times.
A further change in the currency occurred during the move towards democracy in 1992. The Lek Valuatu, worth 50 lek, emerged for a brief time. Today there are lek banknotes in denominations of 100, 200, 500 and 1000. There are also 5, 10, and 20 lekë coins.
Obtaining Lekë
Albania is a poor country but a developing one. It has hopes of entering the Economic Union. Its economic picture has been improving since the end of Communism. The strides towards a secure business environment are slow but progressive as the country decreases the difficulties of political corruption and crime.
You can visit banks and other institutions during your time in Albania. You can deal with the National Bank of Albania or the Banka e Kursimeve, a private institution. There are also free currency markets. Outside the large urban areas, however, poor road conditions and the lack of technological advancements or reliable electricity make ATMs dubious. You can usually rely on a currency dealer to help exchange your money for you.Credit cards are a solid alternative. You can use them at any hotel or restaurant in the large urban centers. American dollars also remain a popular form of exchange. You cannot bring Albanian money into the country or take it out.
Protecting your Lekë
Until
recently, Albania has been under travel warnings and watches. The
foreign government recommended caution when visiting the cities and
mountain areas, particularly those regions close to the border
countries. This is now only partially applicable within the country.
Albania is poor country. This means you must exert common sense when
visiting both urban and rural areas. In the cities, do not flash cash
around. You may walk the streets safely. Albanians are friendly
overall. Do not, however, wander alone at nights or down dark alleys.
If you are a female, take extra precautions.
In the country, take extra precaution in the northern and border sections. Country people tend to be a little suspicious of strangers, with just cause. In the regions bordering both Macedonia and Kosovo, conditions may be dicey. It depends upon the situation in these neighboring countries.
Using Lekë
You can use the currency
throughout the country, In some areas, American dollars are also
acceptable. The money applies in bartering for local goods and
services. It can purchase you tours throughout the region, rides on the
buses and train system.
Local currency can buy you locally produced
goods including wall hangings. It can also gain you access to the
National Museum of history at Tirana the Onufri Museum in Berat Citadel
and the 17th century Turkish Baths in Elbasan.
Overview
Albania
is a poor but developing country. It has only recently become a tourist
destination. In spite of its various problems, you should consider it
as an option. If you like Mediterranean climates, visit the country
during the summer. Your money can stretch a long way in Albania. In the
process of your visit, you can learn about the history and culture of a
country until recently communist.
For factual information and data, go to www.worldinfozone.com. For travel information, see www.albaniantourism.com.
Currency Summary
Current currency: Lek
1 frang ar equals 100 qindar ar equals 5 leke
Coins: 5, 10, and 20 lekë
Banknotes: 100, 200, 500 and 1000