Albanian Lek (ALL)

The Albanian Lek (ALL) is the official currency of Albania. It has been in circulation since 1926, replacing the previous currency called the “Franga” during the period of the Albanian Kingdom. The Lek is issued and regulated by the Bank of Albania (Banka e Shqipërisë), which is the country’s central bank.

The currency is denoted by the symbol “L” and is subdivided into 100 smaller units called qindarka. However, the qindarka is no longer in use and all transactions are conducted in whole Lek amounts.

Banknotes in circulation include denominations of 200, 500, 1000, 2000, 5000, and 10,000 Lek. These banknotes feature notable figures from Albanian history, landmarks, and cultural symbols. The country also issues coins in denominations of 1, 5, 10, 20, 50, and 100 Lek, which depict various national symbols and historical figures.

The exchange rate of the Albanian Lek can fluctuate against other currencies, primarily influenced by economic factors such as inflation, trade balance, and foreign investments. The Bank of Albania plays a crucial role in maintaining price stability and managing the exchange rate through its monetary policy decisions.

The Albanian Lek is primarily used for local transactions within Albania. However, due to the country’s close ties with neighboring countries and a significant Albanian diaspora, the Euro is also widely accepted in many businesses, especially in tourist areas and larger cities.

When traveling to Albania, it is advisable to carry a mix of local currency and Euros to ensure smooth transactions. Currency exchange services are available at banks, exchange offices, and some hotels.

It’s worth noting that outside of Albania, the Albanian Lek is not widely accepted, and it may be challenging to exchange it for other currencies. Therefore, it is recommended to convert any remaining Lek back to your home currency before leaving the country.

Overall, the Albanian Lek is the official currency of Albania and is used for local transactions. Its exchange rate can fluctuate, and it is advisable to carry a mix of local currency and Euros when visiting the country.