Albanian Money, known as the Lek (ALL), is issued by the Bank of Albania. Understanding the denominations, security features, and history of Albanian banknotes is crucial for anyone traveling to or doing business with Albania. This guide provides a comprehensive overview of Albanian money, focusing on the banknotes currently in circulation.
The Bank of Albania and its Role
The Bank of Albania plays a vital role in maintaining public trust in the Lek. This involves ensuring the quality and security of banknotes and coins, as well as meeting the economy’s demand for money. One crucial aspect of this responsibility is regularly updating and improving the banknotes in circulation.
The New Series of Albanian Banknotes
In 2019, the Bank of Albania launched a new series of Lek banknotes with enhanced security features and updated designs. This series comprises six denominations:
- 200 Lekë
- 500 Lekë
- 1000 Lekë
- 2000 Lekë
- 5000 Lekë
- 10,000 Lekë – a new denomination
The rollout of this new Albanian money series occurred gradually between 2019 and 2022.
Front and back of the 200 Lek banknote featuring Naim Frashëri.
Front and back of the 500 Lek banknote featuring Ismail Qemali.
Front and back of the 1000 Lek banknote featuring Pjetër Bogdani.
Timeline of the New Banknote Release
The new Albanian money series was introduced according to the following schedule:
- September 30, 2019: 200 Lekë and 5000 Lekë banknotes entered circulation.
- June 30, 2021: 10,000 Lekë and 1000 Lekë banknotes entered circulation.
- January 17, 2022: 500 Lekë and 2000 Lekë banknotes entered circulation.
Front and back of the 2000 Lek banknote featuring Fan Noli.
Front and back of the 5000 Lek banknote featuring Scanderbeg.
Front and back of the 10000 Lek banknote featuring Asdreni.
Why a New Series of Albanian Money?
The primary reason for introducing the new series was to enhance security against counterfeiting. Modern printing technologies and advanced security features incorporated into the new banknotes make them significantly more difficult to replicate. This protects the integrity of Albanian currency and maintains public confidence.
Regularly updating banknote security is standard practice for central banks globally, typically occurring every 15-20 years. The previous Albanian Lek series was introduced in 1996, making the update necessary to keep pace with advancements in counterfeiting techniques.
Co-circulation of Old and New Albanian Money
Both the old and new Albanian Lek banknotes are legal tender and circulate alongside each other. The Bank of Albania will eventually announce withdrawal dates for the older series. Even after withdrawal, older banknotes will retain their value and can be exchanged at face value for new banknotes at the Bank of Albania.
Design and Themes of Albanian Banknotes
The new Albanian money series retains the historical themes of its predecessor, featuring prominent Albanian figures and cultural motifs. This continuity ensures familiarity for the public while the updated designs provide a more contemporary look and feel. The designs strive to balance innovation with tradition, representing important milestones and personalities in Albanian history.
Durability and Security
The new Albanian banknotes are produced using advanced technologies, resulting in increased durability and longevity. The 200 Lekë note, in particular, is made from a more resilient material designed to withstand wear and tear. These improvements contribute to the overall quality and security of Albanian money.
