Albanian Currency is known as LEK. The ISO is 4217 and the code used is ALL. Hundred Qindarka makes a Lek. The plural of Lek is Leke. Qindarka has become obsolete. It is not issued anymore. The name is derived from the popular signifier of Alexander the Great (Leka I Madh). It was introduced during the reign of Ahmet Zogu. Qind in Arabian language means one hundred. Thus Qind in Albania retains the same meaning.
Introduction of Lek
Lek was introduced as the medium of exchange in 1926. Initially four denominations of Lek were made available in the market. It was worth 100-qindar Leku and Frang ar was worth 100-Qindar ar or five Lek. The value of Albanian currency was reduced in 1938 but post World War II Lek and Qindarke were issued whose value was at par with the Yugoslav Dinar. Following this the value of 1 Soviet Ruble became equivalent to 12.5 Lek. Lek was revalued after the Soviet ruble’s value was reset. To maintain the exchange rate of 12.5 Lek was revalued.
Coins
In 1926 the first installment of Qindar was introduced. It was available in 5 and 10 denominations. ½, ¼, 1 Lek made of Nickel were also introduced, along with 1,2,5 Franga ar made of silver were also introduced. 1935 witnessed the introduction of 1,2 Qindar made of bronze; they were equal in value to the 5,10 Qindar Leku. Stainless steel 0.20, 0.50, silver 5 and 10 Leku, Aluminium-bronze .05 and .10 Lek were introduced in 1940 and issued till 1941. Zinc ½, 1,2 and 5 Leku were introduced in 1947 and continued to be issued till 1957. Aluminium coins of denominations 5,10,20,50 were introduced in 1965 followed by bimetallic coins of denominations 1,5,10,20,50 Lek were introduced in 1995 with 100 Lek thrown in 2000. The obverse side is inscribed with “Republika e Shqiperise” and the reverse contains the value with inscription of branches.
Banknotes
The National Bank of Albania introduced banknotes in 1926 in denominations of 1,5,20,100 Frana ari. 5 and 20 Frangas were minted in 1939. This was followed by 2,5,10 Lek 100 Franga that were issued in 1944. The People’s Bank of Albania issued overprints on the national bank notes in 1945 for 10,20 Lek and 100 Franga denominations. Meanwhile regular notes continued to be issued from then on to 1947. They were available in 1,5,20,100,500 Franga and 10,50,100,500 and 1000 Leke denominations. All these notes contain different geometric designs and are of different colors. In 1976 when the country changed its name another series of notes were issued. Finally this series winded up with the production of 1000 and 5000 Leke in 1996.
Exchange Rate
One US Dollar is equivalent to All 140.58
