Albania’s Currency, Named After Alexander the Great
Table of Contents:
- Introduction
- Early Currency History
- Albanian lek conversion rate
- Questions and answers
- Related Posts and Additional Resources
Introduction:
The first Albanian currency known as lek was introduced in 1926.
The lek, the currency of Albania, was named after Alexander the Great. Alexander’s name is often shortened to Leka in Albanian. Alexander’s portrait appeared on the obverse of the 1-lek coin, while the reverse showed him on his horse.
Alexander the Great was a Macedonian king who conquered much of the known world in the 4th century BC. He was a brilliant military strategist leader. He is considered one of the greatest military commanders in history.
Early Currency: The history of the Albanian currency dates back to ancient times when various forms of gold coins were used in the region. However, the modern history of the lek begins in the 19th century.
Ottoman Empire Era: During the Ottoman Empire’s rule over Albania (1468-1912), the currency used in the region was the Ottoman lira. Albanian territories did not have their own distinct currency during this period.
Independent Albania: After Albania declared independence in 1912, the country introduced its own currency called the Albanian lira. The Albanian lira initially consisted of paper banknotes and coins.
Italian Occupation: From 1939 to 1944, Italy occupied Albania during World War II. During this period, the Italian lira replaced the Albanian lira as the official currency.
Communist Era: Following World War II, Albania came under communist rule. In 1945, the lek was reintroduced as the official currency, replacing the Italian lira. The lek was issued in both banknotes and coins consisting of zinc 1⁄2 Lek, 1 Lek, 2 Lek, and 5 Lek.
Decimalization: In 1965, Albania adopted a decimal currency system, with 1 lek subdivided into 100 qindarka. Coins were issued in qindarka denominations, alongside banknotes denominated in lek.
In 1969, a second series of aluminum 5, 10, 20, 50 qintars, and 1 Lek coins were released. In 1988, a third redesign of aluminum 5, 10, 20, 50 qintars, and 1 Lek coins was released.
Post-Communist Period: After the fall of communism in 1992, Albania continued to use the lek as its official currency. New banknotes and coins were introduced, featuring updated designs and enhanced security features.
In 1995 and 1996, new coins were introduced in denominations of 1 Lek, 5 Lek, 10 Lek, 20 Lek, and 50 Lek, with a bimetallic 100 Lek added in 2000.
Euroization: Since the 1990s, Albania has experienced a high degree of euroization, with the euro widely accepted and used alongside the lek in commercial transactions. Despite euroization, the lek remains the official currency, and banknotes and coins continue to be issued.
Albanian lek conversion rate:
To obtain the most up-to-date exchange rate for the Albanian lek, you can:
Check Online Currency Converters: Use reputable online currency converter websites or mobile apps that provide real-time exchange rate information. Examples include XE.com, OANDA, and Google Finance.
Contact Financial Institutions: Reach out to local bank or currency exchange services for the current exchange rate.
Questions and answers
Here are some questions and answers that could be relevant for competitive exams like the PPSC,FPSC,PMS,CSS,NTS,SPSC,UPSC,IBPS,SBI and other similar exams:
What is the symbol of Albanian lek?
The symbol for the Albanian lek is “L.” It is written as a capital letter “L” with a single horizontal line crossing through it.
What is the currency code of lek?
The currency code for the Albanian lek is “ALL”.
What is the subunit of lek?
The subunit of the Albanian lek is the qindarka.
How many Banknotes of Albanian lek?
200 Lekë: This banknote features prominent Albanian writer Naim Frashëri on the front and a depiction of the famous Rozafa Castle on the back.
500 Lekë: The 500 Lekë banknote showcases Gjergj Kastrioti Skanderbeg, a national hero, on the front. The reverse side features the Ebu Beker Mosque in Berat.
1,000 Lekë: This banknote depicts the esteemed Albanian educator and nationalist, Naim Frashëri, on the front. The back showcases the University of Korça.
2,000 Lekë: Featuring Pjetër Bogdani, a renowned Albanian writer, on the front, this banknote highlights the Ohrid Lake on the reverse side.
5,000 Lekë: The 5,000 Lekë banknote presents Fan Noli, a prominent figure in Albanian history, on the front. The reverse side showcases the Dea Fortress in the city of Krujë.
10,000 Lekë: This banknote features Gjergj Fishta, an Albanian poet and Franciscan friar, on the front. The back showcases the Shkodra Castle.
1 Lekë: The 1 Lekë coin is made of aluminum and features a depiction of a seagull, the national bird of Albania, on the obverse side. The reverse side displays the value of the coin.
5 Lekë: The 5 Lekë coin is also made of aluminum and features the national emblem of Albania, a double-headed eagle, on the obverse side. The reverse side displays the value of the coin.
10 Lekë: The 10 Lekë coin is made of nickel-plated steel and features the portrait of Ismail Qemali, an Albanian politician and leader of the Albanian national movement, on the obverse side. The reverse side displays the value of the coin.
20 Lekë: The 20 Lekë coin is made of nickel-plated steel and features a depiction of the Berat Castle on the obverse side. The reverse side displays the value of the coin.
50 Lekë: The 50 Lekë coin is made of nickel-plated steel and features the portrait of Gjergj Kastrioti Skanderbeg, a national hero, on the obverse side. The reverse side displays the value of the coin.
100 Lekë: The 100 Lekë coin is made of nickel-plated steel and features the portrait of Mother Teresa, the renowned humanitarian of Albanian origin, on the obverse side. The reverse side displays the value of the coin.
The Albanian lek was reintroduced as the official currency of Albania on February 16, 1926.
What is the Albanian Central Bank name?
The central bank of Albania is called the Bank of Albania (Banka e Shqipërisë in Albanian). It is the country’s central monetary authority responsible for formulating and implementing monetary policy, and issuing and regulating the currency (Albanian lek).
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