Albanian Lek

Overview

Economy

• Albania is a member of NATO, EU candidate, OSCE, Council of Europe, WTO.
• Main industries include: Food processing, Textiles, Lumber, Oil, Cement, Chemicals, Mining.
• Albania is part of the World Trade Organization.
• Imports are machinery, equipment, foodstuffs, textiles, chemicals.
• Major exports include textiles, footwear, asphalt, metals, crude oil, vegetables, fruits.
• GDP: $18.3 billion (2023 est.).
• GDP per capita: $6,494 (2023 est.).
• Unemployment rate: 11.5% (2023 est.).
• Inflation rate: 6.7% (2023 est.).
• Main trading partners: Italy, Germany, Turkey, Greece, China, Spain.
• Trade agreements: CEFTA, EU SAA, Various bilateral agreements.

History

• Previous currencies used: Albanian franc, Ottoman Turkish lira.
• The lek was introduced in 1926, named after Alexander the Great (Leka in Albanian). It replaced the Albanian franc and has remained the country's currency despite various political changes.
• 1926: Lek introduced, replacing Albanian franc
• 1947: Communist-era monetary reform
• 1992: Post-communist economic transition and currency liberalization
• 2000: Introduction of inflation targeting by Bank of Albania
• 2014: Albania becomes EU candidate country
• Exchange rate peg: Currently free floating.

General Information

• ISO 4217 Code: ALL
• Symbols: ALL/L
• Currency Subunits: 100 qintars
• Central Bank: Bank of Albania
• Monetary Policy: Inflation targeting regime with 3% target. Focus on price stability and supporting economic growth while preparing for eventual euro adoption.
• Bills: 200 lek, 500 lek, 1000 lek, 2000 lek, 5000 lek, 10000 lek
• Coins: 1 lek, 5 lek, 10 lek, 20 lek, 50 lek, 100 lek
• USD Exchange Rate: Variable (approximately 90-100 ALL per USD)
• Pegged To: None (Floating)
• Capital: Tirana
• Population: 2,793,592 (2023 est.)
• Area: 28,748 km²
• Languages: Albanian (official), Greek, Vlach, Romani, Slavic dialects
• Time Zones: UTC+1 (CET), UTC+2 (CEST in summer)
• Government Type: Parliamentary republic
• Head of Government: Prime Minister (head of government), President (head of state)
• Independence: November 28, 1912 (from Ottoman Empire)
• Ethnic Groups: Albanian 82.6%, Greek 0.9%, Other 1%, Unspecified 15.5%
• Religions: Muslim 56.7%, Roman Catholic 10%, Orthodox 6.8%, Atheist 2.5%, Bektashi 2.1%, Other 5.7%, Unspecified 16.2%
• Literacy Rate: 98.1% (2018 est.)
• Transport: Road network, Tirana International Airport, ports at Durrës and Vlorë, limited rail network
• Communications: Good telecommunications coverage, 72% internet penetration, expanding 4G/5G networks
• Energy: Hydroelectric 95%, Thermal 5%, growing renewable energy sector
• Countries Using This Currency: Albania
• Data Sources: Central Bank: Bank of Albania (bankofalbania.org), Economic Data: INSTAT Albania, World Bank, IMF, Trade Data: Albanian Customs, WTO, Demographic Data: INSTAT Albania, Geographic Data: Albanian Institute of Statistics, Historical Data: Bank of Albania archives
• Last Updated: 2025