Bank of Albania introduces the 1 Lek and 10 Lek coins

Bank of Albania introduces the 1 Lek and 10 Lek coins

Tirana, November 5, 2014/Independent Balkan News Agency

As of 1 December 2014, Albanian 1 Lek and 10 Lek coins, issue of 2013, will be put in circulation.

The Albanian 1 ALL (0.7 eurocent) and 10 ALL (7 eurocent) legal tender coins will be put in circulation following the approval by Bank of Albania’s Supervisory Council Decision.

The new 1 Lek coin, issue of 2013, has the same alloy composition, design, dimensions and weight as the 1 Lek coin, issue of 2008, put in circulation on 21 July 2010. Differences from the latter issue consist in the year of issue, i.e. 2013 in the new coin.

The new 10 Lek coin, issue of 2013, has the same alloy composition, design, dimensions and weight as the 10 Lek coin, issue of 2009, put in circulation on 26 March 2010. Differences from the latter issue consist in the year of issue, i.e. 2013 in the new coin.

From 1 December 2014, the 1 Lek and 10 Lek coins, legal tender, issue of 2013, will be used as a means of payment in parallel to all existing coins in circulation of this denomination, from earlier issues.

It’s not yet clear as to why the Bank of Albania decided to reintroduce coins which have almost not been used at all in the recent years, such as the 1 Lek coin.

Several years ago, Bank of Albania decided to remove all 100 ALL (0.7 euro) banknotes from circulation by replacing them with coins. Besides this, Bank of Albania introduced the 200 ALL banknote.

Some economy experts saw this as a depreciation of Lek. According to them, the replacement of banknotes with coins depreciates Lek in the practical sense, because people see coins as having low value, although they may have a high value, such as the 200 ALL ones. This amount (200 ALL) is equal to 10% of the average monthly salary in Albania.

Compared to the American monetary system, it’s very different. The system there is dominated by 1 and 2 dollar banknotes. In Europe, the smallest banknote is the five Euro one. /ibna/