Albania to Introduce Three Banknotes in 2021

Albania to Introduce Three Banknotes in 2021

TIRANA, January 12

The Bank of Albania will incorporate three new notes into the monetary system during 2021. The new denominations of Lek 1,000 and Lek 10,000 that were expected to enter circulation in 2020 were postponed to 2021. They will enter circulations along with the new Lek 2,000 note. The denominations are part of a new and improved series that includes six banknotes. Five are updated versions of existing notes, while the Lek 10,000 note will enter circulation for the first time. The first notes issued in the new series were the denominations of Lek 200 polymer and Lek 5,000 and are in circulation since 30 September 2019.

Lek 1000
New Lek1000 banknote, frontal view

The new notes Lek 1,000, 2,000, and Lek 10,000 will be gradually introduced in circulation during the year to meet the requirements of the economy.
Meanwhile, the Lek 500 note is expected to enter circulation in 2022.

Lek 500
New Lek500 banknote, frontal view

On its part, The Bank of Albania (BoA) highlights that the production of a new series of banknotes is a complex process due to technical issues that can result in changes to planned schedules for putting in circulation the new banknotes.
So far, BoA has withdrawn six banknotes. Currently, five denominations including the new updated Lek 200 and 5,000 notes and seven coin denominations are in circulation. The Albanian coinage includes Lek 1, 5, 10, 20, 50, and Lek 100. The last is the only denomination of the Albanian Lek that features a woman, warrior Queen Teuta holding a spear and a shield.

Check out the safety features of the Lek 200 and Lek 5,000 notes against light and under Ultraviolet light.

All of the current banknotes and coins, besides that of Lek 2,000, were approved in 1995 and were released into circulation in 1996. Meanwhile, in 2008 the new banknote Lek 2,000 was added to the series of banknotes, and at the end of 2011, it finished the legal course for the Lek 100 banknote (which since then is a coin). Regarding the current banknotes, they will continue to be in circulation at the same time as the new ones, and they will still be used for payments.

The design of the newest Lek 10,000 note has not been unveiled yet. The theme will be the national anthem and its author, the poet Asdreni.

The Bank confirms that the existing series of banknotes will be in circulation along with the new and BoA will announce the time when they are going to be withdrawn.

Read also: How to Exchange Damaged Banknotes in Albania?

Source: BoA


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