Currency of Albania (Helpful Content!)

The currency of Albania is the Albanian Lek, for which the symbol is L. One Lek used to be divided into one hundred Qindarka. With that said, the Euro is also widely accepted in Albania and both currencies are used, though you’ll typically get a better deal if trading in the Lek.

The Albanian Lek has been the main currency of Albania for around a century, though plainly a transition has already begun with the Euro now being widely used in the nation.

Albania has been in negotiations to join the EU for quite some time, so ultimately we can expect the nation will officially shift to the Euro.

Let’s find out more.

What is the currency of Albania?

The main currency of Albania today is the Albanian Lek.

This is the most commonly used currency in the majority of the country and the nation’s official currency by any measure.

The Lek was first introduced as Albania’s currency in 1926, and has been the primary currency ever since.

Today, the Euro is widely accepted and used, but we’ll look at that in more detail later.

Before 1926, Albania did not have a currency as such.

They still adhered to what was called the gold standard.

This was and still is a monetary system that is directly tied to gold; one economic unit of account would be based on a fixed quantity of gold.

So, either an individual or a bank would use gold, or at least the promise of gold, to carry out transactions.

The Lek was first introduced in bronze coins in denominations of 5 and 10 qintars, and 100 qintars would make a single Lek.

Today, the qintar is no longer used in this way.

The name of the Lek was derived from the titan of Macedonian history, Alexander the Great; his name was typically shortened to Leka in Albanian.

His portrait appeared on the obverse of the one Lek coin.

The notes and coins have gone through multiple series over the years.

The First Lek, of course, was introduced in 1926 and included the first series of coins and banknotes.

In 1965, the Second Lek was introduced in new denominations and with new notes.

This series as again issued in 1976 when the country’s name was changed to the People’s Socialist Republic.

There were then further series of notes in 1992, 1997, and between 2019-2022.

Today, the currency is undergoing a transitional phase with the introduction of the Euro.

Is the Euro accepted in Albania?

The Euro is widely accepted in Albania, though there is no legal obligation for anyone to accept the Euro.

It is not yet considered the official national currency, but many businesses will accept and trade in Euros, especially with tourists from outside.

It is certainly an easy currency to get value out of in a place like Albania, even though the official currency is still the Lek.

Though the Euro may not always be accepted, though, it will still usually be quite easy to get it converted into Lek at a good rate.

This is another point worth bearing in mind: even in those places where the Euro is accepted, you may end up getting a better deal on your purchase if you were to use Lek rather than Euro.

Though it is widely used, it’s still ultimately not worth as much to the local people of Albania, so they may well have to charge more in Euros to get the proper value out of the currency.

So, all in all, the Euro is widely accepted in Albania and becoming more widely accepted, but you may get a better deal using the Lek depending on your circumstances.

Is Albania in the EU?

Albania is not presently an EU member state, though it has been in the process of becoming one since it applied for membership in 2009.

Joining the EU is not a quick process; in 2014, Albania was granted EU candidate status.

In July of 2022, the EU held its first intergovernmental conference with Albania.

There have, though, been a number of sticking points in regards to their becoming a member, such as justice system reforms. Issues such as these have caused countries like France and the Netherlands to object to their membership, and so their joining may still be some way off.

What’s the best currency to take to Albania?

The best currency to take to Albania is likely to be the Lek.

However, you’re not going to have an easy time trading for the Lek outside of Albania.

So, your best bet, overall, is going to be to take a good amount of Euros into Albania and then find somewhere with competitive rates to have it exchanged into Lek.

As mentioned, though the Euro is widely accepted and this may be useful for you if you are only passing through the nation, you will get a better deal in general if you are paying for goods and services with Lek.

So, Albania is currently in something of a transitional state.

You may get by perfectly fine using only Euros during your time in Albania, though at the same time it may be that using Lek will get you overall better deals.

Sooner or later, Albania will most likely join the EU fully, and at that point the Lek will no doubt be phased out—but for the time being it is still very widely used especially by foreign visitors.

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