FLASH
Shkruar nga Eduard Zaloshnja
Maybe the day has come for a new lek to be put into circulation...
In 1926, when Ahmet Zogu was in power, the first Albanian currency, called the Lek, was introduced. At that time, 100 lekë were exchanged for 1 gold napoleon.
In 1964, when Enver Hoxha was at the head of the country, the new lek was put into circulation, at a ratio of 1:10 to the old lek.
Now that 62 years have passed since the new lek replaced the old one (and the 62-year-old Rama is at the helm of the country), perhaps the day has come for a new lek fringo to be put into circulation. And this is not simply to eliminate the confusion of foreigners/diaspora with the strange duality of the new and old lek – the main reason for issuing a new lek fringo would be to introduce non-bank lek into the banking system.
According to data on the Bank of Albania's website, around 40% of all lek circulating in our economy was outside the banking system at the end of 2025. Under these conditions, the issuance of new lek would be an efficient means of introducing into banks the vast majority of Albanian banknotes circulating outside them.
To achieve this goal, a date could be set by which all Lek in circulation must be presented for exchange with the new Fringo Lek, according to an official exchange rate – let's say 1 to 95 (what is the current Euro to Lek exchange rate).
For amounts above a certain limit, banks may be required by law to open deposits for customers who bring in current lek for exchange. While for amounts below that limit, they may give out new lek (if the customer wants it in their hands). In this way, all lek, clean and dirty, from where it comes and from where it doesn't, will be forced to pass through the banking system. And a good part of it will certainly remain in it.
Would the cost of producing new banknotes and coins be justified? This question is worth answering by specialists from the Ministry of Finance and the Bank of Albania.
Would it be an intermediate step in the gradual transition towards adopting the Euro as the national currency on the eve of EU membership? Certainly, because the exchange of “Enver's Lek” for “Rama's Lek” would be based on the current Euro exchange rate.
Would it serve as a measure to mitigate inflation? Definitely, because the exchange rate will be 1:95 and not 1:100.
As for ordinary Albanians, and especially for foreign tourists and visitors from the diaspora, the final burial of the words "new lek" and "old lek" would be more than welcome...
Qeka trongull fare ky! Po ai 40% eshte para e padeklaruar mer kaqol! E kush ta merr mendja ty se e ka ate pare? Fatorinot e autobuzave apo shitesit e fareve?