Albanian Lek (1946–1965)

The Albanian lek (ALK) is the official currency of Albania. It has been the country's currency since the 1920s and is subdivided into 100 qindarka (singular: qindarkë). The lek was introduced as the first Albanian currency in 1926. The name "lek" is derived from the Albanian word for Alexander the Great. The lek was pegged to the German mark from 1991 to 1996 and then to the IMF's special drawing rights (SDRs) until the euro was introduced in January 2007. The lek is currently the only currency in circulation in Albania. The Albanian lek is one of the least valued currencies in Europe with an exchange rate of around 125 lekë to the US dollar as of March 2020. The lek has been relatively stable against the euro, with an exchange rate of around 110 lekë to the euro as of March 2020. The Albanian lek is not a member of the European Union and is not part of the eurozone. However, Albania is a potential candidate for membership in the European Union and is expected to adopt the euro as its currency at some point in the future.