Albanian Lek

The Albanian Lek is the currency of Albania and has the currency code ALL. One Albanian Lek is divided into 100 qindarka. The Albanian Lek is issued by the Bank of Albania. The word "lek" is derived from the Albanian word "lekë" which means "white". The Albanian Lek was introduced in 1926, replacing the Albanian franc. At first, one Albanian Lek was equal to one French franc. In 1939, the Lek was pegged to the Italian Lira at a rate of 1 Lek = 0.002721 Lira. After WWII, the Lek was pegged to the US dollar at a rate of 1 Lek = 0.011373 dollars. In 1945, the peg to the dollar was changed to 1 Lek = 0.01 dollars. The Lek was pegged to the Deutsche Mark from 1996 to 1998 at a rate of 1 Lek = 0.005714 Deutsche Mark. In 1998, the Lek was allowed to float. The Albanian Lek has been stable since its introduction. The highest denomination banknote is the 1000 Lek banknote and the lowest denomination coin is the 1 Lek coin. The Albanian Lek is a convertible currency and can be exchanged for other currencies.