From July, the new banknote of 10 thousand ALL will be put into circulation, which is the largest denomination ever issued. Until now, the banknote with the highest value was the one of 5 thousand ALL.
In addition to the new 10 thousand lek banknote, a new denomination of 1,000 lek will be put into circulation.
The Governor of the Bank of Albania, Gent Sejko, in an interview a few days ago for “Monitor” gave explanations regarding the reasons for putting into circulation a denomination of higher value, which according to him meets the market requirements to have it in the structure of our series of legal tender banknotes.
“The printing of new 1,000 and 10,000 lek banknotes is part of the continuation of a several-year work of the Bank of Albania to issue a new series of Lek banknotes, as well as to guarantee at all times the supply of the economy with cash”, said Sejko.
According to him, one of the main responsibilities of the Bank of Albania is to guarantee the supply of the economy with cash, both in value and in structure. The printing and issuance for the first time of the new banknote of the highest denomination, with a value of 10,000 ALL, represents in itself the adaptation of the banknote structure with the structure of prices and salaries, developments of the payment system, as well as other indicators. related to money handling.
“This banknote of the highest denomination accompanies the economic development of the country and according to all analyzes, meets the market requirements to have it in the structure of our series of banknotes with legal exchange rate. Introducing and putting it into circulation will enable for a better and more efficient circulation of cash, helping the structure of the currency in circulation and at the same time reducing the costs of production, storage and distribution, and thus increasing the efficiency. of the Bank of Albania in the administration of physical money and issues.
Also, the presence of this new higher denomination in the structure of Albanian banknotes increases the efficiency of the Bank of Albania to administer a strategic stock as appropriate as possible to cope with cases of unforeseen increases in market demand for physical money.
Despite the development of other means of payment, such as electronic ones, money in circulation continues to have an increasing trend over the years, which reflects the continuing demand of the economy for physical money as a means of payment.
“The Bank of Albania carefully plans to guarantee the fulfillment of this market demand, both in normal and atypical situations. Even the latest situation of the COVID-19 pandemic is a concrete example in this regard. During this period there has been an additional increase in the economy’s demand for physical money. Thus, during 2020, money in circulation has increased by about ALL 52 billion, or about 3 times more than the increase recorded during 2019.
Also, in the first 5 months of 2021, there has been an increase of about ALL 10 billion. The fulfillment of the market demand for physical money is supported through the provision and planning of a sufficient stock of money in the Bank of Albania, which provides security not only for the present, but also for the future “, says the Governor.
What will the 10 thousand lek banknote look like?
The 10,000 lekë banknote bears as a theme the symbols of the National Flag and the Anthem, accompanied by the portrait of our poet of the National Renaissance, Asdren, due to the popular acceptance of Asdren as the author of the text of the “National Anthem” of Albanians, a creation which together with the National Flag, have been symbols of Albanian identity since Independence. Like all new series denominations, this banknote contains advanced security features, manufactured with the latest technologies in the field, which facilitate identification by the public, increase the credibility of the national currency and make counterfeiting more difficult.
