Bank of Albania and its role in issuing currency notes
The Bank of Albania has the exclusive right to issue banknotes and coins of legal tender in the Republic of Albania. It is the sole issuer of the national banknotes and coins. The monetary unit of the Republic of Albania is "Lek".
ssue implies putting in circulation banknotes and coins of legal tender. Every banknote and coin has the issuing year printed on it.
In addition, the Bank of Albania is entitled to define the form, size, model (configuration) and other features of Albanian banknotes and coins that are legal tender, as well as banknotes and coins minted for numismatics purposes.
The term “
Legal tender currency” refers to banknotes and coins, which may be provided for the payment of a debt and that a creditor is compelled by law to accept them.
Banknotes and coins issued by the Bank of Albania that are not withdrawn from circulation shall be legal tender and widely accepted for all payments of public and private charges at their face value.
Therefore, the currency (banknotes and coins) meeting the three following criteria altogether:
issued by the Bank of Albania,
not withdrawn from circulation,
are legal tender,
can be used as a
means of payment and shall be accepted for all payment charges that public and private persons or different entities make with each other.
The Bank of Albania, pursuant to the drafting, approval and independent implementation of the monetary policy of the Republic of Albania as well as to the approved monetary programme, formulates the strategy to issue banknotes and coins of legal tender for meeting the currency demand of the economy.
The Bank of Albania designs the withdrawal policy of old banknotes and coins from circulation and their exchange with new issues. It sequestrates and confiscates counterfeit banknotes and coins.