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100 years 100 stories-Gold Franc/ Albania's first national currency

2025-11-20 20:34:00, Aktualitet CNA

100 years 100 stories-Gold Franc/ Albania's first national currency

The Bank of Albania has shared information about Albania's first national currency.

The first Albanian currency was the Gold Franc, which was established by the 1925 convention. According to the ratio: 1 gold franc = 5 lekë and 1 lek = 100 qindar.

"With the Convention of 1925, the gold franc (Albanian franc) was defined as the legal tender currency of the Albanian State, with its sub-units Lek and Qindar, according to the ratio: 1 gold franc = 5 lek and 1 lek = 100 qindar."

The National Bank of Albania, charged with the exclusive right of monetary issuance, was required to maintain a minimum reserve of ? of the value of banknotes in circulation in gold or convertible currencies, as a guarantee for the stability of money in circulation and to gain the trust of the population that was accustomed to using only foreign coins made of gold and silver, with real value.

The bank would take care of the printing and issuance of coins with the following denominations and metals: In gold - 100, 20 and 10 gold francs; in silver - 5, 2, 1 and 0.50 gold francs, in nickel - 0.20, 0.10 and 0.05 gold francs, in copper 0.05, 0.02 and 0.01 gold francs. This scaling of denominations was intended to ensure ease in daily transactions and the stable functioning of the monetary system.

"100 years of the Bank of Albania: a century full of challenges and achievements. With these posts, we invite you to travel between the past, the present and the vision for the future of the central bank and our national currency," says the Bank of Albania./ CNA





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