Timeline

• 04.10.1913
• Agreement between the Albanian government and the "Syndicate of the Albanian National Bank" (made of the Austrian "Wiener Bankverein" and the Italian "Banca Commerciale Italiana") on the establishment of a commercial bank with a concession for business in Albania; the bank did not open for business due to the onset of World War I.
• 01.12.1913
• Issuance of Albanian stamps denominated in the accounting unit "Franc"
• 25.06.1921
• Rating of foreign gold coins against the "Gold Franc" of the Latin Monetary Union (equal to the French Franc and Italian Lira in gold): 1 Turkish Lira = 22 Gold Francs, 1 British Pound = 25 Gold Francs.

Timeline

• 15.03.1925
• Agreement between the Albanian government and an Italian banking group (represented by Mario Alberti) on the establishment of a central bank; effective 31.07.1925 by law [No. 48] of 12.07.1925.
  - The bank opened for business in Rome on 02.09.1925 and in Tirana on 29.11.1925.
• 28.02.1926
• Start of issuance of paper money by the National Bank (subsidiary coins followed on 10.03.1926).
• 30.11.1944
• Government decree(s) on the immediate appointment of a temporary administration for the National Bank and the subsequent transfer into state ownership under the name "Albanian State Bank"; effective 31.12.1944 and on (zur Umstrukturierung der Nationalbank); tritt sofort in Kraft
• 02.06.1945
• Ordinance of the Ministry of Finance on the demonetization of the currencies of the occupying powers; effective immediately
• 22.06.1945
• Ordinance of the State Bank on the currency registration: Banknotes of the former National Bank were marked and unmarked banknotes were invalid after the exchange period; amounts exceeding 10'000 Francs were deposited in a blocked account and were released after 31.08.1945 if their origin had been verified; implemented 27.06. - 08.07.1945.

Valuation Regimes

• 1926-1939
• Fixed rate against gold in the standard of the "Gold Franc" of the Latin Monetary Union
• 1939-1945
• Fixed rate against gold in the standard of the Italian Lira (of 1936)

Timeline

• 11.07.1946
• Ordinance [No. 94] on the currency reform; effective immediately
• 15.07.1946
• Start of currency exchange:
  - 15.07.1946: Start of issuance of the new banknotes (dated 01.05.1945) by the State Bank
  - Partial confiscation: Per household a maximum of 5'000 Francs (1925) was exchanged for new banknotes, excess cash had to be deposited in a blocked account
  - 25.07.1946: End of exchange period, demonetization of the former banknotes.

Valuation Regimes

• 1946-1947
• Fixed rate against Yugoslav Dinar (1945)

Timeline

• 07.07.1947
• Ordinance [No. 356] on the currency reform; effective immediately
• 10.07.1947
• Start of currency exchange:
  - 10.07.1947: Start of issuance of the new banknotes by the State Bank
  - No confiscation, all cash holdings were exchanged
  - 20.07.1947: End of exchange period, demonetization of the former banknotes.
• 28.09.1949
• Ordinance [No. 936] on the replacement of the circulating banknotes (without confiscation); implemented 01.10. - 07.10.1949

Valuation Regimes

• 1947-1948
• Fixed rate against Yugoslav Dinar (1945)
• 1948-1960
• Fixed rate against Soviet Ruble (1947)
• 1961-1965
• Fixed rate against Soviet Ruble (1961)

Timeline

• 23.06.1965
• Law [No. 402] on the authorization for the State Bank to carry out a currency redenomination; effective 01.07.1965
• 16.08.1965
• Start of currency exchange:
  - 16.08.1965: Start of issuance of the new banknotes and coins
  - 15.10.1965: Demonetization of the former currency.
• 22.04.1992
• Law [No. 7559] on the reconstitution of the State Bank into the "Bank of Albania"; effective upon opening of the bank on 30.05.1992
• 01.07.1992
• Government decree [No. 288] on the currency system, established a variable exchange rate ("Valuta Lek"); effective immediately

Valuation Regimes

• 1965-1991
• Fixed rate against Soviet Ruble (1961)
• 1991-1992
• Fixed rate against European Currency Unit (ECU)
• 1992-
• Variable rate