ALL (Albanian Lek)

DEFINITION of 'ALL (Albanian Lek)'

The currency abbreviation symbol for the Albanian lek (plural lekë), the currency for Albania. The Albanian lek is made up of 100 qindarka and is often presented with the symbol "lekë". The Albanian qindarka is no longer issued but is still accepted as currency. In 1992, the new "lek valuta" was introduced, which is equal to 50 lekë.

BREAKING DOWN 'ALL (Albanian Lek)'

The Albanian lek was introduced by the National Bank of Albania and has been in use since 1926. Between 1946 and 1965, the lek was pegged to the Soviet ruble at 12.5 lekë to 1 ruble. After 1965, the revaluation of the ruble created inequalities in exchange, so a second lek was issued, which was equal to 10 old lekë.