It continues to realise its purposes, as it stands tall against other types of currency. Over the years, in accordance with international standards, taking into account average income levels in Albania, new denominations have been added. The series of denominations allows for an adequate banknote structure for the public and fends off its illicit use. Recently, a new banknote has been added – 10 000 lekë, which is in the production process and is expected to be put in circulation in 2020. The current series dates back to 1996 and its theme evokes the history of our nation, through the representation of prominent personalities who have left a legacy in our national memory. The Bank of Albania decided to retain this theme in the new series, which is practically an evolution and upgrade of the existing series. This option was preferred over a new theme not only because familiarity with the existing theme is considered as important for public trust, but also because it preserves an emotional bond with the content of the images. That is why in the new series we still see the engraved portraits of Naim Frashëri, Ismail Qemali, Pjetër Bogdani, King Gent, and Scanderbeg, concluding with Asdreni, the author of our National Anthem, on the 10 000 Lekë banknote. On each denomination, the portrait on the obverse blends harmoniously into the design on the reverse. The portraits account for most of the banknote design area and are engraved in raised print.
First, following the sharp decline of hydrocarbon prices in 2014, the large contraction of hydrocarbon exports in 2015, in a context of still high imports after the significant increase of imports of goods over the period 2007-2014, resulted in a high external current account deficit (-16.4 percent of GDP). With hydrocarbons remaining Algeria’s main export, the external shock resulted in a significant contraction in international reserves, from $ billion 179 in 2014 to $ billion 144 in 2015. Nonetheless, this level remains comfortable, representing 27 months of imports of goods and services, in a situation of historically low medium and long term external debt (1.8 percent of GDP) and the absence of any external indebtedness of the hydrocarbon sector for more than a decade. Second, the exchange rate of the dinar vis-à-vis the US dollar depreciated by 20 percent in 2015, while it depreciated by only 3.8 percent vis-à-vis the euro. In view of the large depreciation of Algeria’s main partners’ currencies, the real effective exchange rate of the dinar remains close to its equilibrium level. Therefore, the exchange rate played, to a large extent, its role as an external shock absorber, reflecting its flexibility, supported by the Bank of Algeria’s interventions in the interbank exchange market. Third, as a result of the sharp contraction in fiscal oil revenue and the expansion of public spending, the fiscal deficit rose to 16 percent of GDP in 2015 from 7.3 percent in 2014. However, public debt has remained historically low, representing 13.6 percent of GDP at end 2015.