Gent Sejko: Launch of new banknotes
Address by Mr Gent Sejko, Governor of the Bank of Albania, at the Launching of the two
banknotes, 1000 lek and 10000 lek, of the New Albanian Banknote Series, Tirana, 15 June 2021.
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Dear Ladies and Gentlemen,
Welcome in this special day, when we are introducing to the public the two next denominations
of the new Albanian banknote series.
One of the main responsibilities and legal obligations of the Bank of Albania is guaranteeing the
supply of economy with cash, both in value and structure, and ensuring confidence of the public
in the national currency. After 20 years, the Bank of Albania, in 2016, undertook the initiative to
start the production project of a new banknote series, which is legal tender, by improving and fully
refreshing up its style and shape.
In this framework, in September 2019, the Bank of Albania launched the new banknote series,
which consists of six denominations: 200 lek, 500 lek, 1000 lek, 2000 lek, 5000 lek and 10000
lek.
The theme of the new series of the Albanian banknotes embodies the portraits of the most
illustrious national figures, and evokes the most notable moments in the history of our nation in
its endeavours for freedom and prosperity. The theme echoes through historical eras, starting
from Antiquity, moving through the Middle Ages, the National Awakening, the Independence of
Albania, and concluding with the symbols of the national flag and anthem on the largest
denomination, the 10.000 lek banknote. Thus, our banknotes promote the historical and cultural
heritage of our country and highlight the most powerful achievements of many prominent
historical figures through centuries.
I feel good when I see that the two first denominations of this series, 200 lek and 5000 lek, put in
circulation since September 2019, are welcomed by the public, have met the expectations of the
Bank, and already are gradually becoming a sustainable part of currency in circulation, by
supporting the continuous strengthening the quality of banknotes in circulation, aimed at
preserving their integrity, in relation with the public, and upholding a dignified image of both the
Bank of Albania and the Albanian state.
Today, nearly two years later following the launching and the successful issuance in circulation
of the first two denominations, the Bank of Albania is launching the two other banknotes, part of
the new series of the Albanian banknotes, the denominations: 1000 lek and 10000 lek. The latter
is a completely new denomination in the series of the Albanian banknotes.
The printing and issue into circulation for the first time of the new banknote with the largest value,
10000 lekë, represents in itself, the adoption of the banknotes' structure to the evolution of the
structure of prices and wages, the development the electronic payments, and of the other
indicators related to the management of currency.
This note with the largest denomination accompanies the economic development of the country,
and according to all analysis, meets the market requirements to have it in the structure of our
series of banknotes, which are legal tender. The presentation and issue of this note will enable a
better and more efficient circulation of cash, by helping the structure of the currency in
circulation, reducing the costs of production, storage and distribution, thus enhancing the
efficiency of the Bank of Albania in cash management and issuance. In addition, the presence of
this new highest-value banknote in the structure of the Albanian banknotes increases also the
effectiveness of the Bank of Albania to manage a rather adequate strategic stock to meet the
increased market demand for cash in contingency cases.
Despite the development in other means of payments, as electronic ones, currency in circulation
is set on an upward trend from years now. This trend reflects the ongoing demand of economy
for cash as a payment means. Bank of Albania is attentive while planning to guarantee the
fulfilment of this demand of the market, in both normal and atypical situations. The current
situation caused by the Covid-19 pandemic, is a real example in this regard. Economy has
increased further its demand for cash throughout this period. Thus, over 2020, currency in
circulation lifted by ALL 52 billion or three times higher than the growth recorded in 2019. Also, in
the first five months of 2021, the growth amounted around ALL 10 billion. Meeting the demand of
market for cash is achieved through ensuring and planning the sufficient stock of cash at the
Bank of Albania, which guarantees the security for both the present and future.
Allow me to detail briefly some of the features of these two denominations:
The 1000 lek banknote, part of the new series, has a refreshed design, but it retains the same
motives presented in the existing one, embedding changes related to the whole configuration of
all added and improved elements.
The theme of the 10000 lek banknote are the symbol of flag and national anthem - the main
symbols of our national identity - accompanied with the portrait of the distinguished poet of the
Albanian National Renaissance, at the same time, author the "National Anthem", Aleksandër
Stavre Drenova - commonly known by the pen name "Asdreni".
The presentation of a new series of banknotes means more than a simple change of its image.
The Bank of Albania continuously improves the quality of the banknote in circulation, aiming to
preserve its integrity. Both new banknotes, like all the other denominations of the new series,
contain advanced security features. They are produced with cutting-edge technologies for
banknote printing and personalised by denomination.
The 1000 lek banknote integrates the raised print in the portrait of Pjetër Bogdani, numerals,
lettering, and in the short lines, which help the visually-impaired people to easily identify and
recognise the banknote. The security thread turns into a dark solid line when holding the
banknote against the light, and changes colour from green to purple at different angles; the sun
symbol with colour-changing image depending on the tilting angle; and on the back, the iridescent
stripe at the centre that displays the value 1000 Lekë.
The 10000 lek banknote integrates the raised print in the portrait of Asdreni, numerals, lettering
and in other areas of the banknote, as well as the element which helps the visually-impaired
people to easily identify and recognise the banknote. The watermark image; the hologram
accompanied by various optical effects; the security thread which turns into a dark solid against
the light and changes colour from green to purple depending on titling angel; and on the back, the
iridescent stripe at the centre that displays the value 10000 Lekë.
A safe banknote means that we can use cash securely and easily for its identification as a
genuine banknote. This is the foundation of a sound financial system: confidence in the core
financial operations where currency has its implacable role as an intermediator.
From 30 June 2021, the banknotes of the new series 1000 lek and 10000 lek will be legal tender
in the Republic of Albania and will be used as means of payment, alongside the existing
banknotes.
Seeing the beauty and quality of these banknotes, I can absolutely tell you that the work done for
their realisation was too valuable. Hence, on behalf of the Bank of Albania, I would like to thank all
the experts that have helped and have been actively engaged for their successful realisation. In
addition to the precious work of the Bank of Albania's staff, I would like to highlight the rather
precious contribution of many renowned academics, historians, Albanologists, numismatists and
experts from the most experienced companies in the field of banknote production.
Meanwhile, the Bank of Albania is working on the completion of the new series with two other
banknotes, 500 lek and 2000 lek, which are in production process.
Concluding, I like to call on the users to handle each banknote with due care, in order to preserve
their durability, quality and integrity in circulation. Banknotes are more than a valuable paper.
They boost and sustain the economic activity of Albania and similarly tie with visible threads our
national identity.
I wish the public will welcome both new banknotes we are presenting today, like the previous
ones.