23/06/2016: Brexit Referendum
The United Kingdom voted to leave the European Union, causing significant uncertainty and volatility in the pound sterling's value.
31/12/2011: Replacement of 1 Lek coin
The 1 lek coin was demonetized and replaced by a banknote. The decision was made due to the high cost of producing the coin.
08/02/2000: Introduction of new banknotes and coins
A new series of banknotes and coins were introduced, featuring enhanced security features and updated designs.
31/12/1999: Establishment of the Euro
The euro was introduced as an electronic currency, paving the way for the eventual replacement of some national currencies, including the pound.
02/03/1997: Collapse of pyramid schemes
The collapse of pyramid schemes in Albania caused a severe economic crisis, resulting in hyperinflation and a significant devaluation of the lek.
16/09/1992: Black Wednesday
The pound sterling experienced a severe drop in value and the UK was forced to withdraw from the European Exchange Rate Mechanism (ERM).
26/06/1992: Transition to a market economy
Albania transitioned to a market economy, leading to a significant depreciation of the lek. The exchange rate changed to 1 lek = 9.3 old lek.
14/02/1971: Decimalization of the Pound
The pound sterling was decimalized, with the old system of pounds, shillings and pence replaced by a decimal currency.
01/10/1965: Introduction of the new lek
A new series of banknotes and coins were introduced, marking the transition to the new lek. The exchange rate was set at 1 new lek = 10 old lek.
22/12/1947: Albania becomes a communist state
Following the establishment of a communist regime in Albania, the currency underwent a major devaluation, with the exchange rate changing to 1 lek = 12.5 old lek.
01/09/1926: Introduction of the Albanian lek
The lek was introduced as the official currency of Albania, replacing the previous currency, the Turkish lira. The exchange rate was set at 1 lek = 35 Turkish lira.
06/12/1921: Currency Separation with Ireland
Following the Anglo-Irish Treaty, Ireland left the United Kingdom and established its own currency, leading to separate pound sterling notes.
21/12/1816: Gold Standard Introduced
The pound sterling was officially placed on the gold standard, meaning it was backed by a fixed amount of gold.
27/07/1694: Bank of England Established
The Bank of England was founded and granted a royal charter, becoming the central bank of England.