Banks and Albanian citizens circulated around 202 billion Lek in 2010
TIRANA - Banks and Albanian citizens circulated around 202 billion Lek over the last year. This amount is divided into different denominations of banknotes and coins.
According to the Bank of Albania, citizens and banks circulated about 270 million pieces of coins and banknotes, of which about 153.4 million pieces are banknotes and 116 million are coins.
There was a 40% increase compared to the previous year on replaced notes by the banks.
Banknotes cuts are such as 5 000 Lek, 2 000 Lek, 1 000 Lek, 5 00 Lek, 2 00 Lek and 1 00 Lek. According to BoA, the structure of currency in circulation is somewhat more balanced.
Banknotes issued by the circulation are mainly emissions before 1996. Banknotes issued by the circulation are replaced with new ones. Also in 2010, there were thrown about 22 million pieces of new banknotes in the market, mainly cutting notes of 1 000 and 2 000 Lek.
There is a regulation for the disposal of banknotes or coins that have emerged from the circulation. Once removed from the market they are destroyed with a special device by the Bank shredders. In many cases, the Bank of Albania branches cope with the demand of citizens to replace the banknotes that are damaged.
This is a practice that finds the ground in the daily work of these branches, but not all damaged banknotes can be replaced by paying the holder. According to the Law, Bank of Albania has the obligation to replace and destroy all notes which are damaged in more than 40 percent of their surface. Notes that do not meet this requirement, the owner destroys without any compensation. (Altin Kurti - Albanian Times)