Albanian lek: Difference between revisions

Before then, Albania was a country without a currency, adhering to a [[gold standard]] for the fixation of commercial values. Before the First World War the [[Ottoman Turkish piastre]] was in full circulation, but following the military occupation of the country by various continental powers the gold franc ([[French Franc#French Empire and Restoration|Franc Germinal]]) was adopted as the monetary unit. In 1923 Italian paper circulated at [[Shkodër]], [[Durrës]], [[Vlorë]], and [[Gjirokastër]], and the [[Greek drachma#First modern drachma|Greek drachma]] at [[Korçë]], the values of which varied according to locality and the prevailing rates of exchange as compared with gold.<ref>''Trade Information Bulletin'', Numbers 79 to 118, 1923</ref> From 1926-1939, the Albanian lek adhered to the gold standard with lek banknotes being convertible to gold. Due to the gold standard, up until 1939, the lek did not experience significant inflation and the currency in circulation remained relatively constant.<ref>{{cite book |last1=Jürgen Fischer |first1=Bernd |title=Albania at War 1939-1945 |date=1999 |publisher=C Hurst & Co |location=United Kingdom |isbn=1-85065-531-6 |page=48}}</ref> Following the [[Italian invasion of Albania]], the entire gold reserves of Albania, totaling 300,000 gold francs, were confiscated and sent to the [[Reichsbank]] in Berlin. This action, coupled with the introduction of the Italian lira in Albania, led to significant inflation and the devaluation of the lek.<ref>{{cite book |last1=State |first1=US Dept of. |title=Foreign Relations of the United States: 1946 |date=1970 |publisher=U.S. Government Printing Office |location=United States of America |page=806}}</ref>