Albania - Money

After the economic collapse of 1997, the monetary policy of the Bank of Albania was tightened and the regulation of the financial sector was improved. The currency was stabilized and kept under control. The exchange rate of the lek shifted from 179.06 per US$1 in

1997 to almost 140 per dollar in 2001. New legislation included a law on bank deposit insurance and the setting up of a credit information bureau, an investment advisory office, a mediation office for commercial disputes, and an agency for the execution of bankruptcy and other related court decisions. Nevertheless, banking is not efficient, and the economy is still cash-driven. There is no formal equities market in the country as the Tiranë Stock Exchange (scheduled for privatization) is trading in Albanian treasury bills only.