Albanian Monetary Unit
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 (Franc Germinal) was adopted as the monetary unit. In 1923 Italian paper circulated at Shkodër, Durrës, Vlorë, and Gjirokastër, and the Greek drachma at Korçë, the values of which varied according to locality and the prevailing rates of exchange as compared with gold.
albanian monetary unit
Between 1926 and 1939, the main unit of Albanian currency was the franga ari (English: gold franc) (Fr.A.), worth 5 Lek and divided into 100 qindar ar (gold cent), used in international transactions. This unit was similar in concept to the Belga, a unit worth five Belgian francs.
In 1945, the People's Bank of Albania (Banka e Shtetit Shqiptar) issued overprints on National Bank notes for 10 Lek, Fr.A. 20 and Fr.A. 100. Regular notes were also issued in 1945 in denominations of 1, Fr.A. 5, Fr.A. 20, Fr.A. 100 and Fr.A. 500. In 1947, the franga-ari was discontinued and the lek was adopted as the main currency unit, with notes issued for 10 Lek, 50 Lek, 100 Lek, 500 Lek and 1000 Lek.
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Following the improvements made to the law on preventing money laundering, since 1 August 2005 this structure is organized in a higher level as a General Directorate for the Prevention of Money Laundering (GDPML), having a separate budget, which shall affect in a more efficient and confidential use of the data sent to this unit. This unit is known in the international terms and standards as the Financial Intelligence Unit (FIU).
FIU was established as a connecting institution for the financial institutions, business community and the executive authorities, as well as to direct and coordinate the fight against money laundering, based on the obligation of the interested subjects and financial institutions, in order to identify the client, register and save the data, to report the suspicious transactions (STR) and those going beyond 20 million lek (CTR). These institutions have established their structures with the responsible people in this direction and have also established the data center.
In order to fulfill its objectives, the FIU structures the collection of the information that is used to identify the money laundering/terrorism financing and the criminal activity. Apart from the subjects identified in the law, FIU collects data also from other sources such as the law enforcement authorities (police, investigation and prosecution authorities); other regulatory authorities (customs, taxes and duties, banks authorities) and any other unit that can provide necessary financial information. FIU also coordinates the work for registering, analyzing and disseminating data to the competent authorities.
Such a unit collects financial information locally and abroad to help examining money laundering, terrorism financing and other criminal activity within its boundaries. This financial information is mainly collected from the obligatory transactions reports that are presented by the financial institutions.
Today's crossword puzzle clue is a general knowledge one: Standard monetary unit of Albania. We will try to find the right answer to this particular crossword clue. Here are the possible solutions for "Standard monetary unit of Albania" clue. It was last seen in The Daily Mirror general knowledge crossword. We have 1 possible answer in our database.
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As history has shown, anything that a group of people in an economy attaches value to can be used as currency. The first "official" currency was minted in the seventh century BC by King Alyattes of Lydia in modern-day Turkey. For practical reasons, Lydian currency took on the form of a round coin, which became the first ever standardized unit of currency. Paper currency, on the other hand, was invented in Asia and was brought back to Europe by Marco Polo after his travels to Asia.
Cryptocurrencies are digital currencies operating independently of a central bank or authority, in which encryption techniques are used to regulate the generation of units of currency as well as to verify the transfer of funds. The current technology behind cryptocurrencies is called blockchain, which is a decentralized ledger of all transactions across a peer-to-peer network. A prominent feature of blockchain is that participants can confirm transactions without the need for a central clearing authority, such as a central bank or government. The value of cryptocurrencies fluctuates, just like a regular currency, and they can be traded in the same way as any other currency. While bitcoin is currently the most recognizable cryptocurrency with the largest market cap by far, there are many other notable cryptocurrencies such as Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Some experts say that there is a slight chance that cryptocurrencies become the currency of the future. For the purposes of this calculator, Bitcoin is the only cryptocurrency available for conversion at the moment.
For CLP, CVE, IDR, and ISK the ISO 4217 standard has a different number of decimals than shown in the table below. However, the decimals in the table below are leading for submitting amounts in minor units.
As you mentioned, capacity building at all levels needs to be worked on. Just as an example, as part of this technical assistance the WB trained not only the central unit in charge of monitoring PPPs within the MoFE but more importantly the contracting authorities and technical people that sit closest to the project to make sure their inputs are relevant and of good quality.
Breaking the Chains is a unique project designed to meet the specific needs of asylum-seeking children and young people from Albania, as one of the most marginalised communities of asylum seekers, by providing a holistic legal representation and advice service which is child-centred and child-friendly. Through the project we work with Albanian asylum seekers and victims of modern slavery.
Albania is known for its high poverty rate and there are certainly significant economic drivers behind migration to the UK. However, although Albania is not currently at war or in a state of internal armed conflict, there are significant and longstanding issues related to corruption, trafficking, blood feuds, discrimination and violence against the LGBTQI community, stigma and discrimination against the ethnic Roma and Egyptian communities, gang-related violence, and sexual and domestic violence that the Albanian government appears either unable or unwilling to resolve.
2005 INVESTMENT CLIMATE STATEMENT -- ALBANIANearly 14 years after emerging from an isolatedcommunist dictatorship, Albania's private sector has grown toaccount for almost 80 percent of gross domestic production.Foreign direct investment in Albania has been low by regionalstandards, but has been increasing in recent years. With itsdeveloping market economy, Albania offers many opportunitiesfor investors -- property and labor costs are low, the youngand educated populace is ready to work, and tariffs and otherlegal restrictions are already low in many cases and beingswept away in others. Albania's location, along with itsthree maritime ports, offers further trade potential,especially with EU markets -- it shares a border with Greeceand is just across the Adriatic from Italy. Albania is alsoseeking to develop better trade ties to other rapidlydeveloping countries in the Balkans and has entered into freetrade agreements with all of them. Investment in Albaniacomes with certain risks, however. As with most othercountries emerging from communism, Albania's infrastructureis underdeveloped and resources are being strained to bringtransportation networks, electricity, water delivery andwastewater treatment up to regional standards. Manyinvestors have also cited a weak judicial system, competingclaims of property ownership, and corruption as being hurdlesto investment. Nevertheless, Albania's economy remains oneof the fastest growing in Europe (averaging six percentgrowth each year for the last four years), inflation has beenunder control for over seven years (currently ranging betweentwo and four percent), the local currency has appreciatedsignificantly in value over the past year, and the localfinancial sector has been gaining strength and has taken thelead in bringing more formality and certainty to economictransactions. End Summary.Openness to Foreign InvestmentThe Government of Albania (GoA) seeks to attract foreigninvestment and understands that such investment will beindispensable to sustained growth. Although the government-- through its Central Bank and Ministry of Finance -- hasbeen able to achieve a stable macroeconomic situation, thelevel of foreign investment remains the lowest in the region.GoA leadership appears to recognize this problem butimplementation of laws and development of infrastructuredesigned to spur investment is in many cases moving moreslowly than could be hoped. As Albania moves away from IDAassistance (current per capita GDP figures indicate thatAlbania is no longer IDA eligible), it will lose much of thepublic and quasi-public financial support it has enjoyed froma variety of international institutions. This change mayforce the GoA to become more effective in implementinginvestment friendly policies.Officially, a legal framework to encourage investmentalready exists. Law No. 7764, dated November 2, 1994, andtitled "On Foreign Investment" was designed to create afavorable investment climate for foreign investors in thecountry. The Law offers considerable guaranties to allforeigners (either physical or judicial persons) willing toinvest in business in Albania. Such provisions include:- No prior government authorization is needed and nosector is closed to foreign investment.- There is no limitation on the percentage share offoreign participation in companies -- 100 percent foreignownership is possible.- Foreign investment may not be expropriated ornationalized directly or indirectly, except for specialcases, in the interest of public use, defined by law.- Foreign investors have the right to expatriate allfunds and contribution in kind of investments.- Most favorable treatment according to internationalagreements is also provided.There are limited exceptions to this liberal investmentregime, most of which apply to broadcasting, health servicesand legal services. Restrictions on the purchase of realestate are also notable: agricultural land cannot bepurchased by foreigners, but may be rented for up to 99years; commercial property may be purchased, but only if theproposed investment is worth three times the price of theland. There are no restrictions on the purchase of privateresidential property.Other legislation addresses investments made throughacquisition-mergers, takeovers and green-field investment.Law 7638, dated November 19, 1992, "On Commercial Companies"regulates the activities of companies and establishes thetype of legal structure under which companies may form. Nodistinction is made between foreign and domestic investors inthis law. Albania's tax system also does not discriminateagainst foreign investors. Likewise, legislation concerningthe public procurement process makes little distinctionbetween foreign and domestic firms. Many activities inAlbania require licensing. Before engaging in an economicactivity a company should inquire if a license is requiredfor the exercise of such activity. The procedures for gettinga license are, however, the same for national and foreigncompanies.The GoA does not screen foreign investments and provideslittle in the way of tax, financial or other specialincentives. The government is actively considering thecreation of a "one-stop shop" to assist foreign investors inobtaining information, licenses and meet any other legalrequirements. The Albanian business community and publicalso generally welcome American firms and their products.Investors in Albania are entitled to judicial protectionof the rights related to their investments. Parties to adispute may agree to submit claims for consideration by anarbitration institution. Foreign investors have the rightalso to submit disputes to an Albanian court. Provisions ondomestic and international commercial arbitration areincorporated in the Code of Civil Procedure. As a practicalmatter, however, corruption remains a problem in judicialsystem, and some foreign investors have experienced delaysand losses as a result.Albania offers considerable natural resources, includingoil, gas, and coal, iron, copper, chrome, water andhydroelectric potential. An on-going privatization processpresents opportunities in strategic sectors, mining, energygeneration, oil and gas, telecommunications, finance. Thisprocess has attracted foreign investors, mainly from Greece,Italy and Turkey. The privatization strategy for sectors ofprimary importance explicitly seeks qualified foreign firmsas strategic investors for these key sectors. The biddingprocess appears to be more transparent for high value assetsthan for lower value assets.Conversion and Transfer PoliciesThe Albanian currency, lek, is freely convertible atbanks and exchange bureaus and foreign exchange is easilyfound at a legal market clearing rate. Most transactions arecarried out in cash and the dollar and euro are legally andcommonly used. The lek floats freely and has appreciatedover the last 18 months by 20 percent against the dollar andremained stable against the euro. Currently, the exchangerate is 95 lek per dollar.To combat the flow of illegal assets, new anti-moneylaundering legislation was passed in July 2003 that requiresreporting of all transactions over USD 10,000. Transfersabroad of funds and other financial assets are unrestrictedas long as tax obligations, debts, and reporting requirementshave been met. In the past, this legal freedom was notalways respected, but in recent times appears to be respected.In 2004, the maximum limit accepted for transactionsexecuted in cash was reduced from Lek 1 million to Lek500,000 for transactions effected during 2004, and to Lek300,000 for any subsequent year. For cash transactions overthese limits, buyer and the seller are subject to a penaltyof five percent of the transaction value.Expropriation and CompensationIn the post-communist period, expropriation has beenlimited to land needed for infrastructure projects, such asroads and airports. Compensation has generally been abovemarket value, though some owners have complained at the lowreal amount of payments. Several U.S. citizens and residentshave on-going disputes with the government regardingrestitution for property expropriated during the communistregime.The Albanian Parliament approved in July a new law onproperty compensation and restitution that is expected toresolve competing land ownership claims resulting fromcommunist-era expropriation of land. The GoA has presentedthree methods of compensation for expropriation claims: 1)restitution, 2) compensation of property with similar valuedland in a different location, 3) cash settlement. The lawremains in the implementation stage, but the legal entitycharged with deciding claims is expected to commenceoperation in the summer of 2005.The property registration process has been completed inapproximately 80 percent of the total land area, but verylittle in high value urban and coastal areas. Many of theunregistered properties are in the south coastal area, whichis more valuable for its tourism potential, and wheredisputes are more frequent.Dispute SettlementAlbania has a civil law system similar to that of mostother European countries. Legislation distinguishesarbitration of international disputes from arbitration ofdomestic disputes in that the parties involved in aninternational dispute may agree to settle through either adomestic or foreign arbitration tribunal. In Albania,ratified international agreements have legal superiority overdomestic legislation. Albania is a member of theInternational Court for Settlement of Investment Disputes(ICSID) and it is in the process of acceding to the New YorkConvention on the Recognition and Enforcement of ForeignArbitral Awards and the European Convention on InternationalCommercial Arbitration. Under government regulation,international arbitration is recognized and accepted asvalid. The government accepts binding InternationalArbitration on Investment Disputes and has over 40internationally accredited arbiters on the countryarbitration list. The arbitrators will use the appropriatelaw based on issues determined by the parties. If theparties could not agree on the issues involved in the case,the arbitrators would make the appropriate assessment. Thatsaid, the judicial system continues to suffer from corruptionand unreliability. The GoA has taken steps to address thisissue, establishing a High Council of Justice to investigateclaims of judicial misconduct, but the process remains in itsearly stages. Although the situation is improving, investorscannot yet fully rely on the enforceability of contracts.Foreign firms and institutions have also been subject tonuisance lawsuits aimed at receiving cash settlements.Recent investment disputes appear focused on the ownership oflands considered ideal for tourism, mostly along the southerncoast.The Albanian government, with World Bank financing, hasestablished the Albanian Guarantee Agency (AGA) whichprovides political risk insurance for foreign and localinvestors in Albania. AGA administers the Political RiskGuarantee Facility (PRGF) and, with the exception of theproduction of tobacco products, alcohol and armaments,investors can apply for political risk coverage. Specificcategories of risk covered by PRGF are:- Inability to convert and transfer currency- Expropriation- Seizure of goods, prevention of sales orprevention of exports/imports- War or civil disturbances- Cancellation of licenses and restrictions onimport and export- Imposition or increases of import or exporttaxes as consequence of war and civilunrest- Interference in the transport of goods- Diversion of voyageNew provisions to Law no. 8560, dated December 22, 1999,titled "On Tax Procedures" introduced the establishment of anew body within the General Tax Directorate, the TaxDiscipline Commission. The Commission is vested