Lek, the most stable currency in Eastern Europe

The Albanian national currency, the Lek, has become the most stable currency in Eastern Europe. This according to Dr. Claus Peter Zeitinger, Director of the Supervising Board of ProCredit Bank, on the 10th anniversary of the establishment of the bank in Albania on Oct. 1st (Gazeta Standard, 2.10.2009).
The Director of the Supervising Board of ProCredit Bank thinks Albania is becoming an even more interesting market. The banking system in Albania has not been affected by the crisis, though risks remain present in the country. The Albanian market is more interesting because the Albanian economy has grown, according to Zeitinger. “According to our observations the Albanian Lek is the most stable currency in the last 18 years”, exposed the Director of the Supervising Board of ProCredit Bank.
According to Zeitinger, Albania and Kosovo (Kosovo) have shown a stronger resistance to the crisis compared to the other countries in the region.
These assertions come shortly after the Governor of the Bank of Albania (BoA) and a number of specialists on monetary issues commented on the overall and historic stability of the Albanian currency and saw perspectives of reinforcement of the Albanian Lek. Two weeks ago the exchange market in Albania registered a Lek-slide in exchanges with the European currency, one Euro equal to over 140 Albanian Lek. Earlier, the Prime Minister of Albania had declared that Albania should progressively adopt the Euro and use the European currency in its national market.
ProCredit boasts a presence of 14 years in Albania, first as a crediting foundation and then as a licensed bank from 1999. Marking its 10th anniversary as a licensed bank in Albania, ProCredit is depicted by the Albanian press as one of the first licensed banks in the country.
Its shareholders are ProCredit Holding AG and Commerzbank AG. The bank is present in 22 countries. At the close of last year (31.12.2008) ProCredit Bank counted over 143,000 clients in Albania.
Twenty years ago Albania was a communist state with limited economic and banking activity. No free enterprise initiatives were encouraged or allowed in the country and private ownership was discouraged and practically banned.