Albania is preparing the legal framework for the adoption of the euro as its national currency. A new draft law on the Bank of Albania, released for public consultation, includes for the first time a dedicated chapter regulating the central bank’s role once the country joins the Eurozone.
The draft stipulates that, once the euro is officially adopted as the currency of the Republic of Albania, it will replace the Albanian lek as the country’s monetary unit. The Bank of Albania will be responsible for issuing and withdrawing euro banknotes and coins in accordance with European Union legislation and the rules of the European Central Bank.
Another provision in the draft grants the Bank of Albania the authority to determine the national design of the country’s euro coins, in line with standards established by the European Union.
According to Article 91 of the draft law, the euro will become the official currency of the Republic of Albania, while the Bank of Albania will be responsible for issuing and managing it within the domestic market.
The draft legislation also sets out how Albania’s foreign exchange reserves will be managed after the country joins the Eurozone. It states that the reserves will be administered in accordance with the Treaty on the Functioning of the European Union, the Statute of the European System of Central Banks, the legal acts of the European Central Bank, and relevant EU regulations.
However, these provisions will only enter into force after Albania becomes a member of the European Union and fulfills the necessary criteria for joining the Eurozone. Currently, the euro is the official currency in 21 of the European Union’s 27 member states.
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