What coins do Albanians use the most? - BoS: 500 and 1000 lekëshi, the most consumed in 2024
During the past year, more banknotes have been sent to the Bank of Albania counters due to their physical damage. Banknote processing is a process carried out by the Bank of Albania to check the physical condition and authenticity of banknotes returned from circulation by commercial banks or citizens.
In 2024, the Bank of Albania processed around 94.2 million pieces of banknotes, compared to 104.5 million pieces in 2023. These banknotes were checked to verify authenticity and suitability for continued circulation.
An important indicator in this process is the "unfitness rate", which shows the percentage of banknotes that are considered unfit for circulation, due to wear or physical damage. According to the annual report of the Bank of Albania, this rate reached 21.5% in 2024, which means that about one in five banknotes was classified as unfit. This rate is higher compared to 2023, when it was 19.3%. During the year, these banknotes have been gradually replaced with new and fit banknotes.
Also, another indicator is the banknote circulation coefficient, which shows how often banknotes are returned to the Bank of Albania counters. In 2024, this coefficient was 0.6, which means that on average, a banknote was returned less than once a year to the Bank of Albania.
The circulation coefficient varies depending on the denomination of the banknote. The 500 and 1,000 Lek banknotes are recycled more than once a year, which means they are used more often in everyday transactions and are more damaged. The 200 Lek is also used more, but its polymer material makes it resistant to damage, tearing, or staining. Meanwhile, the larger denominations such as the 5,000 and 10,000 Lek have had a lower coefficient, indicating that they circulate less frequently and are often kept for savings or larger transactions.
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