The Albanian money-exchange market these days resembles a powder keg which, on the other hand, could explode, shattering the lek and the dollar. Foreign currencies are sky-high. For two days now, people have been talking and thinking about currencies; Albanians are terrified by the demoralizing direction in which the exchange rates are moving. While the lek is rolling downhill, depreciating alarmingly, the U.S. dollar and other foreign currencies are climbing ever higher, becoming increasingly difficult for them to obtain. Distrust in the stability of the lek and panic over possible inflation are now spreading rapidly, accelerating the lek’s actual slide. The collapse and convulsions of the pyramid schemes are once again being recorded—like on the monitor of a patient suffering a heart attack—by the exchange-rate curves of foreign currencies against the local currency. At the end of October last year, the exchange-rate curves recorded a noticeable jump, centered on the activity of the pyramid foundations. It was precisely then that “Sudja,” “Populli” and “Xhaferri” announced that they would offer super-interest rates, reaching more than 70 percent a month on lek deposits. And many people were [cut off at the bottom of the image] tempted by such an offer. Many citizens rushed to exchange their last foreign-currency reserves for lek, so that they could then deposit them at the counters of the “magical” foundations. It was an influx of foreign currency into the market and an increase in demand for the local currency that visibly shifted the exchange-rate curves. Within a few days, the price of one U.S. dollar fell from 106 lekë to 98 lekë. Now that the pyramid schemes are collapsing, currency charts—and economic indicators generally—are trembling like earthquake seismographs, recording the reversal of exchange-rate relationships. Now it is the foreign currencies that are dangerously triumphant. In just two days, the exchange rate between the lek and the U.S. dollar has changed by 9 lekë in favor of the latter. One dollar was being bought by money changers on the capital’s free market for 120 lekë. They say that demand for dollars is growing in parallel with the shrinking supply of these foreign currencies. And it seems there are five reasons: a) the coming days themselves are frightening people and thus fueling a spiral based on inflation. Around 30 billion lekë are blocked in the foundations’ banks and are expected to be returned to the public. But it is precisely the restoration of this legal right that is frightening people, making banks seem like dams that could burst and flood the economy with Albanian currency. Every day, more people rush to protect the value of their money by turning to expensive foreign currencies, anticipating the catastrophic economic consequences of the 30 billion. But will it really be like that? Let us hope that the Government will be able to put financial mechanisms and interest rates into action that will make people willingly say at the counters: “I want to keep my money on deposit.”

Berisha also proposes savings passbooks Prosecutor’s Office: “Anyone who has received one like this will no longer get anything” The President: “This is how we curb inflation.” Kopliku: “It must be done even faster” On page 3 The Prosecutor’s Office distributes the documentation in the districts. “The money will be withdrawn only by means of a payment order” On page 2

Lushnje, 70 people in cells. Measures also in Korçë LUSHNJE — Around 70 people have now ended up in the cells of the Lushnje Police Commissariat to answer for the massive destruction carried out in the city. The wave of justice now striking the unprecedented violence has swept through several cities. Numerous detentions have also been made in Korçë. Meanwhile, in Tirana yesterday, the court placed four more people under arrest, caught in the act on Sunday as they were firing at the police. On page 2 From the protests in Lushnje (Photo: P. Ilo)

BERAT . On page 2.

FIER

Kamberi’s counters were closed again yesterday Alimuçaj’s company no longer pays interest in foreign currency . Vefa is making new changes at its counters. Interest payments are now made in lek, rather than in foreign currency. Applying an approximate, though not entirely accurate, rate in line with the exchange market, Alimuçaj’s company now pays only in lek. Meanwhile, Kamberi, which has recently been coordinating its actions with Vefa, has not opened its counters at all for two days. The explanation is that it is facing difficulties with the banks. On page 3. Vefa headquarters; the president of the “Kamberi” company

. On page 2.

. “Civil society is being undermined.” TIRANA – “The violence against the painter and publicist Edi Rama is political.” The “Sorros” Foundation in Tirana yesterday expressed its deep concern about the situation in Albania and criticized the silence of the responsible authorities and the official media regarding Rama’s brutal assault. According to the foundation’s statement, the recent events in the country constitute a direct violation of the principles of civil society itself and put its achievements to date at risk. “We express our deepest concern over the cases of violence, destruction and intolerance that have manifested themselves across almost the entire country, as well as their recurrence on a scale that poses a danger to a society that is not yet consolidated and is unaccustomed to the humane respect for civic and institutional duties and rights.” According to the Sorros Foundation’s statement, a way out of the crisis must be found by relying on the principles of civil society and in a spirit of tolerance and dialogue. In its statement, the Sorros Foundation expressed deep concern over the lack of objectivity displayed by some media outlets, especially RTV.

. Protest against the pyramid schemes today. GJIROKASTER – “Provocateurs should be kept away and the police should not use violence during today’s rally.” Yesterday, at an expanded meeting with the city’s local authorities and political parties, Vladimir Qirjaku, chairman of the AD in Gjirokaster, promised that today’s rally by the citizens of Gjirokaster would be peaceful and free of excesses. Local parties have protested against the police, which did not allow them to demonstrate in the city’s main square against the violence surrounding money in the pyramid schemes, and have asked the police to remain calm. “The government’s promise to begin distributing the money on February 5 must be kept,” all the local party leaders demanded, citing statements by the Meksi cabinet; they also promised a peaceful rally today. At the same time, they called for all those who carried out the activities of the pyramid foundations, Xhaferri and Populli, to be held legally accountable, convinced that they have identifiable names. The two foundations arrived in Gjirokaster in September last year, and citizens have been unable to receive any percentage of their money. Ni. Ba.

Kola’s initiative. The Forum for Democracy is born Initiative by Kola. The Forum for Democracy is born. A new political roundtable: seven parties “unite.” TIRANA – The Forum for Democracy is born. Albanian parties form a new political alliance. An agreement to resolve Albania’s usury crisis has been signed by seven right-wing, centrist and left-wing political forces, as well as by Kurt Kola’s “The Persecuted.” The DP, Balli Kombëtar, Mëlosi’s party and the Republicans declined the invitation; the Republicans did not sign. Resignation of the government, formation of a cabinet of experts, and a coalition to oversee the government’s pensions and the people’s money in the rentier firms. On page 4. Two people at the new political parties’ roundtable (Photo: P. Ilo)

SPORTS NEWSPAPER. Usury schemes block football again. On pages 5–8.

More than 290 experts are working on the documents concerning the pyramid schemes. Lists at the foundations’ counters