The Governor of the Bank of Albania, Kristaq Luniku, on the new issue of the national currency A messenger of hope for Albanians More and more, the results of the democratic reforms and of the economic and financial policy pursued by the Government and the Bank of Albania are becoming present and more evident on the stage of the country’s economic developments and its monetary system. One of the developments brought about by the investment in the Albanian lek is the circulation of new banknotes and Albanian metal coins. To acquaint readers with the scale and importance of this investment, the technology that was followed, the prospects of this monetary circulation, etc., we conducted this interview with the Governor of the Bank of Albania, Mr. Kristaq Luniku. Question: How does the circulation of the national currency look after the economic and financial reforms of recent years? Kristaq Luniku: Monetary circulation has increasingly been stabilizing and the indicators are positive. Significant improvements have been made in the structure of money, in its use, in the relations between money held by the public and bank deposits, as well as in strengthening the national currency. These developments have come as a result of prudent monetary and fiscal policies. New banknotes and metal coins have been introduced into circulation, which represent not only a technical necessity, but also a qualitative step in consolidating our monetary system. They have security features and national symbolism, and they better meet the needs of the market economy. The Bank of Albania has carefully followed modern standards for issuing the new denominations, both in terms of production quality and protection against counterfeiting. This means that the public has greater confidence in the national currency and in financial institutions. Our goal is for the lek to be a stable instrument of exchange, savings and payments, in line with the country’s economic growth and financial stability.

Interview with President Rugova given to the French newspaper “Figaro” I do not want displacement, but because of it we have suffered as a minority. I believe that only a peaceful agreement between the parties in Kosovo can neutralize all disputes, and that economic arrangements would benefit the Serbs and their interests.

Page 2 1996 issue of national coins The Bank of Albania began issuing Albanian metal coins as early as the end of October 1995. The first coins issued were those in the denominations of 5, 10 and 20 lek, with the year of issue 1995. The purpose of issuing such legal-tender coins is to replace the existing banknotes in the 5, 10 and 20 lek denominations, and gradually the current small-denomination 50 and 100 lek banknotes will also be replaced by new metal coins. Under conditions of low inflation and economic stabilization, and considering the very long average lifespan of metal coins compared with banknotes, they are more economical. To meet the monetary circulation needs for 1997, the banknotes and coins will be put into circulation in the first half of this year at a level of 75 percent, and only the portion corresponding to their wear and tear will be replaced with new emissions in exchange. The coin values will be 5, 10, 20, 50 and 100 lek. The release of the new denominations into circulation is planned to take place during 1997 in both metal coin and banknote form. Part of these denominations will gradually remove the old ones from circulation. Specialized houses abroad have been contracted to produce the coins, and they have been asked to meet high standards of quality, security and durability.

With the cartoonist Medi Belortaja Ulcinj Prize at the 17th International Cartoon Exhibition, Yomul, Tokyo, Japan - 1996 Golden Prize at the 5th International Cartoon Exhibition “Jo Stijl”, South Cartoon - 1995 Second Prize at the 2nd International Cartoon Exhibition, Karpi, Italy - 1996 Ulcinj Prize at the 17th International Cartoon Exhibition, Yomul, Tokyo, Japan - 1996 Sense Prize at the 3rd International Cartoon and Humor Cartoon Contest, Ankara, Turkey - 1996 Page 6

Interview with Mr. Ridvan Bode, Minister of Finance It is absolutely true that our fiscal policy is an excessively soft policy, not to say one of the past population... It is absolutely true that our fiscal policy is an excessively soft policy, not to say one of the past population. To avoid a formalization of the population’s investments from being diverted into investments and the withdrawal of banks and foreign investments, the government has discussed stimulating domestic investment. In order to improve this situation, we named and invested in domestic investment, to save formalized investments and for investments to move into the free market economy. We are convinced about foreign investment. We are also driven by the movements of monetary circulation, and the economy is in private hands; there is also one of the possible issues from these all possible economic and legal opportunities for them to develop their private economic activity in Albania. Page 3

Congratulations on the election of Adem Demaçi as chairman of the Parliamentary Party of Kosovo

Portuni pe demaskuar intervenimet per denacionalizim komunistar