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Alexander the Great on the first Albanian 1 Lek coin. The lek was introduced as the first Albanian currency in February 1926. [2] Before then, Albania was a country without a currency, adhering to a gold standard for the fixation of commercial values. Before the First World War, the Ottoman Turkish piastre was in full circulation
In this period, there is also an increase in the interest of foreign capital for the Albanian economy and natural resources, especially for oil, bitumen, iron, copper, forests, etc. In Albania, at this time there were 50-100 million gold francs monetized. According to the data, the amount of foreign trade liabilities was equal to 64,574 gold ...
In November 1913, the Albanian pro-Ottoman forces had offered the throne of Albania to the Ottoman war minister of Albanian origin, Ahmed Izzet Pasha. [81] The pro-Ottoman peasants believed that the new regime was a tool of the six Christian Great Powers and local landowners, who owned half of the arable land. [82]
Second Balkan War: The Treaty of Bucharest ended the war and recognized an independent Albanian state ruled by a constitutional monarchy. 1914: March: William, Prince of Albania, of Wied was installed as head of the new Principality of Albania by the International Commission of Control. September: World War I: The new Albanian state collapsed ...
The economy of Albania went through a process of transition from a centralized economy to a market-based economy on the principles of the free market.. Albania's economy is based on the service (54.1%), agriculture (21.7%), and industrial (24.2%) sectors. [5]
Albania has an embassy in Madrid, and Spain has an embassy in Tirana. The countries are both members of the North Atlantic Treaty Organization, the Organization for Security and Co-operation in Europe, and the Union for the Mediterranean. Spain does not recognize Kosovo as a sovereign state, which has led Albania to distance itself. Spain is ...
Italian capital was allowed to dominate the Albanian economy. [30] As a result, Italian companies were allowed to hold monopolies in the exploitation of Albanian natural resources. [30] All petroleum resources in Albania went through Agip, Italy's state petroleum company. [31] Albania followed Italy into war against Britain and France on June ...
The Principality of Albania survived invasions during World War I (1914—1918) and subsequent disputes over Albanian independence during the Paris Peace Conference (1919—1920). In 1925, the monarchy was abolished and the Albanian Republic (1925—1928), a parliamentary republic and dictatorship , was declared.