The National Historical Museum today commemorated October 4, 1913, the date of the establishment of the Bank of Albania.

After nearly five centuries of subjugation, the Albanian people declared their national independence. This marked a significant turning point in their history, which held great importance for the rapid political, economic, and social development of the country. Despite the extremely challenging circumstances, the Provisional Government led by Ismail Qemali implemented a series of measures to consolidate the new Albanian state. The economic policy of Ismail Qemali’s government aimed to support the nascent Albanian entrepreneurship. In this context, collaboration with powerful Western nations was crucial for the establishment of the Bank of Albania.

On October 4, 1913, the agreement of Ismail Qemali’s government to create the Bank of Albania was finalized with Karol Pitner and Oskar Pollak, representatives of the Wienner Bank Verein, operating on behalf of the Austro-Hungarian banking group, and with Pietro Fenolio and Guido Ansbaher, representatives of the Banca Commerciale Italiana, acting on behalf of the Italian banking group.

“I proudly state that the work of the Bank for Albania is a second gain, after freedom, both economically and politically,” declared Ismail Qemali in a speech delivered in Vlorë.

However, the bank operated for a very short time—not due to the fault of the Albanian government, but because of the political developments that unfolded with the outbreak of the Balkan Wars and World War I.

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