This document discusses circulating remittances and arbitraging value. It contains photos from Albania in the 1990s and 2000s related to money changing, pyramid schemes, immigrant remittance currencies, and currency conversion thresholds. The photos and their captions provide context for analyzing how value circulates through informal money transfer networks.

1. Circulating Remittances,
Arbitraging Value
By Smoki Musaraj
Institute for Money, Technology, and Financial Inclusion
University of California, Irvine

2. Durim’s book of accounts
of deposits to the pyramid scheme, Gjallica.
Photo by Smoki Musaraj, September 2008.

3. The Moneychangers at “Kapelja,” (The Hat) Vlora,
1996
Photo credits to Peace Corps Volunteer, Robert Nagle

4. Thresholds of Value Conversion

5. Currency Display, Immigrant Remittance Currencies
Light Shop, Tirana, 2009