Romanian Currency Guide and Facts

Romania uses the Romanian leu (RON) as its official currency, which is subdivided into 100 bani. The leu was introduced in 1867 and has since undergone several revaluations.

The Romanian leu is available in various denominations, including 1, 2, 5, 10, 20, 50, and 100 lei banknotes, as well as 1, 2, 5, 10, 20, and 50 bani coins.

The leu is pegged to the euro, with a fixed exchange rate, but it's not a member of the European Union's eurozone. This means you can exchange your euros for lei, but the exchange rate may fluctuate.

You can find currency exchange services at airports, banks, and currency exchange offices throughout Romania.

Related reading: Philippines Currency 100

The Romanian leu has a rich history, with four different versions introduced since 1867. The first leu was introduced in 1867 and was pegged to the value of 5 grams of 83.5% silver or 0.29032 grams of gold.

The leu has undergone several revaluations, with the most recent one being in 2005, when the old leu (ROL) was replaced by the new leu (RON) at a rate of 10,000 old leu to one new leu.

A different take: New Thailand Currency

Throughout its history, the leu has been pegged to various currencies, including the German Reichsmark, the American dollar, and the Russian ruble. The Romanian National Bank (RNB) has played a crucial role in managing the currency, issuing both lei banknotes and smaller coin denominations called bani.

The RNB introduced a new leu in 1952, which was pegged to different rates for different kinds of exchange. This led to a supply side crisis in the 1980s, which contributed to the fall of the Communist regime in 1989.

Here's a brief overview of the different leu versions:

The Romanian currency has a rich and complex history, with multiple revaluations and changes over the years. The first leu was introduced in 1867, with a bimetallic currency system that included silver and gold coins.

In 1889, Romania joined the Latin Monetary Union and adopted a gold standard, making silver coins legal tender only up to 50 lei. This led to a period where foreign gold coins were widely accepted in the country.

The leu's value fluctuated over the years, with the exchange rate pegged to various currencies, including the German Reichsmark, the American dollar, and the Russian ruble. At one point, the leu was pegged to the reichsmark at a rate of 49.50 lei to RM 1, but this fell to 59.5 lei = RM 1 in April 1941.

In 1952, another new leu was introduced, with different rates employed for different kinds of exchange. This led to a period of economic instability, including partial food rationing in 1980 and full rationing for all basic foods in 1986/87.

The leu has undergone several revaluations since 1867, with the current leu (RON) being the fourth in a series of currencies brought about through revaluations. It replaced the old Romanian leu in July 2005 at a rate of 10,000 old leu to one new leu.

Here's a brief timeline of the leu's history:

The Romanian leu has come a long way since its introduction in 1867, with multiple changes and revaluations over the years. Today, the leu is a stable currency, although it's still not pegged to the euro, which Romania is scheduled to adopt as its primary currency in 2024.

Explore further: Does Canada Have Their Own Currency

The Second leu was introduced in 1947 after a revaluation that replaced the old leu at a rate of 20,000 old lei = 1 stabilized leu.

This revaluation was part of what was called the "Great stabilization" (marea stabilizare) and had a significant impact on the middle and upper classes, who were limited to exchanging only a certain amount of old lei for the new currency.

Only about half of the 48.5 billion old lei in circulation were changed to stabilized lei, leaving many people with a large amount of now-worthless currency.

150 new lei were equivalent to 1 US dollar at the time of the revaluation.

Coins were issued in 1947 in denominations of 50 bani, 1, 2, and 5 lei, featuring the portrait of King Michael I.

This coin series was short-lived, as King Michael I abdicated less than a year later and the communist administration took over in 1948.

The second leu coins were reissued in nickel-brass alloy and later in aluminum, but all of them were discontinued and devalued in late 1952.

Romania had initially set a target date of 1 January 2019 for euro adoption, as stated in the 2014 Convergence Report. This goal was ambitious, but it didn't quite pan out.

In recent years, Romania has taken steps back from adopting the euro, and by 2020, the Convergence Report concluded that Romania no longer met any of the four economic criteria necessary for joining the Eurozone.

Romania's journey to joining the Eurozone has been a long and winding road.

In 2014, Romania's Convergence Report set a target date of 1 January 2019 for euro adoption.

It's worth noting that Romania had made significant progress in meeting the criteria for accession to the Eurozone, having met four out of the seven criteria in April 2014.

However, the 2020 Convergence Report concluded that Romania does not meet any of the four economic criteria necessary for this process.

It's clear that Romania's path to the Eurozone has been delayed, with then-Prime Minister Florin Cîțu stating that Romania could join the Eurozone in 2027 or 2028 in February 2021.

This date was later delayed to 2029 by Romanian economist Florin Georgescu in December 2021.

The Romanian new leu is not pegged to any other currency. It's worth noting that the currency is often paired with the U.S. dollar in the foreign exchange market.

The code RON is used to identify the Romanian new leu, which is the country's official national currency. Adopted in 2005, it's now set to be replaced by the euro in 2024.

The official national currency of Romania is the Romanian new leu, abbreviated as RON. The RON replaced the old leu in 2005.

Banknotes in circulation range from 10 to 500 lei, with the National Bank of Romania responsible for circulation and valuation. Banknotes are made of polymer and feature security features like transparent windows and multicolored bands.

The front of each banknote depicts an important figure from Romanian history alongside a plant, while the reverse shows an important building in Romania. For example, the 500 lei note shows poet Mihai Eminescu and lime leaves with flowers.

The fractional unit of the leu is the ban, which is minted into coins in denominations of one ban, five bani, 10 bani, and 50 bani.

Here's a breakdown of the currency denominations:

The exchange rate for euros and US dollars is communicated by the National Bank of Romania, and can be found on their website. A Euro is approximately 4.6 lei, and 1 dollar is 3.8 lei.

The Romanian leu has undergone many changes since its introduction. Banknotes were first introduced in 1877 in denominations of 5, 10, 20, 50, 100, and 500 lei.

In 1947, the Ministry of Finance introduced 20 lei notes, while Banca Națională a României introduced 100, 500, and 1,000 lei notes. This was followed by the introduction of higher denomination notes, including 5,000 lei in 1940 and 1,000,000 lei in 1947.

The current series of banknotes includes denominations from 1 to 100 lei, with the 1 leu note being the smallest denomination.

Romania introduced state notes in denominations of 5, 10, 20, 50, 100, and 500 lei in 1877.

In 1880, these notes were overstamped for issue by the Banca Națională a României, which began to issue regular notes in 1881 in denominations of 20, 100, and 1,000 lei.

The Banca Națională a României introduced 100, 500, and 1,000 lei notes in 1947, and in 1949, Banca Republicii Populare Române took over the production of paper money, issuing 500 and 1,000 lei notes.

In 1991, 500 and 1,000 leu notes were introduced, followed by 200 and 5,000 leu notes in 1992, 10,000 lei in 1994, 50,000 lei in 1996, 100,000 lei in 1998, 500,000 lei in 2000, and 1,000,000 lei in 2003.

Some of the notes in circulation at the revaluation were:

The current banknotes in circulation feature various notable figures and landmarks, including Nicolae Iorga, George Enescu, and the Cathedral of Curtea de Argeș.

In Romania, you'll find a mix of payment options, but cash is king in rural areas.

Big cities like Bucharest and Cluj-Napoca have plenty of ATMs, exchange offices, and places where you can pay with a credit card.

If you're heading to rural villages, cash is your best friend.

A little bit of cash can buy you fresh produce directly from the peasants' gardens.

Romania uses the Romanian Leu (RON) as its official currency. The Leu is subdivided into 100 bani.

The Romanian Leu is issued by the National Bank of Romania, which is responsible for managing the country's monetary policy. You can find more information about the Leu and its circulation on the Banca Națională a României website.

The exchange rate of the Leu against the US dollar fluctuates, but you can check the current rate on websites like XE.com. For example, as of my knowledge cutoff, 1 USD was equivalent to approximately 4.5 RON.

Romania plans to adopt the Euro by 2024, but for now, the Leu remains the official currency. This means that if you're traveling to Romania, you'll need to exchange your money for RON or use an ATM to withdraw local currency.

The World Bank reports that Romania's GDP (current $) is around 250 billion, and its GDP growth (annual %) has been steadily increasing over the years.