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Romania CurrencyRomania Currency Converter - Currency Exchange RateWhat is the unit of money in Romania?Currency in Romania: Romanian New Leu (RON) The Romanian Leu (plural: lei; ISO 4217 code RON) is the national currency of Romania. One leu is subdivided into 100 bani (singular: ban). The leu was established in 1880 by the National Bank of Romania / BANCA NAŢIONALĂ A ROMÂNIEI (BNR). On 1 July 2005, Romania had a currency reform, redenominated its currency; Romania switched from the old leu (ROL) to the new leu (RON). 1 RON = 10,000 ROL. Exchange rate from Romanian Leu to other major currencies
The New Romanian LeuOn July 1, 2005, Romania introduced its new redenominated currency, the new leu (code: RON), which is valued at 10,000 old lei (code: ROL). The process, which is known as redenomination, started in March 2005 when Romania started dual-currency display and all prices had to be displayed in both the old leu and the new leu. Starting from 1 July 2005, the first notes and coins of the new leu became legal tender, and the new leu became the official currency of Romania. The redenomination (or conversion from the old to the new leu) is simple — 10,000 old lei are replaced by 1 new leu. The new leu notes and coins, introduced into circulation, circulated alongside the old lei until 31 December 2006, when the dual-currency period ends and all of the old lei are expected to be withdrawn. However, old lei can be exchanged at banks indefinitely. The new notes come into denominations of 1, 5, 10, 50, 100 and 500 new lei. The largest note of the old leu was 1,000,000 lei, or 100 new lei. The largest note of the new leu is worth 500 new lei. New leu notes will also have the same dimensions as euro notes of similar value. Additionally, they will use the same colours and design as their corresponding old leu equivalent (for example, the 100 lei note will look similar to the 1,000,000 old lei note). All notes will be printed on polymer materials. Romania was the first country in Europe to introduce polymer notes, in 1999. |
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