Румынский лей: история и ревальвация валюты

Currency of Romania

The Romanian leu (, plural lei ; ISO code: RON; numeric code: 946) is the currency of Romania. It is subdivided into 100 bani (, singular: ban ), a word that means both "money" and "coin" in the Romanian language.

The name of the currency means "lion", and is derived from the Dutch thaler (leeuwendaalder "lion thaler/dollar"). The Dutch leeuwendaalder was imitated in several German and Italian cities. These coins circulated in Romania, Moldova and Bulgaria and gave their name to their respective currencies: the Romanian leu, the Moldovan leu and the Bulgarian lev.

In 1860, the Domnitor Alexandru Ioan Cuza attempted to create a national românul ("the Romanian") and the romanat; however, the project was not approved by the Ottoman Empire. and the National Bank issued a new leu, which was worth 20,000 old lei.

A revaluation ("Great stabilization", marea stabilizare) took place on 15 August 1947, replacing the old leu at a rate of 20,000 old lei = 1 stabilized leu. from January (when the Turkish lira dropped six zeros) to July 2005. However, the 1,000,000 lei banknote was not the highest Romanian denomination ever; a 5,000,000 lei note had been issued in 1947.

On 1 July 2005, the leu was revalued at the rate of 10,000 "old" lei (ROL) for one "new" leu (RON), thus psychologically bringing the purchasing power of the leu back in line with those of other major Western currencies. The term chosen for the action was "denominare", similar to the English term "redenomination". The adjustment was a difficult one for shoppers and many ATMs were inoperable and in need of reprogramming. The old ROL currency banknotes remained in circulation until 31 December 2006 (coins remained in circulation only until 31 December 2005), but all accounts were converted starting 1 July 2005. There is no conversion time limit between the currencies. Retailers had to display prices in both old and new currency from 1 March 2005 until 30 June 2006. The appreciation of the leu during 2005 was about 20% against a basket of major currencies. As of 2006, the revaluation was a potential source of confusion, especially to visitors, since both old and new currency values were commonly quoted. When written, the very large amounts in old currency are usually obvious, but in speaking inhabitants might refer to an amount of 5 new lei as simply "fifty" in reference to its value of 50,000 old lei. As of 2020, it is still common to call 100 lei "un milion" or one million and 500 lei "cinci milioane" or five million.

In 2014, Romania's Convergence Report set a target date of 1 January 2019 for euro adoption. In April 2014, Romania had met four out of the seven criteria for accession to the Eurozone. In recent years, however, Romania had made step backs regarding the adopting of the euro; the 2020 Convergence Report concluded that Romania does not meet any of the four economic criteria necessary for this process. In February 2021, then Prime Minister Florin Cîțu stated that Romania could join the Eurozone in 2027 or 2028, although Romanian economist Florin Georgescu announced in December 2021 that this date had been delayed to 2029.

The size and composition of coins changed frequently after the introduction of the currency.

In 1867, copper 1, 2, 5 and 10 bani were issued, with gold 20 lei (known as poli after the French Napoleons) first minted the next year. These were followed, between 1870 and 1873, by silver 50 bani, 1 and 2 lei. Silver 5 lei were added in 1880. Uniquely, the 1867 issue used the spelling 1 banu rather than 1 ban. In 1900, cupronickel 5, 10, and 20 ban coins were introduced, with holed versions following in 1905. The production of coins ceased in 1914, recommencing in 1921 with aluminum 25 and 50 ban pieces. Cupronickel 1 and 2 lei coins were introduced in 1924, followed by nickel brass 5, 10, and 20 lei in 1930. In 1932, silver 100 lei coins were issued. However, inflation meant that in 1935, smaller silver 250 lei coins were introduced with nickel 100 lei coins being issued in 1936, followed by nickel 50 lei in 1937. In 1941 and 1942, zinc 2, 5, and 20 lei coins were introduced, together with silver 200 and 500 lei. Nickel clad steel 100 lei followed in 1943, with brass 200, and 500 lei issued in 1945. In 1946 and 1947, postwar inflation brought the exchange rate even lower, and a new coinage was issued consisting of aluminum 500 lei, brass 2,000, and 10,000 lei, and silver 25,000, and 100,000 lei.

Coins were issued in 1947 after the revaluation in denominations of 50 bani, 1, 2, and 5 lei and depicted the portrait of King Michael I. This coin series was brief, preceded by the king's abdication less than a year later and replaced following the establishment of communist administration in Romania in 1948, reissued gradually in denominations of 1, 2, 5, and 20 lei in nickel brass alloy, and later in aluminum. All second leu coins were discontinued and devalued in late 1952.

Coins were first issued in 1952 in denominations of 1, 3, 5, 10, 25, and 50 bani, with aluminum bronze for 1, 3, and 5 bani, and cupronickel for 10, 25, and 50 bani. These coins featured the state arms and name "Republica Populara Româna". In 1960, a new series of coins was issued in denominations of 5, 15, & 25 bani and 1 and 3 lei struck in nickel plated steel. Starting in 1966, the name on all coins was changed to "Republica Socialista Romania" following the ascent of Nicolae Ceaușescu, though all pre 1966 coins of these denominations remained valid. In 1975, the composition of 5 and 15 ban coins was changed to aluminum, and the 25 bani followed suit in 1982. In 1978, an aluminum 5 leu coin was introduced. These denominations remained in use until 1991, particularly the 5 lei, following the lifting of state mandated exchange rates and price controls. In 1991, a new coin series with post communist iconography and new valuations was released in denominations of 1, 5, 10, 20, 50, and 100 lei. These coins gradually lost value with inflation, and a new series was introduced in 1998 with an aluminum magnesium alloy 500 leu and 1,000 and 5,000 leu coins in 2000.

The coins that are currently in circulation are one ban, made of brass plated steel; five bani, made of copper plated steel; ten bani in nickel plated steel; and fifty bani in nickel brass. These were first introduced into circulation in 2005 with the fourth revaluation and are all currently valid. There are six 50 bani commemorative circulating coins made in 2010, 2011, 2012, 2014, 2015 and 2016. The current coins of the Romanian leu are by any objective standards of functional austere design, surpassing in lack of decoration even the plainest Communist era predecessors. The one ban coin was rarely seen and not in demand by either banks or many retailers; the 'situation' has changed and the coin is not uncommonly found (as of 2015). Supermarkets continue habitually to advertise prices such as 9.99 (lei), and frequently price goods to the precise ban such as 9,47; indeed, as of 2014, very few of the prices displayed at the Carrefour online site (for example) display prices to the nearest 5 or 10 bani. In practice, many retailers round totals to the nearest 5 or 10 bani for cash payments, or even whole leu, although (inter)national supermarket chains generally give exact change. For card payments the exact amount (not rounded) is always charged. The reversion to single ban pricing (and change giving) is perhaps due to the (effective) government drive for shops/businesses to give a receipt, an accurate bon fiscal (to avoid tax evasion) for every transaction. Official notices must be prominently displayed in all shops/restaurants that an accurate receipt must be given.

In 1947, the Ministry of Finance introduced 20 lei notes and Banca Națională a României introduced 100, 500 and 1,000 lei notes. In 1949, Banca Republicii Populare Române took over the production of paper money and issued 500 and 1,000 lei notes.

In 2005, polymer notes were introduced for 1 leu, 5, 10, 50, 100 and notes were added in 2006. The designs of the 1 leu, 5, 10, 50, and notes are based on those of the earlier 10,000, 50,000, 100,000, 500,000, and 1,000,000 leu notes which they replaced. The note was redesigned in November 2008 (most of the graphic elements are identical, some of the safety elements were changed, making its safety features similar to the lower valued notes for 1 leu and ). The highest value coin (in general circulation) is 50 bani (around 15 cents US or 9 pence sterling); the 1 leu note (there is no coin) has, therefore, a value of (approximately) 25 cents US or 18 pence sterling, or around 23 euro cents. In preparation for Romania joining the Eurozone, banknotes of the fourth leu are of equal size to Euro banknotes. The banknote was introduced by the National Bank of Romania in November 2021.