Although Romania is an EU member state, it is not the euro but the leu that counts. The leu is divided into 100 bani. The ISO code of the Romanian leu is RON, the abbreviation is also RON, the currency symbol is L.
History of the Romanian currency
On July 1, 2005, the new leu replaced the old currency with the ISO code ROL. The exchange ratio was set at 1: 10,000. In other words, 4 zeros have been deleted.
The Romanian currency had an eventful history. In 1867, the first Romanian currency, the leu, was introduced to replace the Russian silver ruble. In the late 1940’s and 1950’s, the leu was reformed several times and the exchange rate fluctuated significantly.
In 1965 the socialist republic was proclaimed in Romania and the currency was subsequently placed under state supervision. The exchange rate was prescribed by law with the aim of consolidating foreign trade. The country was largely isolated from the West, both politically and economically. The result was that foreign currencies were not available.
With the end of real socialism and the execution of Ceausescu, monetary policy changed. The so-called old Leu (ROL) was used as the currency. The inflation rate continued to rise and so the new leu had to be introduced in 2005.
With Romania’s accession to the European Union on January 1, 2007, the Romanian government is pursuing the very ambitious goal of introducing the euro by 2014. This project could not be realized so far, we are now talking about the year 2019 to join the common currency.
Exchange into the local currency
The import and export of foreign and national currency is permitted without restrictions. Travelers entering or leaving the European Union and carrying cash worth 10,000 euros or more in other currencies are obliged to report this to customs.
Tourism experts recommend changing money either at banks or larger hotels. There are also private exchange offices. Under no circumstances should it be exchanged at private money changers on the street, as there is a high risk of fraud.
It is even easier and more serious to supply yourself with the local currency with the EC card from the ATM. Usually you can get the best exchange rate there.