RON – Romanian leu
RON is the currency code for the Romanian Leu, the official currency of Romania. The code is derived from the first two letters of the word “Roman” and “Leu” (or “Lion” in English). The Romanian leu (plural: lei) has been the official currency of Romania since its adoption in 1867. The Romanian leu is subdivided into 100 bani (singular: ban). Banknotes are issued in denominations of 1, 5, 10, 50, 100, 200, 500 and 1000 lei. Coins are issued in denominations of 1, 5, 10, 50 bani and 1, 2, 5, 10 and 20 lei.
History of the RON
The Romanian leu was introduced in 1867, replacing the Austrian currency, the Austro-Hungarian gulden, at par. The leu was pegged to the French franc at a rate of 1 leu = 4.5 francs and remained pegged to the franc until the Second World War. During the war and after, Romania experienced hyperinflation which led to the leu being redenominated in 1947 at a rate of 1 new leu = 20,000 old lei. In 2005, Romania joined the European Union and the leu has been pegged to the euro since then at a rate of 3.45 lei = 1 euro.
Uses of the RON
The Romanian leu is used as a medium of exchange in Romania and is also accepted in some countries in the European Union, such as Bulgaria and Hungary. The leu is also used by some non-EU countries such as Moldova, which has a currency union with Romania.
RON Exchange Rates
The exchange rate of the Romanian leu is determined by the National Bank of Romania. The current exchange rate of the leu is available on the National Bank of Romania’s website. The exchange rate of the leu can also be found on various online currency exchange websites, such as XE.com and Oanda.com.
Conclusion
The Romanian leu is the official currency of Romania and has been in use since 1867. The leu is divided into 100 bani and is pegged to the euro at a rate of 3.45 lei = 1 euro. The exchange rate of the leu is determined by the National Bank of Romania and can be found on various online currency exchange websites.