The leu--its plural is lei--is the currency of Romania, a European nation. The leu can be divided into 100 bani. Romania joined the European Union in 2007 and will begin using the euro in 2014, which will put an end to the leu.
Romania was a communist nation until the late 1980s. With the downfall of communism came an increase in inflation, which rose as high as 300 percent annually in the early 1990s. For a time the leu was the least valued currency unit in the world, running neck and neck with the Turkish lira. The Romanian government decided a change was necessary.
On July 1, 2005, the currency was ravalued, with 10,000 old lei being changed for one new leu. This changed the international currency symbol from ROL to RON. The change led to confusion among retailers, shoppers and bankers. Retailers had to show both the old and new prices for a year after the change. But as a result the RON now looks more comparable to western currencies.
As of early November 2009, one U.S. dollar ($1) could be exchanged for about 2.9 Romanian lei (RON). So one RON was worth about 34 cents. To be sure, the U.S. dollar remains more valuable than the RON, but the leu has traded at a respectable rate since the 2005 conversion. Most financial websites carry up-to-the-minute exchange rates for international currencies, including the dollar-to-leu exchange rates.
In 2009, Romania's president called the leu's level "optimal," but said that the country needs to continue receiving international aid to prop up its currency. The leu's lifespan is limited, however, as the euro will replace the leu effective Jan. 1, 2014.
Dollars can be converted to leu at major U.S. banks. In Romania, according to the country's tourism website, dollars can be exchanged at banks, international airports and larger hotels. ATMs are available in those places also, though typically not in remote areas or villages. Similarly, major credit cards such as American Express, Mastercard and Visa are accepted in large hotels, car rental companies and stores in the main cities, but they probably won't be useful away from tourist areas.
