The Romanian Leu (RON) is the currency of Romania. It is subdivided into 100 bani. The name of the currency originates from the old Romanian word for lion.
The first leu was introduced in 1867, replacing the Austrian currency. It was initially pegged to the French franc but eventually became linked to the Deutsche Mark after WWII.
In 2005, Romania joined the European Union and announced its intention to adopt the Euro as its currency. However, the process of meeting the multiple convergence criteria has been a long and complex process.
Currently, Romania meets virtually none of the key convergence criteria set out by the ECB. It has pushed its planned joining date back to 2029 at the earliest.
The Romanian Leu is not a currency that is widely traded on the foreign exchange market however, it is an important currency in Eastern Europe due to Romania’s comparative position with many neighbours.