The Moldovan leu
Currency · MDL · 1 country
The National Bank of Moldova put the leu into circulation on 29 November 1993, replacing the provisional coupon and the Russian ruble at 1,000 to one. Moldova marks the date each year as National Currency Day. The name means lion, the leu divides into 100 bani, and the breakaway region of Transnistria uses a ruble of its own.
No sign of its own
The leu has no sign of its own. Amounts are written with the code or the word after the figure, as in 50 MDL or 20 lei on the entrance fees of the National Museum of History, and some references abbreviate it L. Lei is the plural; the hundredth is the ban, plural bani.
- ISO code
- MDL
- ISO number
- 498
- Subunit
- ban, 1/100
An amount, written out
MDL 1,234.50
- MDL 1,234.50English
- 1.234,50 LRomanianMoldova
In English the code comes before the amount. Where the Moldovan leu is used, it comes after the amount in Moldova.
Where the Moldovan leu is the official currency
Moldova uses it across the country apart from Transnistria, whose own ruble Moldova and other states do not honour.
About the Moldovan leu
What Moldova paid with before the leu
Independence came with heavy inflation. Food and other goods ran short, and the republic got by on a series of temporary money units. Early in 1991 the National Bank and the government issued consumer's cards, black and white and colour coupons meant to shield the Moldovan SSR's shops. On 2 June 1992 came coupons worth their face value in Soviet rubles, in values up to 5,000.
A 5 lei coupon followed on 20 September 1993, equal to 5,000 coupon rubles, and it was one of the first three leu designs by the artist Gheorghe Vrabie, who went on to design the country's notes and coins. Presidential decree no. 200 of 24 November 1993 introduced the national currency, and the leu went into circulation five days later.
Who issues the leu and answers for it
The National Bank of Moldova holds the exclusive right to issue notes and coins as legal tender in the country, commemorative pieces included. The law makes it an autonomous public body. It answers to Parliament and takes no instructions from other authorities. Speaking at the thirtieth anniversary in 2023, the bank's governor called the leu's introduction the first step toward a market economy and the first expression of an independent monetary policy.
Why the currency is called a lion
Leu means lion. The name goes back to the Dutch leeuwendaalder, the lion thaler, which German and Italian cities copied. Those coins circulated across Moldova, Romania and Bulgaria and left their name on the Moldovan leu, the Romanian leu and the Bulgarian lev. Between 1918 and 1940, and again from 1941 to 1944, the territory used the Romanian leu.
How the coins changed after the first series
The bank's first coins, in November 1993, were mostly small and made of aluminium, from 1 ban to 5 lei. The 1 and 5 lei coins were forged so often that the bank withdrew them in 1994. A brass-plated steel 50 bani with a reeded edge replaced the aluminium one on 2 February 1998. The 1 ban is still legal tender but rarely seen, so cash totals get rounded.
Lei coins returned on 28 February 2018, 1 and 2 lei in nickel-plated steel and 5 and 10 lei bimetallic, after the bank argued that coins last longer and cost less over time than notes. Most Moldovan coins are struck at the Monetăria Statului, Romania's state mint.
What every banknote carries
Every note since the first series has shown Ștefan cel Mare, prince of Moldavia from 1457 to 1504, on the front, with the opening lines of the Miorița ballad in a white circle. No other person appears on them. The backs of the second series show Trajan's Column and the Endless Column. The notes went without intaglio printing until 2015, when the bank added it, with embossing, to the 10 to 500 lei notes; the 1,000 lei note kept its original design.
Where the leu does not circulate
Transnistria, a breakaway region that is internationally recognised as part of Moldova, uses the Transnistrian ruble, which Moldova and other states do not honour. In May 2019 the head of the National Bank described acceptance of the leu in Transnistria as a precondition for bringing the region into the Moldovan banking system.
Common questions
Questions about the Moldovan leu
What does leu mean in Moldovan money?
Lion. The word comes from the Dutch leeuwendaalder, a silver coin with a lion that German and Italian cities imitated and that circulated in the lands of present-day Moldova, Romania and Bulgaria. It gave its name to all three currencies: the Moldovan leu, the Romanian leu and the Bulgarian lev. The plural in Moldova is lei.
Is the Moldovan leu the same as the Romanian leu?
No. The Moldovan leu is a separate currency, issued by the National Bank of Moldova under the ISO code MDL. It shares with the Romanian leu the name, the plural lei and the division into 100 bani. The Romanian leu was used on Moldova's territory from 1918 to 1940 and from 1941 to 1944, and Romania's state mint strikes most Moldovan coins today.
Which money is used in Transnistria?
The Transnistrian ruble. Transnistria is a breakaway region recognised internationally as part of Moldova, and its ruble is not honoured in Moldova or in any other state. The National Bank of Moldova has described acceptance of the leu there as a precondition for bringing the region into the Moldovan banking system, a view the bank's head gave in May 2019.
Who is on Moldovan banknotes?
Ștefan cel Mare, Stephen the Great, prince of Moldavia from 1457 to 1504, appears on the front of every leu note since the first series of 1, 5 and 10 lei. He is the only person shown. The first two lines of the Miorița ballad sit beside him, and the backs of the current series show Trajan's Column and the Endless Column. Sketches of his portrait for both series came from Gheorghe Vrabie, the artist who designed the national notes and coins, and were shown at the National Museum of History for the leu's twentieth anniversary in 2013.