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Romania's national currency is the leu / RON.After Romania joined the European Union (EU) in 2007, the country became required to replace the leu with the euro once it meets all four euro convergence criteria, as stated in article 140 of the Treaty on the Functioning of the European Union. [1]
The Romanian leu was briefly the world's least valued currency unit, [8] from January (when the Turkish lira dropped six zeros) to July 2005. However, the 1,000,000 lei banknote was not the highest Romanian denomination ever; a 5,000,000 lei note had been issued in 1947. [citation needed]
Denmark is the only EU member state which has been granted an exemption from using the euro. [1] Czechia, Hungary, Poland, Romania and Sweden have not adopted the Euro either, although unlike Denmark, they have not formally opted out; instead, they fail to meet the ERM II (Exchange Rate Mechanism) which results in the non-use of the Euro.
The leu notes issued on 1 July 2005 are of equal size to euro banknotes, so that machines will need less refitting once Romania joins the euro zone. This decision was taken after a lot of debate, and with some opposition, the initial decision being to make them even smaller, similar to the 1966 series.
On 1 July 2005, Romania underwent a currency reform, switching from the previous leu (ROL) to a new leu (RON). 1 RON is equal to 10,000 ROL. Romania joined the European Union on 1 January 2007 and initially hoped to adopt the euro in 2014, [ 79 ] but with the deepening of the Euro crisis and with its own problems, such as a low workforce ...
The banknote was designed by the Romanian artist Nicolae Săftoiu , who is credited with all Romanian banknote designs from the 1989 Revolution until his death in 2017. [2] In observance of the coming millennium, the obverse of the note displays a rendering of the Solar System viewed from afar, showing all of the planets revolving around the Sun .
The one hundred lei banknote is one of the circulating denomination of the Romanian leu. It is the same size as the 2002 series 100 Euro banknote . The main color of the banknote is blue.
The euro is the result of the European Union's project for economic and monetary union that came fully into being on 1 January 2002 and it is now the currency used by the majority of the European Union's member states, with all but Denmark (which has an opt-out in the EU treaties) bound to adopt it.