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Moldovan leu

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Moldovan leu

The Moldovan leu (Romanian pronunciation: [lew], plural lei [lej]; sign: L; ISO 4217 code: MDL) is the currency of Moldova. Like the Romanian leu, the Moldovan leu is subdivided into 100 bani (sg. ban). The name of the currency originates from a Romanian word which means "lion".

The name of the currency means "lion", and is derived from the Dutch thaler (leeuwendaalder "lion thaler/dollar"). The Dutch leeuwendaalder was imitated in several German and Italian cities. These coins circulated in Moldova, Romania and Bulgaria and gave their name to their respective currencies: the Moldovan leu, the Romanian leu and the Bulgarian lev.

From 1918 to 1940 and again from 1941 to 1944, Moldova was part of Romania and the Romanian leu was used in what was then the eastern part of the broader Romanian region of Moldavia (Moldova in Romanian). The Moldovan leu was established on 29 November 1993, following the collapse of the Soviet ruble and the creation of the independent Republic of Moldova. It replaced the temporary cupon and Russian ruble at a rate 1000 = 1 MDL.

In Transnistria, an unrecognized breakaway state which is internationally recognized as part of Moldova, the Transnistrian ruble is used instead. The currency is not honoured in Moldova or any other state. In May 2019, Octavian Armașu, governor of the National Bank of Moldova from 2018 to 2023, described the acceptance of the Moldovan leu in Transnistria as a prerequisite for the region's integration into the Moldovan banking system.

A first series of mostly small aluminum coins entered circulation in November 1993. A second series consisting of larger denomination coins was issued in 2018. Most Moldovan coins are minted at the Monetăria Statului in Romania.

In November 1993, the National Bank of Moldova (NBM) issued its first coins of 1, 5, 25 and 50 bani and 1 and 5 lei.

The 1 and 5 lei coins were withdrawn from circulation in 1994. Due to their low quality and relatively high nominal value, many forgeries appeared.

In April 1996, a 10 bani coin was introduced.

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