Economy, Currency and Banking

The basic monetary unit of Romania is the leu (plural, lei), divided into 100 bani. The leu was devalued in October 1990, but since 1991 its value has been determined by the open market. In 1990 about 22 lei were equal to U.S.$1; by 2000 the exchange rate averaged 21,709 lei per U.S.$1. The National Bank of Romania (founded in 1880) is the country’s bank of issue; it is also responsible for managing monetary policy and supervising the financial activities of all state enterprises. A number of private banks have been founded since 1990. A Romanian stock market opened in Bucharest in June 1995.