The national currency reflects the history of a nation that has endured serious economic challenges, including significant depreciation in certain periods. However, it has remained stable, although it has not become a freely convertible currency.
The Moldovan Leu was put into circulation on November 29, 1993, replacing temporary coupons and Russian rubles at the rate of 1000 RUR per 1 MDL. All banknotes have practically the same design: on the front side there is a portrait of Stefan III the Great, and on the reverse side there are the sights of the cities of Moldova. The first banknotes were printed in Romania at the printing house of the National Bank. They lasted in circulation for only a few months, and then were replaced by new banknotes printed in France.
The banknotes were designed by Moldovan artist Gheorghe Vrabie, the coins of the first issue were designed by Romanian engraver Constantin Dumitrescu, whose monogram was placed on all coins, except for 1 lei and 50 bani of the new model, until 2003. The official website of the NBM uses an edited image of the 1993 coin to illustrate the 1-bani coin, on which the initials of the engraver have been erased, but in reality such coins did not exist.
The Moldovan leu has suffered several major economic blows in its history, most notably in 1998 and 2014 when there were sharp depreciations. Although the leu can be exchanged for other currencies, this process has certain limitations and is not completely free. And the circulation of the cash leu, unlike its digital counterpart, is trying to be limited.
