Moldovan Leu

The Moldovan Leu is the currency of Moldova. It was introduced on 29 November 1993, after the collapse of the Soviet Union, replacing the Soviet ruble at a rate of 1 leu = 1,000 rubles. The leu is subdivided into 100 bani (singular: ban). The name of the currency originates from a Romanian word meaning "a lion", and is similar to the Romanian Leu. The Moldovan Leu was preceded by the Soviet ruble. The Moldovan Leu is issued by the National Bank of Moldova. It is pegged to the Euro at a rate of 1 EUR = 19.3708 MDL. Moldova has had a difficult economic transition since the collapse of the Soviet Union in 1991. It is one of the poorest countries in Europe with an average monthly wage of only about $US 200. The economy has been further hurt by a prolonged dispute with Russia over the Transnistria region, which has hindered foreign investment. However, the economy has shown signs of improvement in recent years. GDP growth was 4.5% in 2016, and the inflation rate is low. The country has also been working toward closer integration with the European Union, which it hopes will bring more investment and help to boost the economy.