Denomination - 100 Days to RON

The final countdown has commenced. There are only 100 days left until the Romanians will be able to touch the new national currency, the new leu. Until then, we still have time to adapt to the prices of one or two figures.

23 days ago we started to take mathematics lessons. The merchants show the prices of their products and services in the old as well as in the new currency. Until now, the people lived the shock of the one or two figured prices, and they will be able to use the new currency for payments from the 1st of July.

The national currency redenomination is a simple money-exchange operation. Under the slogan "Everything gets simpler", all the present coins and banknotes will be replaced by new, plastic-made ones.

SECRET Until now, the information regarding the new coins and banknotes has been seriously kept in secret by the National Bank of Romania (NBR). However, the central bank has promised that, on the 20th of April, the mystery will be solved. Even though the new banknotes will be printed on polymer support, that can hardly be imitated, the NBR representatives say they have delayed the presentation of the banknotes as much as possible for them not to be falsified.

CHARACTERISTICS Theoretically, people know that the banknote that has now written on it 10,000 lei (ROL) will be equivalent to the new banknote valuing 1 new leu (RON). It will have a similar graphical appearance and the same colors as the ones in the present, in order for it to be easily identified and recognized. Moving forward, the 5 new lei (RON) banknote will correspond to the present 50,000 lei (ROL), the 100,000 lei (ROL) bill will transform into the 10 new lei (RON) bill, the 500,000 old lei (ROL) bill will value 50 new lei (RON), and the million will be represented by the 100 new lei (RON) bill. Using the same scenario as for the 1 new leu bill, the new banknotes will be printed on a polymer-made surface and will keep the color and the appearance of the old ones. The size will differ, and it will be similar to the one of the euro bills. NBR says this is the first step to adopting euro as national currency, which is estimated to take place sometime after 2014. A new bill valuing 500 new lei will be issued on the market, and it will have Mihai Eminescu portrait printed on it. The 1 ban coin, which the Constitution defines as the national currency’s subdivision, will be issued again and it will be equivalent to 100 old lei. The 500 old lei coin will transform into the 5 bani coin, the 1,000 one will become the 10 new bani coin and the 5,000 one will transform into the 50 new bani coin.

TERMS Money doesn’t lose their value, regardless of the way one keeps it (with you or in the banks). So, you won’t have to rush into changing them. The Cenatral Bank intends to exchange the money for a non-limited period of time.

VALUABLE "The 500 lei banknote will be more sophisticated, with all the safety elements imposed by a bill of great value" - Mugur Isarescu, the NBR governor.

THE DENOMINATION STEPS

March 22nd, 2005 - June 30th, 2006 - the double display of the prices, in the old currency (ROL) as well as in the new currency (RON);

July 1st, 2005 - the release of the new currency (RON);

July 1st, 2005 - December 31st, 2006 - the parallel circulation of the two currencies;

January 1st, 2007 - the cease of the circulation power for the old currency (ROL);

January 1st, 2007 - the exchange of the old currency (ROL) for a non-limited period of time, this is an operation with the status of legislative proposal forwarded by NBR to the Romanian Parliament.

Translation : SORIN BALAN