Moldova’s Currency
Moldova is a small country located in Eastern Europe. Like most countries, Moldova has its own currency. The national currency of Moldova is the Moldovan leu, which is abbreviated as MDL. The Moldovan leu is used for all transactions within the country, including purchases, payments, and salaries. In this article, we will explore the history of Moldova’s currency, its current form, and how visitors can exchange money and use credit and debit cards during their stay.
The History of Moldova’s Currency
Moldova’s currency has a long and interesting history. Before Moldova became an independent country, it was part of the Soviet Union. During this time, the Soviet ruble was the official currency. However, when Moldova gained independence in 1991, it needed to establish its own currency.
The First Moldovan Leu
In 1992, the first Moldovan leu was introduced. It replaced the Soviet ruble and was initially valued at 1 leu to 100 rubles. The first Moldovan leu was made up of coins and banknotes, and it was in use until 2005.
The Second Moldovan Leu
In 2005, a new version of the Moldovan leu was introduced. This currency was redesigned with new security features to combat counterfeiting. The second Moldovan leu is still in use today and is divided into 100 bani. Coins are available in denominations of 1, 5, 10, 25, and 50 bani, while banknotes come in denominations of 1, 5, 10, 20, 50, 100, 200, 500, and 1,000 lei.
The Transnistrian Ruble
It is worth noting that there is a breakaway region in Moldova called Transnistria that has its own currency. The Transnistrian ruble is not recognized by the international community, but it is in use within the region. Visitors to Transnistria will need to exchange their Moldovan lei for Transnistrian rubles if they plan to make purchases there.
Moldova’s Current Currency: The Moldovan Leu
As mentioned earlier, the current currency of Moldova is the Moldovan leu. It is used for all transactions within Moldova. Visitors to the country will need to exchange their own currency for Moldovan lei in order to make purchases.
Moldova’s Exchange Rate
The exchange rate for Moldovan lei varies depending on the country and the exchange method. Visitors can exchange money at banks, exchange offices, and some hotels. The exchange rate is typically better at banks and exchange offices compared to hotels. It is important to shop around for the best exchange rate before making a transaction.
Moldova’s Banknotes
The current Moldovan leu banknotes are colorful and depict various historical and cultural figures. The front of each note features a prominent figure, while the back showcases a landmark or monument related to that figure. For example, the 20 lei note features a portrait of Stephen the Great, a famous Moldovan ruler, and the back shows the Stephen the Great Monument in Chisinau.
Using Credit and Debit Cards in Moldova
Credit and debit cards are accepted in some shops and restaurants in Moldova, but visitors should not rely solely on them. It is recommended to carry some cash for small purchases and to use credit or debit cards for larger transactions. Visitors should also inform their bank about their travel plans to avoid any issues with their card being blocked.
Currency Exchange in Moldova
Visitors can exchange their currency for Moldovan lei at banks, exchange offices, and some hotels. It is important to compare rates before making a transaction to ensure the best exchange rate. ATMs are also available throughout Moldova, but visitors should check with their bank about any fees or restrictions for using foreign ATMs.
Travel Tips for Foreigners in Moldova
When traveling to Moldova, visitors should carry some cash in the local currency, as not all shops and restaurants accept credit and debit cards. Visitors should also be aware of the exchange rate and shop around for the best rates before making a transaction. It is also recommended to inform one’s bank about travel plans and to be prepared to pay in cash for taxis and public transportation.
Conclusion: Currency in Moldova
Moldova’s currency has a rich history, from the Soviet ruble to the Moldovan leu. Visitors to the country should be aware of the exchange rate and be prepared to carry cash for small purchases. Credit and debit cards are accepted in some places, but not all, so it is wise to carry some cash as a backup. With these tips in mind, visitors can enjoy their time in Moldova without any currency-related issues.
