|
Date
|
Changes
to the exchange rate regime
|
Romania Leu per U.S. Dollar
|
| 1 February 1954 | The Romania Leu was aligned to the Ruble, resulting in an Official Rate of L6.00 per U.S. Dollar. (WCY 1984, p.646) | 6.000 |
| 1 February 1954 | The Romania Leu was aligned to the Ruble, resulting in an Official Rate of L6.00 per U.S. Dollar. (WCY 1984, p.646) | 6.000 |
| July 1957 | Following the creation of a Noncommercial Tourist and/or Support Rate, many adjustments in the exchange rate structure were made. (WCY 1984, p.646) | |
| October 1968 | The Noncommercial Support Rate of L12.00 per U.S. Dollar (100% premium) and the Tourist Rate of L15.00 per U.S. Dollar (150% premium) were abolished and merged into a new, unified Tourist/Noncommercial Rate of L18.00 per U.S. Dollar (200% premium), which until then had been the Tourist Rate for Capitalistic currencies. (WCY 1984, p.646) | |
| 15 August 1971 | Following the floating of the U.S. Dollar, the exchange rate for the Leu against the American unit remianed unchanged, thus effecting a de facto devaluation. (WCY 1984, p.646) | |
| 28 December 1971 | In the wake of the Greenback's devaluation, the Official Rate was realighed to L5.53 per U.S. Dollar, based on the Leu's unchanged gold content. The premium for Capitalistic currencies was reduced to 189.33%, changing the Tourist/Noncommercial Rate to L16.00 per U.S. Dollar. (WCY 1984, p.646) | 5.530 |
| 13 February 1973 | A Foreign Trade Settlement Coefficient Rate of L20.00 per U.S. Dollar was made applicable to certain foreign trde transactions. (WCY 1984, p.646) | |
| 2 October 1974 | The premium for Capitalistic currencies was reduced to 141.45%, resulting in a new Tourist/Noncommercial Rate of L12.00 per U.S. Dollar. (WCY 1984, p.646) | |
| 1 November 1974 | The compulsory spending of foreign currency by tourists from non-Socialist lands was introduced, requiring the daily min9mum conversion of the equivalent of US$10.00. An Accounting Rate of L20.00 per Greenback was used for payment of loans by government agencies and Romanian enterprises, whil another Accouhting Rate applied to multilateral trade with COMECON members based on L18.00 per Ruble, or L13.43 per U.S. Dollar. A Resident Travel Rate of L24.00 per U.S. Dollar existed for residents traveling to Capitalistic countries. (WCY 1984, p.646) | |
| 31 December 1974 | Tourist/Noncommercial Rate: 12.00; Commercial Rate: 20.00. | 4.970 |
| 6 March 1978 | The Official Rate was upvalued to 11.3% in terms of gold to L4.47 per Greenback. The Foreign Trade Settlement Coefficiant Rate of L20.00 per U.S. Dollar was replaced by the Commercial Rate of L18.00 per Greenback, applicable to foreign trade as well as to capital transactions with Capitalistic countries. The Accounting Rate was also revised to L18.00 per American unit. The Tourist/Noncommercial Rate remained unchanged at L12.00 per U.S. Dollar, thereby altering its premium to 168.46%. (WCY 1984, p.646) | 4.470 |
| 31 December 1978 | Tourist/Noncommercial Rate: 12.00; Commercial Rate: 18.00. | 4.470 |
| 1 January 1981 | An exchange and price reform was instituted which terminated the Accounting Rate system and established a uniform Commercial Rate (to be changed annually) for foreign trade and capital transactions with Capitalistic countries at an upvalued L15.00 per U.S. Dollar. (WCY 1984, p.646) | |
| December 1981 | The number of multiple export rates was reduced from an uncountable quantity to 29 by the end of 1981. For trade with the COMECON, 15.00 Leu were made equal to 1.00 Transferable Ruble, or L11.19 per U.S. Dollar. The Resident Travel Rate was adjusted to L22.00 per Greenback. (WCY 1984, p.646) | |
| 31 December 1981 | Tourist/Noncommercial Rate: 11.00 | 15.000 |
| 16 February 1982 | The Tourist/Noncommercial Rate premium was lowered to 146.09%, resulting in a rate of L11.00 per U.S. Dollar. (WCY 1984, p.646) | |
| 29 December 1982 | The Tourist/Noncommercial Rate was devalued to L12.50 per Greenback, a premium of 179.64%. The number of export rates was reduced to 12, ranging from L10.00-L17.00 per U.S. Dollar. The Resident Travel Rate was cut to L25.00 per Greenback. (WCY 1984, p.646) | |
| 31 December 1982 | Tourist/Noncommercial Rate: 12.50. | 15.000 |
| 1 January 1983 | The Commercial Rate was devalued to L16.50 per U.S. Dollar and the number of export rates cut to only two. (WCY 1984, p.646) | |
| 1 July 1983 | A single, controlled, floating Commercial Rate was established for all foreign trade with non-Socialist countries and linked to a basket of currencies of Romania's six major trading partners. At the same time the rate was downgraded to L17.50 per Greenback. The Tourist/Noncommercial Rate was also pegged to the same basket of currencies and cut to L13.50 per U.S. Dollar. The COMECON trade rate was devalued to L17.50 per Transferable Ruble. (WCY 1985, p.703) | |
| 31 December 1983 | Tourist/Noncommercial Rate: 14.13. | 18.330 |
| 1 January 1984 | The Commercial Rate was devalued to L21.56 per U.S. Dollar. (WCY 1985, p.704) | |
| 1 November 1984 | The Commercial Rate was realigned to L12.50 per U.S. Dollar. In addition, the COMECON trade rate was adjusted to L15.50 per Transferable Ruble. (WCY 1985, p.704) | |
| 31 December 1984 | Tourist/Noncommercial Rate: 12.70 . | 17.790 |
| 31 December 1985 | Tourist/Noncommercial Rate: 11.23. | 15.730 |
| 1 March 1986 | Following a period of appreciation, the Commercial and Tourist/Noncommercial Rates were devalued back to L17.50 and L12.50 per U.S. Dollar. (WCY 1986-1987, p.672) | |
| 1 July 1986 | The Commercial and Tourist/Noncommercial Rates were devalued to L16.00 and L11.00 per Greenback, respectively. (WCY 1986-1987, p.672) | |
| 31 December 1986 | Tourist/Noncommercial Rate: 10.50 . | 15.280 |
| 1 October 1987 | The Tourist/Noncommercial Rate was realigned to L9.00 per U.S. Dollar, while the Commercial Rate, having been revalued earlier in the year to L14.60 per Greenback, remained unchanged. (WCY 1988-1989, p.667) | |
| 31 December 1987 | Tourist/Noncommercial Rate: 8.42. | 13.740 |
| 31 December 1988 | Tourist/Noncommercial Rate: 8.8 | 14.370 |
| 29 December 1989 | The foreign exchange conversion requirement by foreign tourists of US$10.00 per day of stay was abolished. (WCY 1990-1993, p.713) | |
| 31 December 1989 | Tourist/Noncommercial Rate: 8.88. | 14.440 |
| 1 February 1990 | The Commercial Rate and Tourist/Non-Commercial Rate were devalued 32.24% and 58.38%, respectively and unified. A controlled Effective Rate was established, initially at L21.00 per U.S. Dollar, for all transactins. The unit was to maintain its link to a basket of six currenciesand was to be adjusted weekly. The rate against the Transferable Ruble was set at L17.00=TR1.00 and the Resident Travel Rate (100% tax) was abolished. (WCY 1990-1993, p.713) | |
| 1 November 1990 | The Leu was devalued to L35.00 per Greenback and per Transferable Ruble. (WCY 1990-1993, p.713) | |
| 31 December 1990 | The Transferable Ruble was abolished, but was still used as a unit of account to liquidate outstanding balances. (WCY 1990-1993, p.713) | 34.710 |
| 18 February 1991 | The Effective or Official Rate determined by the National Bank, became applicable only to surrendered export proceeds (50%) and to import payments for a imited number of items. An Interbank foreign exchange market was established in which an Interbank Rate was to be determined through an auctiontype fixing. (WCY 1990-1993, p.713) | |
| 1 April 1991 | The Effective Rate for the Leu was devalued 41.66% to L60.00 per U.S. Dollar. (WCY 1990-1993, p.713) | |
| 5 August 1991 | Foreign exchange bureaus were permitted to operate for transactions with individuals (natural persons) in banknotes only, resulting in the creation of a Bureau Rate. (WCY 1990-1993, p.713) | |
| 1 November 1991 | The Effective Rate was merged into the Interbank Rate for virtually all transactions. (WCY 1990-1993, p.713) | |
| 31 December 1991 | Bureau Rate: 193.00 | 189.000 |
| 4 May 1992 | The exchange rate system was revised and the Interbank Rate was to be determined through auctions based on free bids and offers. (WCY 1990-1993, p.713) | |
| 4 May 1992 | The exchange rate system was revised and the Interbank Rate was to be determined through auctions based on free bids and offers. (WCY 1990-1993, p.713) | |
| 31 December 1992 | | 460.000 |
| 20 October 1993 | Foreign exchange bureaus were allowed to set their exchange rates freely within a maximum spread of 5% between the buying and selling rates. (WCY 1990-1993, p.713) | |
| 31 December 1993 | | 1,276.000 |
| 11 April 1994 | The reference exchange rate was set at the level of the market clearing exchange rate. (IMF 1995, p.406) | |
| 1 August 1994 | Foreign exchange auctions were replaced by an interbank foreign exchange market. (IMF 1995, p.406) | |
| 19 September 1994 | Foreign exchange bureaus were permitted to buy and sell through the interbank exchange market. (IMF 1995, p.406) | |
| 31 December 1994 | | 1,761.000 |
| 31 December 1995 | | 2,578.000 |
| 31 December 1997 | Romania's exchange rate arrangement was reclassified as managed floating. (IMF 1998, p.732) | |
| 29 May 1998 | Romania's foreign exchange regulations were amended. (IMF 1999, p.712) | |
Notes: Annotation of the exchange rates listed in the right column of the table.
1954-02-01--1981-01-01: Official Rate.
1981-01-01--1990-02-01: Commercial Rate.
1990-02-01--1991-02-01: Controlled Effective Rate.
1991-02-01---: Interbank Rate.
