Moldovan Currency — The Leu (MDL) in 2026

What Is the Currency of Moldova?

Moldova’s currency is the Moldovan leu (plural lei, symbol L or MDL, ISO 4217 code MDL). It has been Moldova’s currency since 29 November 1993, when it replaced the transitional Soviet rouble and Moldovan cupon system. The Moldovan leu shares its name with the Romanian leu — reflecting the two countries’ shared Latin heritage — but it is a completely separate currency.

The leu is issued by the National Bank of Moldova (NBM, Banca Naţională a Moldovei), founded 4 June 1991 as the Moldovan Soviet Socialist Republic declared sovereignty. Moldova was granted EU candidate status on 23 June 2022 following Russia’s invasion of Ukraine, and formal accession negotiations opened on 25 June 2024. The leu operates as a managed float with periodic NBM FX interventions.

Moldovan Leu to US Dollar — 1-Year Chart

The chart tracks USD/MDL daily close over the past year. The Moldovan leu’s main drivers: remittances from the Moldovan diaspora (18% of GDP — one of the world’s highest ratios), energy prices (Moldova imports most of its natural gas), EU grants and support packages, and regional risk sentiment tied to the war in Ukraine.

Over the past 12 months the leu has been essentially flat against the dollar — moving from about 17.03 to 17.15 MDL per USD. NBM’s managed-float framework and targeted FX interventions have produced a relatively stable leu despite significant regional volatility.

Banknotes and Coins

Every single Moldovan banknote features the same figure on the obverse: Stephen the Great (Ștefan cel Mare), the 15th-century Prince of Moldavia who defended the principality against Ottoman expansion. The reverse of each denomination shows a different Moldovan monastery, fortress, or landmark.

Coins circulate in modest denominations. Note: the bani subunit is still used in everyday transactions, unlike in many peer post-Soviet states.

History of The Leu

The Moldovan leu’s history begins in 1993 — a young currency by European standards. Its backdrop: the collapse of the Soviet Union, Moldova’s 1991 independence declaration, the 1992 Transnistria War, post-Soviet hyperinflation, and eventually a stabilisation that has held ever since. The NBM formally adopted inflation targeting in 2010 and has achieved steady disinflation through successive shocks.

The Moldovan Economy and the Leu

Moldova is one of Europe’s poorest countries by GDP per capita, though its economy has grown rapidly as EU trade has expanded. The 2025 economy leans on agriculture (grapes and wine are signature exports), light manufacturing (textiles, electronics, auto parts), and crucially remittances — roughly 18% of GDP comes from Moldovans working abroad, among the highest ratios of any country globally. The EU (especially Romania) is now Moldova’s dominant export market, overtaking Russia after the 2014 Association Agreement.

NBM targets CPI inflation at 5% (±1.5 percentage points), a higher target than most European peers reflecting Moldova’s still-emerging status. After CPI peaked at 34.3% in October 2022 driven by Russian gas-price shocks, inflation has fallen sharply — 6.8% in December 2025 and on track to return to target in Q1 2026. The policy rate is 5.00%, held through the February 2026 meeting after a 100 bp cut in December 2025.

Using Lei in Moldova

Card acceptance has grown rapidly in Chișinău, Bălți, and other larger cities — Visa, Mastercard, and contactless work in most supermarkets, restaurants, and hotels. Rural Moldova is still largely cash-based. Many Moldovan merchants will informally accept euros or Romanian lei, especially in border regions.

Typical prices in Moldovan lei (2026): espresso in Chișinău 25–40 L; a substantial meal 150–280 L; Moldovan wine at a restaurant 300–600 L per bottle (local production is excellent); a pint of beer 45–85 L; a mid-range Chișinău hotel room 1,200–2,200 L. ATMs at Moldova-Agroindbank, Moldindconbank, and Victoriabank are reliable for foreign cards.

The Leu in Regional Context

Moldova sits between Romania (EU, now in ERM II and moving toward euro) and Ukraine (at war with Russia). The unresolved Transnistria region uses its own unrecognised ‘Transnistrian rouble’. Moldova’s monetary arrangements are most similar to other aspiring EU members in the Western Balkans.

Frequently Asked Questions

What is the currency of Moldova?

Moldova’s currency is the Moldovan leu (plural lei, symbol L, ISO 4217 code MDL). It has been Moldova’s currency since 29 November 1993. Do not confuse it with the Romanian leu (RON) — the two are completely separate currencies with different exchange rates.

Is Moldova in the Eurozone?

No. Moldova is not an EU member; it is an EU candidate country since 23 June 2022, with accession negotiations formally opened on 25 June 2024. There is no target date for euro adoption.

Who manages Moldovan monetary policy?

The National Bank of Moldova (NBM), founded 4 June 1991. Its current Governor is Anca Dragu, who took office on 19 December 2023 — the first woman to lead the NBM. Before her NBM appointment Dragu was a senior IMF economist.

What is the current NBM policy rate?

The NBM base rate is 5.00%, held through the February 2026 meeting after a 100-basis-point cut in December 2025.

How many lei is one US dollar worth?

At the latest daily close, 1 USD ≈ 17.15 MDL. The leu has been essentially flat against the dollar over the past 12 months.

Is the Moldovan leu the same as the Romanian leu?

No. They share the same name (both mean ‘lion’) because Moldova and Romania share Latin linguistic and cultural heritage, but the Moldovan leu (MDL) and Romanian leu (RON) are fully separate currencies issued by different central banks. At current rates, 1 RON ≈ 4 MDL.

What currency does Transnistria use?

The breakaway Moldovan region of Transnistria (officially the Pridnestrovian Moldavian Republic) is not under NBM’s authority. It issues its own Transnistrian rouble (PRB), which is not internationally recognised. Within Moldova’s internationally recognised territory, only the Moldovan leu is legal tender.

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