AED to RON

AED - United Arab Emirates Dirham (د.إ)

The United Arab Emirates dirham is the currency of the United Arab Emirates. The dirham is abbreviated by the currency code AED, and its symbol is د.إ. Unofficial abbreviations include ‘Dhs’ and ‘DH’. The most popular AED exchange is with Indian rupees (INR to AED). The dirham is a fiat currency, and its conversion factor has 6 significant digits.

The Dirham (AED) is the currency of the United Arab Emirates. 1 Dirham = 100 fils. Exchange can be done at a bank, but is less costly at an exchange office. The United Arab Emirates Dirham was pegged to the IMF’s drawing rights in 1978. In 1997 the Dirham was pegged to the US Dollar at 1 USD = 3.6725 dirham.

The United Arab Emirates Dirham is the currency in United Arab Emirates (AE, ARE, UAE). The symbol for AED can be written Dh, and Dhs. The United Arab Emirates Dirham is divided into 100 fils. The exchange rate for the United Arab Emirates Dirham was last updated on Today from The International Monetary Fund. The AED conversion factor has 6 significant digits.

Economy

• The United Arab Emirates is ranked second in the Corporation Council for the Arab States of the Gulf (CCASG).
• Natural gas and petroleum exports play an important role in the economy.
• The service sector is also an important source of income.
• Construction forms a huge part of the economy; there is currently an average of $350 billion in construction projects.
• The United Arab Emirates is part of the World Trade Organization.
• Imports are machinery, manufactured goods, and transport equipment.
• In 2009, 85% of exports were natural resources.
• The United Arab Emirates has the fastest-growing economy in the world.

History

• The original currency in the United Arab Emirates was the Bahraini Dinar.
• Before 1966 the United Arab Emirates used the Gulf Rupee.
• The United Arab Emirates dirham started circulating in December 1971. The dirham replaced the Dubai Riyal as well as the Qatar Riyal at par.
• From 1973 to 1982 the United Arab Emirates issued the Dirham.
• In 1976 the United Arab Emirates minted commemorative coins.
• In the late 1980s a fixed rate was established between the Dirham and the USD.
• 200-dirham denominations were produced only in 1989 and are scarce; however, the 200-dirham was re-introduced in May 2008 in a different color from the original.
• In 1997 the Dirham was pegged to the US Dollar.

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RON - Romanian Leu (L)

The Romanian leu is the currency of Romania. Both its currency code and its foreign exchange symbol are RON. There are no other symbols used to identify the currency. You’ll see it written as ‘1 leu’ or, using lei as plural, ‘2 lei’. The leu is a fiat currency, and its conversion factor consists of 5 significant digits. The most popular Romanian leu exchange is with the euro.

The Leu (plural = Lei) is the foreign money of Romania. Leu literally means “lion” in English. It is partitioned into one hundred bani (singular = ban).

The Romainian Leu is the currency in Romania (RO, ROM). The symbol for RON can be written L. The Romainian Leu is divided into 100 bani. The exchange rate for the Romainian Leu was last updated on May 24, 2019 from Yahoo Finance. The RON conversion factor has 4 significant digits.

Economy

• Romania is the 11th largest economy in the European Union (8th largest based on Purchasing Power Parity). The economy is considered a developing, upper-middle income market economy.
• Romania is currently a relatively poor country compared to its neighbors, driven primarily by the failed economic policies created by the Communist regime that led the nation in the second half of the 20th century.
• Major reforms have taken place since the fall of Communism and Romania’s entrance into the European Union (in 2007), leading to optimism on the future of the nation.
• Romania has an abundance of natural resources, including oil and coal, as well as iron, copper, and numerous other precious metals. At one point Romania was the largest producer of oil in the EU, however, much of the country’s reserves was squandered in the Communist era.
• The services sector employs more than half of the workforce in Romania. Agriculture provides ~30% of the country’s jobs, and industry and construction represent ~25% of the workforce.

History

• The first Leu was introduced in Romania in 1867.
• By early 1878 the Russian Ruble was treasured so highly that the Romanian Leu was nearly driven out of circulation. In response, the country decided to adopt a gold standard in 1889.
• When the gold standard was abandoned in 1914, the valuation of the Leu fell dramatically. To counter the devaluation, the exchange rate was pegged to the US Dollar at varying values between 1929 and 1941.
• In World War II, Romania allied with Germany, and pegged the Leu to the Reichsmark. When the country was Soviet occupied, the Leu was valued at 1 Leu = 100 Rubles.
• On August 15, 1947, the second Leu was introduced. The transition happened with no advance warning and limits on the amount an individual was able to exchange, in order to equalize classes and prepare for communism.
• The third Romanian Leu (ROL) was introduced on January 28, 1952 with varied rates depending on the type of exchange (debt, deposits, cash).
• Over the next few decades, the Communist government moved away from the gold standard and put severe restrictions on the sales and use of foreign currency, leading to the country’s economic downfall.
• After the fall of Communism, the country went through significant economic reform, legalizing the ownership of foreign currency and several other key policies.
• On July 1, 2005, the fourth Romanian Leu (RON) was introduced.

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