Starting January 2, 2025, the euro has replaced the US dollar as the reference currency for setting the official exchange rate of the Moldovan leu, according to the National Bank of Moldova (NBM). This decision reflects the Republic of Moldova’s economic orientation toward the European Union market, its most important trading partner.
The change aims to reduce exchange rate fluctuations against the euro and minimize the differences between buying and selling rates. This measure will support Moldova’s economy by lowering currency exchange costs for citizens and businesses.
According to the NBM, the spread between the euro’s buying and selling rates could decrease by approximately five bani, leading to significant annual savings for the real economy. With a total turnover estimated at 11 billion euros during 2023–2024, costs could be reduced by 29 million euros.
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The European Union accounts for over 60% of Moldova’s trade transactions and 70% of financial remittances. In this context, the euro is already the most widely used currency in the local exchange market.
The stability of the EUR/MDL exchange rate will benefit citizens receiving remittances or holding loans in euros, providing predictability and reducing currency risks. Businesses and the banking sector will gain from a more liquid exchange market and lower transaction costs.
For individuals and companies involved in international transactions, the decision offers:
- Currency stability for loan repayments and financial planning;
- Reduced currency risks in transactions with EU partners;
- Increased efficiency in foreign exchange operations.
In conclusion, changing the calculating reference currency, the official exchange rate of the Moldovan leu marks an important step toward aligning with European economic realities. Also, it promises significant benefits for citizens, businesses, and Moldova’s economy.