Moldovan Finance Ministry launches IBAN code calculator

16:59 | 15.12.2015 Category: Economic

Chisinau, 15 December /MOLDPRES/-The Finance Ministry launched an International Bank Account Number (IBAN) revenue calculator, which lets taxpayers access their IBAN codes online at the ministry’s www.mf.gov.md website. The IBAN codes will become compulsory starting with 1 January 2016.

According to the Finance Ministry, IBAN codes will be necessary to carry out national transfers to the national public budget. The code will be implemented in compliance with the provisions of the concept for the optimization of national transfers, approved by a decision of the administration board of the National Bank of Moldova on July 2014.

Taxpayers must also know that a new type of payment for budget payments approved by an order of the finance minister will come into force starting with 20 November 2015.

The IBAN code consists of a string of characters allowing bank accounts to be identified internationally by any banking system operating in the SWIFT network, without having to introduce data manually. The IBAN code is meant to reduce the risk of erroneous transfers, processing time and trans-border intermediation expenses of cashless payments.

(Reporter V. Bercu, Editor M. Jantovan)

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