Euro to be reference currency for establishing Moldovan leu's exchange rate as of 2025

Chisinau, 15 November /MOLDPRES/ - The National Bank of Moldova (BNM) today informed that, starting from 2 January 2025, the euro would be used as reference currency for establishing the official exchange rate of the Moldovan leu, replacing the U.S. dollar. The decision shows the orientation of Moldova’s economy to the European Union’s market, which plays a dominant role in the country’s commercial and financial structure.   

This change will reduce the fluctuations of the exchange rate of the Moldovan leu against the euro and the differences between the euro’s exchange rates in buying and in selling, bringing benefits to the economy and contributing to the cutting of the currency exchange’s costs.  

A beneficial exchange for Moldova’s economy  

This switch has the goal to alight with the economic realities, in the context that the European Union is the most important commercial partner of Moldova and the main source of remittances and foreign direct investments. Official data shows that over 60 per cent of the commercial transactions and 70 per cent of the remittances are in euros and this currency is the most popular on the local currency market. The change will contribute to the establishment of the currency exchange rate, for the benefit of the economy.

Also, the use of euro as reference currency is a methodological decision, meant to adjust the financial structures of Moldova to the European Union’s ones, without affecting the BNM’s monetary policy. The citizens and the economic agents will not feel a direct impact, as the transaction is technical, in order to support the  macroeconomic balance and align with the European standards.     

Benefits for citizens and business environment

The citizens will benefit from the stability of the EUR/MDL exchange rate, reduction of the currency risk and the decrease of the trading costs – important aspects for the people who receive remittances or have loans in euros.   

As for the business environment, the reduction of the exchange rate’s volatility will back the financial planning and will reduce the risks in commercial transactions with partners from EU. The banking sector and economic agents will also benefit from a more liquid EUR/MDL currency market and from the decrease in the trading costs.

BNM will publish detailed information on the official website and on other communication platforms. It will provide a string of answers to frequent questions and will organize sessions of public consultations, in order to ensure the transparency and clarity of the process.