Moldova with revolutionary change: From Thursday (January 2) the euro will be used as reference currency for determining the official exchange rate of the Moldovan leu, replacing US dollar. This was announced by the President of Moldova, Maia Sandu. “This strengthens our economic ties with the EU, bringing greater stability and predictability for all Moldovans,” she wrote on social media.
A reasonable change? The National Bank of Moldova reports that over 60 percent commercial transactions and 70 percent remittances take place in eurowhich is the most popular currency on the local currency market. “This change will reduce exchange rate fluctuations exchange rate of the Moldovan leu against the euro and the differences between the buying and selling rates of the euro, which will have a positive impact on the economy and help reduce currency exchange costs,” the central bank said.
The ambitions are bigger: “This decision reflects the economic shift of the Republic of Moldova towards the European Union market, which plays a significant role in the country's commercial and financial structure,” explained the National Bank of Moldova. Moldova has been striving for this since 2022 join the Single Euro Payments Area (SEPA). She submitted her official application last year.
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Sources: Maia Sandu [X], bnm.md, eufordigital.eu