Euro Officially Becomes the Base Currency for Exchange Rates in the Republic of Moldova

From 2 January 2025, the euro will become the new base currency of the National Bank of Moldova instead of the US dollar. This is reported by IPN.

NBM Governor Anca Draghu stressed the importance of this step, saying that ‘the change of the base currency is a strategic measure aimed at bringing the economy of the Republic of Moldova to the economic realities of the European Union. This will help stabilise the Moldovan leu against the euro, reducing fluctuations and the difference between the buying and selling rates of the European currency,’ Draghu explained.

President Maia Sandu stressed that this change confirms Moldova's economic orientation towards the European Union. According to her, this decision will have a favourable impact on foreign trade, facilitate financial planning for exporters and investors, and provide greater predictability in international trade transactions, News Maker reports.

‘This decision will bring more clarity and stability to Moldovan companies exporting to the European market. Currency exchange costs will be reduced, and businesses will be able to plan investments and commercial operations more confidently,’ the head of state said.

This change has become necessary, given that the European Union accounts for more than 60% of Moldova's foreign trade, and 70% of remittances are made in euros. 

‘The adoption of the euro as the base currency is not only a technical measure, but also a symbol of our economic integration into the European Union. It is a decisive step towards a more stable, predictable and attractive economy for foreign trade and investment,’ said Maia Sandu.

Thus, the decision reflects the economic reality that already exists in the local market, where the European currency is increasingly used. 

The NBM also notes that this change will not affect the monetary policy of the National Bank and will not lead to a change in the money supply, but is only a technical adjustment.