The National Bank of Moldova (NBM) decided to cap interchange fees for card payment transactions. The measure will directly lead to lower costs for both economic operators and final consumers, IPN reports.

This way, the applied interchange fees will be reduced in three stages over two years from the current 1.6% and 2.5% to 0.5% - 0.6%.

Prior to approval, the decision had been consulted with payment market participants and representatives of the banking sector. A solution was identified to ensure continuity of services and a gradual reduction in charges.

“The document is an important step in the process of harmonizing the legislation of the Republic of Moldova with EU requirements - a commitment made by our country for accession to the European Union,” the NBM noted in a press release.