Over the past year more than 20,000 people across Moldova have received training in how to better manage their finances within a financial literacy project of the EBRD. More than 3,000 of them opened accounts, which have attracted total deposits of more than US$ 7.5 million in nine months. The data were made public in a news conference held to present the results of the project, IPN reports.

Julia Otto, Head of the EBRD Office in Chisinau, said the European Bank for Reconstruction and Development implemented similar projects in a number of countries, but the best results were achieved in Moldova. “Many people in Moldova depend on money sent from abroad, but few keep their savings in a bank. Improving their knowledge about personal finance can enable them to make informed economic decisions thus improving their lives and also benefiting the economy,” she stated.

“Such projects are important for banks as we have the possibility of diversifying our clients,” said Valentina Oprea, head of the currency division of Banca Sociala.

National Bank Governor Dorin Dragutanu said the National Bank of Moldova is committed to promoting financial education and supports this major project designed to contribute to financial inclusion in Moldova. “It is important that the members of our society, especially remittance recipients, get the much needed informational support. The Moldovans from abroad transfer home about US$1.5 billion annually, while the currency exchange facilities purchase yearly approximately US$2.1 billion from the population,” he stated.

The EBRD’s financial literacy project, implemented by the consultancy Developing Markets Associates Limited from October 2012 to September 2013, is part of a larger program that the EBRD has carried out in several early transition countries to strengthen the financial inclusion of remittance recipients. The series of projects are funded by the Bank’s multi-donor ETC Fund.