Central bank governor urges population to keep savings in national currency

The Governor of the National Bank of Moldova Dorin Dragutanu advises the population to ignore the advertisements inviting the people to seminars teaching how to earn money from the differences in the exchange rate. In an interactive program on Radio Moldova, the governor said these activities are risky, Info-Prim Neo reports. “For the ordinary people, the speculation in foreign currency is accompanied by the same risks as in the game of cards and I recommend avoiding such activities as the money will be lost sooner or later. The people should do what they know best. For example, if they have money they should invest it in a business where they can apply their knowledge,” Dorin Dragutanu said. Asked by the listeners in what currency they should better keep their savings, the governor recommended keeping them in Moldova lei as the interest rate on accounts in lei is higher and the purchasing power is better protected. “If the person plans to go on a trip or spend the holidays in the EU or the U.S., they should better exchange the money for the currency of the country where they intend to go,” Dorin Dragutanu said. In another development, the governor said the situation in Moldova’s banking sector is stable, the central bank monitors the development of the banks by all the legal instruments available and there are no banks that would experience serious problems. As to the decision to limit the sum of money issued through bank cards to 2,500 lei, Dorin Dragutanu said the aim of such a move was to protect the holders of cards in case of loss or theft. If the holders want to withdraw lager sums, they can do it at the bank or its branches. The governor recommended keeping the savings in banks not at home. “It is safer and the money deposited at banks contributes to the development of the country’s economy and to the improvement of the living standards,” Dorin Dragutanu said.