The Republic of Moldova should have put into circulation the 2 lei coin and replaced the 1 leu bill with a 1 leu coin ten years ago. This delay caused additional costs of at least US$ 7 million to the national budget, economist of the Institute for Development and Social Initiative “Viitorul” Veaceslav Ionita wrote on his blog, IPN reports.
According to the economist, there is an explosion in the use and replacement of the 1 leu banknotes. Almost 75% of the costs of changing the shabby bills covered by the National Bank of Moldova are associated with the replacement of the 1 leu bills. The central banks of different states use the so-called D-metric model when they introduce new bills or coins.
Thus, the highest nominal value of a coin should be equal to the 50th part of the average daily salary, D/50. In 2004, the average monthly salary in Moldova was 1,103 lei, while the 50th part of the daily salary was 0.98 lei. The 1 leu coin should have been put in the circulation then. The lowest nominal value of a bill should not be lower than the 20th part of the average daily salary, D/20. In 2008, the average monthly salary in Moldova was 2,530 lei, while the 20th part of the average daily salary was 5.62 lei. So, the lowest value bill in 2008 should have been of 5 lei.
The National Bank of Moldova recently initiated public consultations on the future design of the 1 leu and 2 lei coins. The 1 leu bills will circulate in parallel with the 1 leu coin until the supplies are used up. Until August 4, those who want can submit a design for the 1 leu and 2 lei coins to the email address of the central bank.
