The Republic of Moldova has been accepted into the Single Euro Payments Area (SEPA). Membership in SEPA will enable faster, safer, and more affordable international euro transactions for Moldovan citizens and businesses, according to the National Bank of Moldova (BNM).

"Joining SEPA marks a historic moment and a clear demonstration that Moldova is ready to align with the highest European financial standards," said NBM Governor Anca Dragu, who is currently on a working visit to Brussels, where the decision was made today, IPN reports.

According to Dragu, this step will provide Moldovan citizens and companies with access to a secure payment system with very low or even no costs.

"This is great news for all diaspora members who send money to their families back home, as well as for entrepreneurs," noted Prime Minister Dorin Recean.

The Prime Minister emphasized that banks must quickly adapt to this system so that, within a few months, citizens can fully benefit from SEPA's opportunities.

"Money transfers between Moldova and EU countries will no longer be subject to high fees or long delays. For example, funds sent from Italy could arrive in less than 24 hours, and instead of paying 20-30 euros per transaction, we might only pay 1, 2, or 3 euros," underlined Dorin Recean.

With this accession, Moldova becomes part of a modern financial system, facilitating its economic integration into the European market, according to the National Bank of Moldova.