On January 2, 2025, the euro officially became the reference currency for setting the exchange rate of the Moldovan leu, replacing the US dollar. This decision, announced by the National Bank of Moldova (NBM), represents an important step for the country's economy and reflects Moldova's growing orientation towards the European Union, the main trading partner, IPN reports.
NBM governor Anca Dragu underlined the importance of this step, saying that "the change of the reference currency is a strategic measure aimed at aligning the economy of the Republic of Moldova with the economic realities of the European Union. This will help stabilize the exchange rate of the Moldovan leu against the euro, reducing fluctuations and differences between the buying and selling rates of the European currency," explained Dragu.
This change comes as a necessity, given that the European Union accounts for over 60% of Moldova's foreign trade, and 70% of the remittances received are made in euros. Thus, the decision reflects an economic reality already present on the local market, where the European currency is increasingly used. Also, the NBM mentions that this change will not affect the monetary policy of the National Bank and will not involve changes in the money supply, as it is only a technical adjustment.
Benefits for the economy and citizens
According to the NBM, the change of the reference currency will bring more stability in the economic relations of the Republic of Moldova, especially for those who have loans, deposits or receipts in euros. The replacement of the US dollar with the euro in the calculation of the official exchange rate of the Moldovan leu will reduce volatility and currency risks, facilitating financial planning for both citizens and economic agents.
"For citizens and economic agents, this change will mean a reduction in currency exchange costs and a more stable exchange rate between the leu and the euro. Also, there will be greater predictability in commercial transactions with partners in the European Union," explained Anca Dragu.
For the business community, in particular for importers and exporters, the stabilization of the EUR/MDL exchange rate will contribute to efficient financial planning and the reduction of currency risks. It will support cross-border trade transactions and facilitate investment by European partners.
Impact on integration into the European Union
By adopting the euro as a reference currency, the Republic of Moldova is taking an important step in its process of economic and financial integration with the European Union. The decision will improve the comparability of economic data and increase the confidence of foreign investors, who will appreciate the transparency and stability of the exchange rate. It will also facilitate economic transactions with European partners and contribute to better integration into EU financial markets.
"This change is an important step towards the methodological alignment of the Republic of Moldova with the European Union. We want this adjustment to support our process of economic integration into the EU and to bring long-term financial stability," added the NBM governor.
For economic agents, especially those who cooperate with partners in the European Union, the stability of the EUR/MDL exchange rate will reduce uncertainties related to currency fluctuations and will allow better business planning. It will also help lower foreign exchange costs, which will support commercial transactions and reduce financial risks.
For Thursday, the National Bank of Moldova set the following exchange rates: 1 euro is equivalent to 19 1559 Moldovan lei, 1 US dollar is traded at 18 4050 lei, Ukrainian hryvnia is worth 0 4376 lei. Also, the exchange rate of the Moldovan leu against the Romanian leu is 3.8510.
