Historical moment: Moldova was accepted into a Single Euro payment Zone — the National Bank

Moldova was officially accepted into the Single Euro Payment Area (SEPA). This decision was announced today, March 7, by the National Bank, calling it "historic."

"Joining SEPA is a historic moment and a clear proof that Moldova is ready to meet the highest European financial standards. This step will provide Moldovan citizens and companies with access to a faster, safer payment system at a very low price or even free of charge. In addition, it will help reduce the cost of remittances sent by the Moldovan diaspora," the National Bank said.

They noted that until today, an international transfer in euros for Moldovan citizens cost from € 20 to € 200, and after joining SEPA, the same transfer may cost € 1-2 or even 50 euro cents. The National Bank stressed that now Moldovan companies will be able to make transactions in euros according to the same rules as in the EU, that is, without additional commissions and delays. According to their calculations, thanks to joining SEPA, Moldova will immediately save about € 12 million per year, and in the medium term — up to € 20 million.

"This step brings Moldova closer to the European Union and its economic opportunities," said Prime Minister Dorin Rechan.

Recall, the National Bank applied to join SEPA on January 30, 2024. At the end of last year, he announced that from January 2, 2025, the euro will be used as the base currency to determine the official exchange rate of the Moldovan leu, replacing the US dollar. The NBM noted that this decision reflects the orientation of the Moldovan economy to the European Union market, "which plays a dominant role in the trade and financial structure of the country."

"This change will reduce fluctuations in the exchange rate of the Moldovan leu against the euro and the difference between the purchase and sale rates, which will have a positive impact on the economy and help reduce the cost of currency exchange," the National Bank assured then.