Euro becomes reference currency in Moldova; Moldovan president says euro symbol of country's integration into European Union

Chisinau, 2 January /MOLDPRES/ - President Maia Sandu welcomes the decision by the National Bank of Moldova (BNM) to adopt the euro as the reference currency for establishing the official exchange rate of the Moldovan leu, starting from 2 January 2025. Thus, the euro will replace the U.S. dollar in this duty – a measure which confirms Moldova’s economic orientation towards the European Union, the presidential press service has reported.  
The action will bring benefits to the foreign trade, facilitating the financial planning for exporters and investors, providing a higher predictability in the international commercial transactions. ’’This decision will bring more clarity for the Moldovan companies which export to the European market. The currency exchange costs will drop and the businesses will be able to plan investments and commercial transactions with more confidence,’’ the head of state said.    
Presently, over 60 of Moldova’s foreign trade is made in euros and the adoption of this currency as the reference one consolidates even more the economic relations with the European Union. Also, 70 per cent of the remittances received by Moldova’s citizens are in euros, which make this change be not only opportune, but also necessary.   
At the same time, Moldova is set to become part of the Single Euro Payments Area (SEPA) in 2025 – a step which will facilitate the quick and cheaper transfers between Moldova and the European countries. ‘’The adoption of the euro as reference currency is not only a technical measure, but a symbol of our economic integration into the European Union. This is a resolute step towards a more stable, more predictable and more attractive economy for the foreign commerce and investments,’’ President Maia Sandu added.