This indicator reflects the financial safety cushion consisting of currency, gold and other highly liquid assets available to the central bank to ensure the stability of the national currency and fulfill external obligations. For comparison, exactly one year ago (as of January 31, 2025) the volume of reserves was higher and amounted to 5,164.12 million euros.
The analysis of the data of the National Bank of Moldova shows that the change in the volume of reserves in January 2026 was due to several multidirectional factors.
Somewhere lost, somewhere gained
January is traditionally a month of significant payments for servicing the public external debt of the Republic of Moldova, which reduced the safety cushion by 15.72 million euros. The depreciation of the exchange rates of the currencies constituting the foreign exchange reserves against the euro – by another 30.02 million euros.
In addition, the reduction of reserves was influenced by the NBM operations in the domestic foreign exchange market (sale of foreign currency for 2 million euros) to smooth sharp fluctuations of the leu exchange rate and the revaluation of securities. I.e., changes in the market value of investment instruments (bonds), in which part of the reserves is kept, as well as fluctuations in the exchange rates of the currencies included in the basket of reserves against the euro.
At the same time, the central bank’s management income: interest payments on foreign currency deposits placed and income on securities – 12.48 million euros – acted as smoothing factors. As well as the inflow of grants and budgetary support from international financial organizations (EU, IMF, World Bank) – 0.85 million euros and other net revenues, including foreign exchange contributions of commercial banks to the NBM fund – 12.23 million euros.
