According to the data for the beginning of 2026, the tension on the market was growing. At the beginning of February 2026, the Moldovan leu exchange rate exceeded the mark of 20 lei per euro, while there were tendencies of leu devaluation (by 5.58% in the period from January 2025 to March 2026).
Since the beginning of the year, there was a high demand for currency on the part of economic agents, and currency analysts lived in a cautious expectation of maintaining the stability of the Moldovan currency, with a possible moderate weakening against the euro, against the background of global factors of the world market.
In March 2026, the National Bank of Moldova (NBM) did not intervene in the local foreign exchange market, noting that the level of net demand for foreign exchange in general gradually decreased in the reporting month.
According to the NBM, in March, the degree of coverage of the net demand for foreign exchange from economic agents by the net supply of foreign exchange from individuals amounted to 92.0%, compared to 95.0% in February 2026.
Compared to the previous month, the net supply of foreign currency from individuals increased by EUR 28.1 million (+11.6%), while the net demand for foreign currency by economic agents increased by EUR 38.9 million (+15.2%).
The exchange rate of Moldovan leu against euro in March fluctuated on average from 20.1250 EUR/MDL in February to 20.1430 EUR/MDL in March 2026. In the structure of net foreign exchange supply from individuals, the main share still belonged to the single European currency (69.1%).
The National Bank adheres to the “balance sheet” tactics, intervening from time to time to smooth out sharp rate hikes. But foreign exchange reserves are under pressure (down in January-March 2026), also due to foreign debt servicing. Obviously, frequent interventions in the local currency market do not go in their favor either.
