The National Bank of Moldova has published official preliminary data indicating an improvement in the situation. According to the data, domestic structural shifts in foreign trade and income played a key role in this improvement.
While the surplus in the services and primary income balances increased, the surplus in the secondary income balance decreased. The current account deficit-to-GDP ratio stood at 20.9% (-5 percentage points).
In the first quarter of 2026, the financial account of the balance of payments recorded a net inflow of 641.7 million euros, driven by a net reduction of 264.2 million euros in residents’ external financial assets and a simultaneous increase of 377.5 million euros in residents’ liabilities to non-residents.
Moldova’s International Investment Position
Moldova’s international investment position (IIP) is characterized by a negative balance, and the volume of capital investments declined by 2.4% this year. This is due to the fact that external liabilities (loans and investments) exceed the country’s financial assets.
At the beginning of the year, capital investments fell to 6.2 billion lei, of which investments in long-term tangible assets decreased by 1.5%. In the updated Global Investment Risk and Sustainability Index, Moldova ranks 101st. At the same time, the country is actively attracting targeted international financing.
According to the NBM, external debt as of March 31, 2026, stood at -6,619.4 million euros, and the ratio of net external debt to GDP was -36.5%, down 1.6 percentage points (pp) compared to the end of 2025.
The external financial assets position stood at 7,327.3 million euros, up 5.2% compared to the end of 2025, while the external liabilities position stood at 13,946.7 million euros, up 0.8%. The ratio of external assets to liabilities stood at 52.5% (+2.2 percentage points compared to December 31, 2025), according to the regulator.
Moldova’s gross external debt as of the end of March 2026 amounted to 10,520.6 million euros (+4.1% compared to December 31, 2025), which represents 58% of GDP (+1.9 percentage points compared to December 31, 2025).
Public external debt accounted for 43.2% of total external debt and reached 4,545.1 million euros (+5.4% compared to the end of 2025). Private external debt accounted for 56.8% of the total and reached 5,975.5 million euros, an increase of 3% compared to the end of 2025.
