Foreign exchange reserves continue to shrink
The current decline continues for the second month in a row. The main factors were net outflows related to mandatory foreign currency reserves of licensed banks and external debt repayments. The previous month (January 2026) also saw a decrease of €23.57 million.
The outflow of funds is related to the February decision of the NBM to significantly reduce the required reserves ratio for the period from February 16 to March 15, 2026. The main objective is to cover the liquidity needs of the banking system and reduce the cost of lending to support consumption and investment. The decrease by 61.01 million euros was mainly due to net payments related to the required reserves of commercial banks in foreign currency.
Monetary gold is also present in Moldova’s official reserve assets, representing less than 0.2% of total reserves. Over the years, the gold reserve has remained virtually unchanged at about 2,383 troy ounces (approximately 74.1 kg).
Changes in the value of the gold reserve as reported by the NBM are usually not related to purchases or sales of the metal, but to fluctuations in its market price. At the beginning of 2026, the value of the gold stock was estimated at about 11.02 million dollars. As of February 27, the NBM declares the value of 10,429.76 million euros, which is obviously related to the difference in exchange rates.
