Volodymyr Golovatyuk
A situation in which currency sales exceed purchases indicates a decline in personal income and the use of savings to maintain living standards.
“It should be noted that, with the exception of a few years, the volume of currency sales by the population has been steadily increasing over the past 20 years and the funds obtained from these sales significantly support people’s standard of living. For example, due to foreign currency sales in March 2026, the population received about 6.4 billion lei, which is equivalent to almost 59% of the wage fund for the entire national economy, or 4 times the average monthly volume of issued consumer loans,” Golovatiuc writes.
Currency cash market turnover
The expert emphasizes that foreign currency transfers from abroad remain an important source of funds, but the Moldovan economy is increasingly showing signs of vulnerability. The imbalance on the currency market, when the demand for currency grows faster than the sales from the population, creates risks for the stability of the national currency, the economist points out.
In March 2026, Moldova recorded an increase in activity on the cash foreign exchange market. The main indicators show an increase in both the volume of transactions of individuals and the total turnover of cash in the banking system.
Compared to February 2026, both the volume of sales and purchases of foreign currency by individuals increased. 317 million Euros were sold, which exceeded sales in February by 47 million Euros (by 17%). 80 million Euros were bought in March – an increase of 18 million Euros (by 28%) compared to February.
Both sales and purchases were dominated by Euros – 73% of the total volume of transactions. US dollars – 16%. Romanian lei took the 3rd place. It was sold for 4.7 million euros, and bought for 3.6 million euros of Romanian currency. Russian rubles were sold and bought, respectively, for 1.3 and 1.2 million Euros.
“It should be noted that in March 2025 there was also an increase in cash currency turnover, compared to the previous month, but less significant. Then sales increased by 13 million Euros (by 5%), and purchases by 4 million Euros (also by 5%),” the expert calculated, comparing the data of the National Bank.
A significant part of the sold currency comes in the form of remittances from labor migrants (a record volume was registered in 2025), which remains a “lifeline” for the economy and, consequently, for the stability of the national currency.
Remittances to individuals, including unofficial channels, are estimated to be a significant part of all foreign exchange coming into the country. At the same time, the share of remittances in GDP (official) is declining, amounting to about 9.3% in 2025.
