The payment system, which allowed citizens and businesses to transfer money from member countries with lower transfer costs, became fully operational only by the end of last year. True, it is not always without glitches. The movement of money from some EU countries, such as Estonia, was, according to respondents, difficult.
Commercial benefits of SEPA
Nevertheless, the implementation of the new infrastructure has brought tangible benefits since its commissioning. The NBM publishes the arguments.
The move to SEPA (Self-Early Online Policy Association) has led to “an unprecedented economic boost, optimized capital flows and increased the profitability of local companies”. For example, “costs have been radically reduced: the average commission has fallen significantly, from over €20 to just €1.26 per transaction”.
More than 377,000 transfers made since Moldova joined SEPA would have cost the national economy €6.6 million in the traditional SWIFT system. Using SEPA, the costs amounted to 474 thousand euros, which means that 6.11 million euros remained in the budget, the official data said.
Companies have made imports worth more than €1.7 billion through SEPA, taking advantage of the speed and ease of European transactions. The banking system now processes an average of 1,301 more transactions per day.
Anca Dragoo: SEPA is about people, development and trust
The governor of the National Bank of Moldova says that integration into SEPA “confirms Moldova’s institutional capacity to carry out comprehensive reforms in line with European standards”.
“Every euro saved becomes a resource for education, for the well-being of families or for the capitalization of local businesses. The SEPA agreement demonstrates that the Republic of Moldova can be competitive and trustworthy in its relations with international partners. Integration into SEPA strengthens the irreversible rapprochement with the European economic area. For the National Bank of Moldova, SEPA represents not only the achievement of a technical objective, but also a firm commitment to ensure that the benefits of European integration are directly felt by people and the economy”, underlines Ms. Anca Dragu.
