At the time the decision was made early last year, more than 60% of commercial transactions and approximately 70% of money transfers were conducted in euros. This decision, which was of a methodological nature, reflected changes in the economy, given that the European Union had become the country’s main trading partner and the European currency had come to account for a dominant share of foreign trade, remittances, and transactions on the domestic foreign exchange market.
For citizens, the increase in the number of transactions in euros resulted in a narrowing of the spreads between the buying and selling rates for the EUR/MDL exchange rate. Between January 2025 and June 2026, the average spread (difference) between the euro’s buying and selling rates decreased. As a result, 21.8 million euros remained in the pockets of citizens and companies. The calculations are provided by the NBM.
Between January 2025 and June 2026, the average spread on euro transactions in the interbank foreign exchange market was 16 bani, compared to 21 bani in 2024. Thus, the spread narrowed by 5 bani, or approximately 24%. In the case of the U.S. dollar, the average spread increased slightly, by about 1 bani, partially offsetting the benefit from the narrowing of the euro spread.
Compared to actual trading volumes, this trend corresponds to a net reduction—estimated at approximately 21.8 million euros—in the indirect foreign exchange costs borne by the bank’s clients, both individuals and legal entities.
This estimate is approximate. At the same time, spread dynamics are also influenced by volatility in international markets, liquidity levels, the structure of supply and demand in the foreign exchange market, and competition among market participants.
The official exchange rate is set differently
Until 2025, when the dollar was the main currency, the USD/MDL exchange rate was determined based on spot transactions involving the purchase and sale of U.S. dollars against the Moldovan leu, conducted on interbank and intrabank foreign exchange markets.
The exchange rate of the leu against the euro and other currencies was subsequently calculated using a “cross rate” on the international market. Currently, the same mechanism is applied directly to the EUR/MDL currency pair, the regulator explains.
The change did not imply a peg or linkage of the leu to the euro and did not alter the exchange rate regime, monetary policy, or the money supply. The official exchange rate continues to reflect actual transactions and the balance of supply and demand for foreign currency.
It is used for accounting and statistical purposes, while foreign exchange transactions are conducted at commercial rates set by banks and foreign exchange departments in accordance with market conditions.
Foreign exchange reserve management has become more precise
The transition to the euro as the main currency was also accompanied by a gradual adjustment of the currency composition of international reserves. Within the investment limits established as part of its strategic asset allocation, the NBM increased the share of assets denominated in euros to better align them with the reporting currency and reduce foreign exchange risk.
As part of these operations, the NBM sold 623.4 million U.S. dollars on the foreign exchange market at a weighted average exchange rate of 1.0456 U.S. dollars per euro and purchased the equivalent of 596.2 million euros.
The transactions were aimed exclusively at managing official reserve assets. They did not constitute interventions in the domestic foreign exchange market and had no direct impact on the supply or demand for the euro and the Moldovan leu in the local market.
“At the end of June 2026, the EUR/USD exchange rate reached 1.1426. At this level, the amount of 623.4 million U.S. dollars, if held in reserves, would be equivalent to approximately 545.6 million euros. This compares to the 596.2 million euros obtained from the conversion of assets. This resulted in a positive difference estimated at approximately 50.6 million euros.
This difference represents a revaluation effect calculated retrospectively, based on a hypothetical scenario in which the previous exchange rate structure would have been maintained. “Its value depends on the dynamics of the EUR/USD exchange rate and may fluctuate in either direction,” explains the regulator.
Thus, data for the period from January 2025 to June 2026 show that the transition to the euro as the main currency resulted in cost savings for those conducting transactions in euros and improved the alignment of the international reserves structure with the country’s currency profile.
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