The National Bank of Moldova published an account of a bilateral meeting in Varna between Governor Anca Dragu and European Central Bank Vice President Boris Vujčić, held in the context of the International Monetary Fund and World Bank constituency. The discussions focused on closer cooperation between the two central banks, the European integration of Moldova’s financial system and Moldova’s recent macroeconomic developments. On payments, the bank highlighted that Moldova’s integration into SEPA generated savings of more than EUR 10 million in its first 10 months, while the MIA instant payment system reached more than 1.1 million users in two years and has recently been extended to business-to-business transactions. The bank said its next payments objective is to move to direct participation in SEPA through the clearing and settlement mechanism. The meeting also reviewed inflation and monetary policy conditions. Annual inflation remained within the 5% target range plus or minus 1.5 percentage points in the first quarter of 2026, but rose to 6.77% in April 2026 amid geopolitical tensions and higher energy and food prices. In that context, the National Bank of Moldova’s Executive Committee raised the base rate to 7% per year on June 18, 2026, and the bank’s average inflation forecast stands at 7.0% for 2026 and 5.8% for 2027. The discussion further covered implementation of Moldova’s European Union-backed Economic Growth Plan, which has a budget of about EUR 1.9 billion for 2025 to 2027. So far, EUR 477.73 million has been disbursed, and the next loan-support disbursement of EUR 145.58 million is expected in the second half of 2026. The meeting also reaffirmed cooperation under the 2020 memorandum of understanding between the National Bank of Moldova and the European Central Bank on banking supervision, alongside Moldova’s interest in participating in ECB cooperation and information-sharing platforms.
National Bank of Moldova2026-06-19
National Bank of Moldova and European Central Bank reaffirm cooperation as Moldova targets direct SEPA participation
The National Bank of Moldova said its governor’s meeting with the European Central Bank’s vice president focused on closer cooperation, Moldova’s financial integration with the European Union and current macroeconomic conditions. The bank highlighted more than EUR 10 million in savings from SEPA integration in its first 10 months and said its next objective is direct SEPA participation, while MIA has grown to more than 1.1 million users and now includes business-to-business payments. It also noted that inflation rose to 6.77% in April 2026, after which the central bank raised its base rate to 7% on June 18, 2026.