The National Bank of Moldova has published its 2025 annual report, with the governor's foreword presenting a year of lower inflation, stronger lending and continued expansion across the financial sector, alongside further alignment with European financial infrastructure. Monetary policy was described as cautious and flexible, aimed at bringing inflation back within the variation band around the 5.0 percent target. Annual inflation fell to 6.84 percent in December 2025, lending in national currency rose 18.9 percent by volume, the gross loan portfolio increased by 4.5 percentage points to 29.5 percent of GDP, and economic activity grew 2.4 percent from 2024. The report says total banking sector assets rose 11.5 percent from end-2024 to MDL 189,899.0 million. Insurance sector assets increased 7.1 percent to MDL 5,902.0 million, while nonbank lending sector assets grew 16.2 percent to MDL 22,247.5 million. It also identifies Moldova's accession to the Single Euro Payments Area as a major 2025 milestone and notes that the central bank switched the reference currency for setting the Moldovan leu's official exchange rate from the USD to the EUR, citing the predominance of euro-denominated trade and remittances. Other measures highlighted include continued bilateral screening with the European Commission in areas under the bank's remit, further alignment of regulatory and supervisory frameworks with European Union standards, and the rollout of the P2G function within the MIA Instant Payments system for instant payments of public services. Looking ahead, the central bank says it will continue to focus on price stability, financial system stability, modernization of financial infrastructure and closer integration with the European framework.

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