The National Bank of Moldova published an assessment of its January 2025 switch from the U.S. dollar to the euro as the reference currency for calculating the leu’s official exchange rate. From January 2025 through June 2026, the average spread on euro transactions fell by about 24% to 16 bani from 21 bani in 2024, contributing to an estimated net EUR 21.8 million reduction in clients’ implicit foreign exchange costs. The estimate accounts for a marginal increase of about 1 ban in the U.S. dollar spread and remains subject to other market factors. The bank also increased the euro share of its international reserves to align them more closely with the reporting currency and reduce foreign exchange risk. It sold USD 623.4 million and acquired EUR 596.2 million, producing an estimated positive ex-post valuation difference of EUR 50.6 million as of June 30, 2026, compared with retaining the previous currency composition. The figure is counterfactual and may move in either direction with the EUR/USD exchange rate. The reference currency change did not peg the leu to the euro or alter the exchange rate regime, monetary policy or money supply.
National Bank of Moldova2026-07-29
National Bank of Moldova reports EUR 21.8 million in estimated exchange cost savings after euro reference currency switch
The National Bank of Moldova estimated that its switch to the euro as the leu’s reference currency helped reduce clients’ implicit foreign exchange costs by a net EUR 21.8 million from January 2025 through June 2026. Rebalancing reserves toward euros also generated an estimated EUR 50.6 million positive ex-post valuation difference, although this counterfactual figure varies with the EUR/USD rate. The change did not peg the leu to the euro or alter Moldova’s exchange rate regime.