The National Bank of Moldova published a Q&A note explaining how Moldova’s foreign exchange rules apply in practice for individuals and residents, including where foreign currency can be exchanged, how exchange rates are set, and when authorisation or notification to the central bank is required for cross-border cash movements and capital transactions. The note reiterates that the National Bank of Moldova does not conduct retail foreign exchange operations with individuals and that licensed banks and cash exchange units carry out exchange transactions, setting buy and sell rates independently. It also clarifies that the official Moldovan leu (MDL) exchange rate is established for accounting and statistical purposes and is not mandatory for foreign exchange transactions. Cash exchange providers are not required to buy or sell every currency (including foreign coins), and banks may exchange damaged foreign banknotes at their discretion and may charge fees. Operational requirements covered include mandatory issuance of receipts (and, in some cases, an additional exchange bulletin), automatic printing of a receipt for transactions done via FX machines, revocation rights (at the counter before completion and up to 30 minutes after completion with a written request and receipt, while machine transactions can only be revoked before completion), and detailed rules for displaying rates and any commissions. On cross-border and capital flows, the FAQ restates that individuals may take out up to EUR 10,000 (or equivalent) per person per trip without supporting documents, amounts above EUR 10,000 up to EUR 50,000 with specified supporting documents (including customs documents, bank permits, or National Bank of Moldova authorisations), and amounts above EUR 50,000 via transfer, with unaccompanied baggage cash movements prohibited. It also summarises when National Bank of Moldova authorisation is needed, including for residents’ purchases of foreign financial instruments above EUR 10,000 (subject to stated exceptions), opening certain bank accounts abroad, conducting foreign exchange operations abroad (including international FOREX activity) above EUR 10,000, and granting loans to nonresidents above EUR 10,000, as well as notification requirements for specified categories of external borrowing above EUR 10,000. The note further points to the National Commission for Financial Market as the authority responsible for consumer protection oversight in relation to cash exchange units and clarifies that resident versus nonresident status for individuals is determined by domicile.
National Bank of Moldova 2025-01-02
National Bank of Moldova publishes FAQ clarifying currency exchange, cash export limits and FX authorisation requirements
The National Bank of Moldova issued a Q&A note on foreign exchange rules for individuals and residents, covering exchange locations, rate setting, and authorisation for cross-border cash movements and capital transactions. Licensed banks and exchange units set their own rates, while the official Moldovan leu (MDL) rate is for accounting purposes only. The note outlines cash movement limits, authorisation for transactions above EUR 10,000, and the National Commission for Financial Market's role in consumer protection.