The National Bank of Moldova will peg the leu to the euro instead of the dollar from 2025

From January 2, 2025, the euro will be used as the base currency for setting the official exchange rate of the Moldovan leu, replacing the American dollar. This is reported on the website of the National Bank of Moldova (NBM).

"This change will reduce the fluctuations of the Moldovan leu exchange rate against the euro, as well as the difference between the euro buying and selling rates, which will benefit the economy and help reduce currency exchange costs," the bank said on its website.

It is noted that such a decision reflects the orientation of the country's economy towards the European Union (EU) market. According to the bank, 60% of commercial transactions and 70% of remittances are made in euros, and this currency is the most popular in the local currency market. Thus, this change will help establish exchange rate stability, which will benefit the Moldovan economy.

"Citizens will benefit from euro/leu exchange rate stability, reduced currency risk and lower transaction costs, which is an important aspect for people who receive remittances or have loans in euros," the bank added.

Moldova held a referendum on the country's European integration on October 20. Only 9 out of 36 districts of Moldova voted in favor of changing the constitution for the sake of joining the European Union (EU), while in Gagauzia more than 90% of those who voted were against European integration. At the same time, the Moldovan Central Election Commission reported that 50.39% of Moldovan citizens voted in favor of rapprochement with Europe as a result of the referendum. However, a number of politicians doubted the official results of the referendum.

Later, on November 12, the chairman of the opposition bloc "Victory" Ilan Shor said that Moldova is being prepared for "sawing" and will be plundered piece by piece. He noted that a delegation of officials and MPs traveled to Germany to study the law on lobbying activities, which is a prerequisite for joining the European Union. According to him, the EU needs it to promote the interests of Western businesses on Moldova's territory. He is convinced that after Moldova joins the EU, the country will be taken over by European corporations, which will "establish their serfdom".

For her part, the former head of Gagauzia, Irina Vlah, said that the Moldovan economy needs to be saved. She specified that investors have left the country, industrial production and freight transportation are shrinking, and agriculture is in decline.