Chișinău (Brussels Morning Newspaper) – Moldova switched its official exchange rate reference from the dollar to the euro, boosting economic ties with the European Union.
Moldovan President Maia Sandu said on 2 Jan 2025 that the country changed to using the euro from the dollar as the reference currency for the official exchange rate of the Moldovan lei.
“With over 60% of our trade and 70% of remittances in euro, the move supports our economic relations with the EU, bringing more stability and predictability for all Moldovans,”
Sandu expressed on X.
Starting today, the euro becomes the reference currency for Moldova’s exchange rate. With over 60% of our trade and 70% of remittances in euro, the move strengthens our economic ties with the EU, bringing more stability and predictability for all Moldovans.
— Maia Sandu (@sandumaiamd) January 2, 2025
Moldova’s National Bank, in a statement issued on Nov. 15, stated that the switch from using the U.S. dollar mirrored Moldova’s economic growth towards the European Union market and would lower fluctuations in the exchange rate. The adoption of the Euro implies increasing economic relations with the EU as it becomes its largest trading partner, taking about 58% of its exports and nearly 44% of its imports.
Through her presidency, Moldova earned candidate status in the European Union in June 2022, a real landmark of integrating the country from a European perspective. This status was bolstered by ongoing accession negotiations that began in July 2024, signalling a clear path towards EU membership.
Sandu has always been an advocate for the alignment of Moldova with EU standards and values. In recent elections, she stressed that a constitutional commitment to EU integration should be ensured, which voters narrowly approved in a referendum conducted simultaneously with the presidential elections in October 2024. The referendum passed with around 50.38% support, showing public support for EU aspirations but also the controversial political climate surrounding these issues.
