Moldova has switched its base currency from the dollar to the euro.

On Thursday, January 2, Moldova officially adopted the euro as its base currency. This change will determine the exchange rate of the national currency, the leu, not in relation to the US dollar, but to the currency of the European Union, reported the country's President Maia Sandu.

“Since over 60% of our trade and 70% of remittances are conducted in euros, this step strengthens our economic ties with the EU, bringing more stability and predictability for all Moldovans,” – stated Maia Sandu.

According to the National Bank of Moldova, the decision to change the base currency may reduce fluctuations in the exchange rate of the Moldovan leu against the euro and lower the difference between buying and selling the European currency. As per NBM data, the shift in the leu's exchange rate relative to the euro indicates Moldova's economic orientation towards the EU market, which is dominant in the country's commercial and financial structure.

It is noted that Moldovan citizens and economic agents will not experience a direct impact from the change in base currency. At the same time, this change will help maintain the country's macroeconomic balance and enhance compliance with European standards.

It is worth recalling that in June 2024, the European Commission recommended starting negotiations for Moldova and Ukraine's accession to the European Union, positively assessing the euro-integration processes of the countries. In the same month, Moldova, together with Ukraine, initiated negotiations for EU membership.