Moldova has transitioned to using the euro as the reference currency for determining the official exchange rate of the Moldovan leu, replacing the U.S. dollar, according to Al Jazeera Balkans.
The National Bank of Moldova made the decision on November 15, stating that the shift from the U.S. dollar reflects Moldova’s economic move towards the European Union market and will reduce fluctuations in the exchange rate.
Moldovan President Maia Sandu welcomed the National Bank’s decision.
“This change will benefit our foreign trade, simplify financial planning for exporters and investors, and ensure greater predictability in international commercial transactions,” Sandu said.
She also emphasized that this decision will make it easier for Moldovan companies to export to the European market.
