Moldova Joins SEPA, Saving Millions Annually

Moldova Joins SEPA, Saving Millions Annually

Business

Moldova has been accepted into the Single Euro Payments Area (SEPA), a move expected to save the country around €12 million annually, with potential savings reaching €20 million in the medium term. These funds will remain in the national economy, fostering business growth, according to Anca Dragu, Governor of the National Bank of Moldova (BNM), CE Report quotes MOLDPRES

Dragu highlighted the benefits for citizens and businesses, including faster, more secure, and lower-cost international transactions. The decision will also make remittances from the Diaspora cheaper, allowing more money to stay with Moldovan families. Additionally, it enhances Moldova’s appeal as a competitive business environment for investors.

“Payments will be safer, faster, and much cheaper. Fees will drop from the current €20-50 to just a few euros,” Dragu stated.

Following this decision, Moldovan banks must now upgrade their infrastructure for full SEPA integration, a process expected to take several months before becoming fully operational.

SEPA facilitates seamless euro transactions across participating countries, removing distinctions between national and international payments. The National Bank of Moldova submitted its application on January 30, 2024, marking a significant step towards financial integration with Europe.

Tags

Related articles

Romania Open for Business
Amid rising economic pressures, including increased interest rates and fears over losing European funds, Romanian Economy Minister Ivan emphasized the need for calm and stability.
Bulgarian Nurses Protest for Better Conditions
On International Nurses Day, May 12, the Union of Bulgarian Medical Specialists (UBMS) will stage a protest in front of the Ministry of Health at noon, announced UBMS Chair Maya Ilieva during a round table on Bulgaria’s healthcare issues.
Investor Exodus Over Political Turmoil
Investor fears are mounting as Romania faces a deepening currency crisis, driven by political instability, according to economic consultant Adrian Negrescu.
Bulgaria Reports Q1 Budget Deficit
Bulgaria’s revenues under the Consolidated Fiscal Programme reached BGN 16.83 billion in the first quarter of 2025, or 18.6% of the annual target, the Finance Ministry reported.