EUR may become the base currency for the National Bank of Moldova (NBM) - Anca Dragu
Governor of the National Bank of Moldova announced this during meetings in Brussels with officials of the European Commission and the European Payments Council. According to the National Bank, its delegation headed by Governor Anca Dragu is in Brussels for a series of meetings with officials of the European Commission and the European Payments Council. During the meetings, the key aspects of Moldova's integration into the European financial structures are being discussed. NBM representatives had relevant discussions with the Director-General of the Directorate General for Neighborhood and Enlargement Negotiations (DG NEAR) Gert Jan Koopman, with the Director-General of the Directorate General for Financial Stability, John Berrigan, Deputy Director-General of the Directorate General for Economic and Financial Affairs (DG ECFIN) Elena Flores and Giorgio Andreoli, Director-General of the European Payments Council. An important topic of discussions was Moldova's progress in the process of joining the Single Euro Payments Area (SEPA). In January 2024, the NBM submitted an application for integration into this system, and in August received the confirmation from the European Payments Council, which is an important step in the European financial integration of Moldova. In order to implement the decision, the NBM initiated a legislative and technical harmonization project with the assistance of the EU-funded Twinning project; the SEPA accession dossier was finalized, demonstrating Moldova's compliance with the SEPA criteria for non-European countries. Besides the accession to SEPA, the meetings emphasized the NBM's commitment to the application and transposition of the main European directives, such as Basel III, PSD-2, as well as to the improvement of the IT infrastructure aimed at anti- money laundering and countering the financing of terrorism (AML/CFT), as well as to the continuous cooperation in strengthening the regulatory and supervisory framework of the financial sector. Also, in the context of the growing importance of the single European currency in the currency flows of Moldova's economy, the possibility of a natural transition to the euro base currency was mentioned, which would be a benefit for the Moldovan population and business environment. “These discussions reflect the NBM's commitment to maintain financial stability, thus strengthening Moldova's European path and emphasizing the vital role of the NBM in preparing the country for EU accession. By adopting the EU rules, Moldova's banking sector will operate according to the European rules, which will allow European investors to increase interest in the domestic banking market, increase competition in the sector, improve the quality of banking services and security of transactions,” concluded Governor of the National Bank of Moldova. // 24.09.2024 - InfoMarket.
