Moldova has been admitted to the Single Euro Payments Area (SEPA)
The National Bank of Moldova (NBM) announced this, noting that this decision confirms the significant progress on the way to the European Union. The SEPA membership will contribute to faster, safer and more accessible international payments in euros for Moldovan citizens and companies. During a working visit to Brussels, where the positive decision for Moldova was adopted today, NBM Governor Anca Dragu called the accession to SEPA a historic moment and a clear proof that Moldova is ready to join the highest European financial standards. “This step will provide Moldovan citizens and companies with access to a faster and more secure payment system at very low cost, or even free of charge. At the same time, it will help reduce the cost of Diaspora remittances, which is an important aspect for many families in Moldova. Thus, Moldova's economy becomes more attractive for foreign investors, more prosperous, more sustainable, contributing to a better life for every citizen. Today's decision consolidates our irreversible path towards European integration,” the NBM Governor emphasized. According to the National Bank, SEPA (Single Euro Payments Area) allows for simple and efficient transfers in euros, eliminating administrative barriers and significantly reducing the costs of international transactions. Payments will become faster, safer and more accessible. Moldova's accession to SEPA will make a real difference to the lives of families receiving money from the Diaspora. More money will stay in the pockets of citizens, as high fees for international transfers will become history. For example, today an international transfer in euros for Moldovan citizens costs from 20 to 200 euros, but after joining SEPA the same transfer may cost only 1-2 euros or even 50 cents. There will also be easier access to the European market. Now more than 60% of Moldovan exports are directed to the European Union, and joining SEPA will facilitate commercial payments for companies. Without additional commissions and without delays, Moldovan companies will be able to make transactions in euros at the same prices as in the EU, which will increase their competitiveness on the international market. The calculations show that, thanks to this accession, Moldova will immediately save about 12 million euros annually, and in the medium term - up to 20 million euros, which will remain in the national economy and support business development. As the NBM emphasizes, Moldova's accession to SEPA is not only an advantage for citizens and the domestic business environment, but also a strong signal for investors. Thanks to this integration, Moldova demonstrates that its financial system is compatible with the European payment infrastructure, which increases the confidence of international companies that want to invest in the local market, as well as creates jobs. In addition to economic and investment benefits, joining SEPA is an important step in the digitalization of payments. This change strengthens financial relations with the EU and provides more stability and predictability to the economy. According to a World Bank study, cross-border payments outside SEPA are 6 times more expensive than in already integrated countries. Thus, joining SEPA will contribute to Moldova's sustainable economic development, offering real benefits to citizens. The National Bank of Moldova officially submitted the dossier for accession to SEPA on January 30, 2024. The NBM emphasized that in the near future (in a few months) commercial banks will make the necessary technical adjustments to ensure fast, secure and significantly more affordable payments in euro. In addition, the National Bank will closely monitor this transition, providing technical and regulatory support for a smooth transition. SEPA is a European system that facilitates cross-border payments in euros by eliminating the distinction between national and international payments. SEPA includes all EU countries as well as other member states and territories. // 06.03.2025 - InfoMarket
