Moldova is preparing to significantly expand residents' ability to conduct capital transactions without prior authorization from the National Bank of Moldova (NBM). For a number of transactions that currently require prior authorization from the NBM, the current threshold of 10,000 euros is proposed to be raised to 100,000 euros, and from January 1, 2028, to 250,000 euros. But far more important than the amount itself is the change in approach: the government is gradually moving away from a permit-based system and shifting to a model in which capital flows become freer, and oversight is increasingly based on monitoring financial flows and specific risks.
Parliament approved the relevant amendments to the Law on Foreign Exchange Regulation in the first reading on August 25, 2026. The draft was developed by the NBM and is being promoted by the Ministry of Finance as the next step in Moldova's preparation for the free movement of capital—one of the fundamental freedoms of the EU's internal market.
This does not apply to all currency transfers, nor does it introduce a new general limit on sending money abroad. The threshold applies to specific capital transactions between residents and non-residents for which the law currently requires authorization from the NBM.
Within the new limit, residents will be able to, without such authorization, in particular, purchase foreign financial instruments, provide loans and credits to non-residents, issue guarantees, open separate accounts abroad related to loans and guarantees, and conduct certain other capital transactions.
For certain transactions, it is proposed to completely eliminate the authorization requirement, regardless of the amount. In particular, this applies to the purchase of foreign financial instruments admitted to trading on the Moldovan capital market or money market. Investment companies, non-bank lending organization, and insurance and reinsurance companies will also be able to provide loans and credits to non-residents without a separate permit.
Specific changes are provided for citizens emigrating from Moldova. They will be able to open accounts in foreign banks and transfer their assets there upon establishing residence abroad or while staying there.
The next phase of the reform will begin on October 1, 2027. For loans and borrowings that Moldovan residents receive from non-residents, it is proposed to abolish the current requirement to notify the NBM and register such transactions. Instead of a prior approval procedure, the NBM will be required to establish a mechanism for collecting the information necessary to monitor capital inflows.
This best illustrates the direction of the reform. The NBM is gradually reducing the number of transactions requiring its prior approval, but it is not relinquishing control over financial flows. The regulator retains the ability to monitor capital movements and intervene where risks arise to the financial system, compliance with legislation, or international obligations.
Liberalization is being implemented in stages. The explanatory note to the draft states that lifting restrictions all at once could create economic and financial risks. In 2024, experts from the International Monetary Fund recommended that Moldova continue to liberalize capital account transactions gradually, taking into account the state of the financial sector and the economy.
The next step has already been determined: as of January 1, 2028, the authorization threshold will increase to 250,000 euros. Full liberalization of capital and foreign exchange transactions is planned to take effect upon Moldova's accession to the European Union.
However, the free movement of capital does not mean the elimination of all restrictions. Requirements related to anti-money laundering and countering the financing of terrorism, international sanctions, and prudential supervision remain in place. At the same time, the draft bill expands the grounds on which the NBM may refuse to authorize transactions that remain subject to its control if they pose a risk of sanctions or problems with banks' correspondent relationships.
For businesses and citizens, the reform gradually removes one of the barriers to cross-border transactions: an increasing number of decisions regarding the allocation and use of capital will be able to be made without prior approval from the NBM. At the same time, Moldova is approaching a stage where the free movement of capital will test not so much the licensing system as the resilience of the financial system itself. The fewer administrative restrictions there are, the greater the importance of the quality of supervision, the transparency of capital flows, and the regulator's ability to identify and respond to risks in a timely manner. // 28.08.2026 – InfoMarket.