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25.09.2018

The Moldavan Leu passes the Prut River

 

Due to the cooperation of the National Bank of Moldova (NBM) with the Banca Comercială Română and Banca Transilvania, the Moldovan Leu (MDL) will be accepted for foreign exchange operations and banking transactions in Romania.

At the request of the NBM, the two largest licensed banks in Romania, with a cumulative share of about a third of the Romanian banking market, will launch the exchange service of Moldovan Leu (MDL) against Romanian Leu (RON) by individuals in Romania, as well as the service of bank transfers in MDL by one of these banks. The MDL /RON exchange service will be available starting with 1 October 2018 at the branches and counters of the main Romanian cities. The launching schedule and additional details of the new services will be communicated separately by the two banks. Banca Comercială Română is the unique shareholder of Banca Comercială Română Chişinău S.A. and Banca Transilvania is a major shareholder, together with the European Bank for Reconstruction and Development (EBRD), of the BC "Victoriabank" S.A.

The complex and innovative project is supported by the central banks on both sides of the Prut River with the goal of simplifying the life of Moldovan citizens studying or working in Romania and of travelers from both countries. Romania is the first trading partner of the Republic of Moldova with a weight of 26% of exports and 14% of Moldovan imports in the first half of the year. In the tourism field, Romania is the third destination of Moldovans with about 15% of travelers, according to the data for the first eight months of the year, and Romanian citizens accounted for 20% of all tourists who visited Moldova during the same period, placing Romania first among the countries of origin of foreign visitors.

The widespread acceptance of the Moldovan Leu for foreign exchange outside the Republic of Moldova is a premier event and represents a step forward in strengthening the credibility and convertibility of the national currency.

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