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In 2025, the Moldovan leu (MDL) depreciated by 2.3% against the euro (EUR) and appreciated by 9.1% against the U.S. dollar (USD)

In 2025, the Moldovan leu (MDL) depreciated by 2.3% against the euro (EUR) and appreciated by 9.1% against the U.S. dollar (USD)

According to data from the Ministry of Economy and Digitalization, in 2025 the national currency depreciated against the euro in nominal terms from 19.31 to 19.76 lei per 1 euro. Against the U.S. dollar, the Moldovan leu appreciated by 9.1%—from 18.47 to 16.79 lei per $1. The Ministry’s analytical report notes that the real effective exchange rate (REER) rose in 2025, reflecting the strengthening of the Moldovan leu against the major currencies. This trend indicates a decline in the competitiveness of domestic goods in foreign markets compared to Moldova’s trading partners. The exchange rate was influenced by the depreciation of the U.S. dollar against the euro in international currency markets, demand for foreign currency exceeding supply in the domestic currency market, and a reduction in foreign exchange reserve assets. In 2025, net demand for foreign currency from economic agents exceeded net supply of foreign currency from individuals by 18.5%. Specifically, net supply from individuals amounted to 3 billion 163.5 million euros and increased by 12.7% compared to 2024. Net demand for foreign currency from legal entities amounted to €3.7485 billion and increased by 13.3%. During this period, the National Bank of Moldova intervened in the domestic foreign exchange market through sales totaling €210.4 million. The volume of the National Bank’s foreign exchange reserve assets reached €5.1043 billion at the end of 2025 (covering approximately 6.5 months of imports), down 2.7% compared to the level at the end of 2024. The main factors behind the change in the volume of foreign exchange reserve assets, as noted in the report, were: payments on servicing Moldova’s external public debt (€507 million), the depreciation of the exchange rates of currencies comprising the foreign exchange reserves against the U.S. dollar (€353.9 million), interventions in the domestic foreign exchange market in the form of currency sales (€178 million), net outflows related to mandatory foreign exchange reserves of licensed banks (€156.5 million), receipts of loans and grants to the Ministry of Finance and for budget support (€651.1 million), and income from the management of foreign exchange reserves (€161.6 million). // 16.04.2026 — InfoMarket

News on the subject

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