Republic of Moldova to join the Single Euro Payments Area (SEPA)
Date: 13/02/24
The Republic of Moldova officially applied for accession to the Single Euro Payments Area (SEPA) on 30 January 2024. SEPA membership is expected to bolster Moldova’s economy, facilitate cashless payments in euros and improve their safety, affordability and efficiency. Moldova has been an EU candidate since June 2022, and national authorities are accelerating efforts to further align the country’s economic system with EU standards and best practices.
Prime Minister Dorin Recean has acknowledged the importance of applying for SEPA membership, stating that accession to SEPA will enhance the efficiency of cross-border transactions. He noted that, with decreased or potentially eliminated fees, businesses will be able to improve cash flow and lower costs. “This essential step for the banking system is projected to enhance the financial stability of every citizen of the Republic of Moldova,” he said. Dorel Noroc, President of the Moldova Banking Association, mirrored this sentiment, highlighting the anticipated benefits for both citizens and companies. Radu Marian, President of the Parliamentary Committee for Economy, Budget and Finance, further emphasised the potential for simplified cashless transactions across the 36 SEPA member countries.
In a broader context, Moldova’s economic environment is slated to witness significant improvements. Facilitating secure, fast, and comfortable finance management, accession to SEPA is set to strengthen the nation’s economic standing on an international scale. These systemic changes reflect Moldova’s intention to actively contribute to the single European market, and SEPA membership is an important step along the path toward EU membership.
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