Moldova has become a member of the Single Euro Payments Area (SEPA), the country's National Bank announced.
“Joining SEPA is a historic moment and clear proof that Moldova is ready to meet the highest European financial standards“, said a statement on the website of the National Bank of the Republic.
This step will provide both citizens and legal entities with access to a fast and secure payment system at a lower cost. In particular, it will help reduce costs for hundreds of thousands of Moldovan labor migrants who have left to work in EU countries.
The National Bank is applying to join SEPA on January 30, 2024.