National Bank reports increase in external liabilities
The National Bank of Moldova has released updated data showing that the country’s gross external debt has surpassed a key threshold.
As of December 31, 2025, Moldova’s total external debt reached €10.11 billion, marking an annual increase of 2.4%.
Currency factor influences overall assessment
A significant portion of Moldova’s external debt remains denominated in US dollars, including obligations to major international lenders such as the International Monetary Fund (IMF) and the World Bank.
According to available data:
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approximately 27.1% of public debt is owed to the IMF
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around 26% is linked to the World Bank
Over the same period, exchange rate fluctuations played a notable role. At the end of 2024, the euro-dollar rate stood at approximately 1.035, while by the end of 2025 it had risen to about 1.1748.
Debt dynamics in dollar terms
When recalculated in US dollars, Moldova’s gross external debt shows a more pronounced increase.
Estimates suggest that the total debt reached roughly $11.88 billion, reflecting a significantly higher growth rate compared to euro-based figures.
Experts note that such differences highlight the impact of currency movements on debt statistics and underline the importance of assessing indicators in multiple currencies for a more comprehensive view.
