Residents of Moldova are increasingly withdrawing money from bank accounts, despite government efforts to promote cashless payments.
Cash Withdrawals Exceed Deposits
According to the latest report by the National Bank of Moldova, in March 2026 cash inflows into banks totaled just over 15 billion lei, while withdrawals reached nearly 16 billion lei.
The gap – around 275 million lei – represents a net outflow of money from the banking system into the hands of citizens.
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Ongoing Trend in 2026
This is not an isolated development. Similar patterns were observed in January and February, with withdrawals consistently exceeding deposits.
In total, during the first quarter of 2026, net outflows exceeded 3.7 billion lei. Comparable levels were last recorded during the 2021 crisis, when the economy was affected by the COVID-19 pandemic.
Why People Are Withdrawing Money
Several factors are driving this behavior:
• Rising living costs: Prices for food, utilities, and fuel are increasing faster than wages and pensions.
• Loss of purchasing power: Many citizens prefer holding cash rather than keeping savings in accounts that may lose value.
• Cash-based economy: Small businesses and markets still rely heavily on cash transactions.
• Banking restrictions: Regulatory limits on cash balances for businesses push funds into deposits, which are then withdrawn by individuals.
Risks for the Banking System
Between 2022 and 2025, Moldova experienced the opposite trend, with deposits consistently exceeding withdrawals. The reversal in 2026 raises concerns.
A sustained outflow of cash could weaken banking system liquidity, reducing the availability of funds for lending. This, in turn, may lead to stricter credit conditions and fewer approved loans.
