As from December 10, currency exchange offices of Moldova are entitled to change exchange rates twice within a working day provided it lasts more than 12 hours.
The relevant resolution of NBM has come into effect. In line with the resolution, currency exchange offices of Moldova working up to 12 hours a day can change the exchange rates once within a working day. Currency exchange offices working for more than 12 hours a day can change the rates once every twelve hours.
Earlier parliament has mandated NBM to decide how often the offices may change the currency exchange rates within a working day. The right granted to the currency exchange offices of Moldova is expected to enhance competitiveness on the foreign exchange market. The banks are expected to be able to reduce the margin and their switch rate risks will be mitigated. According to NBM, changing the exchange rates during a working day is a common practice in western countries. (InfoMarket/Business World Magazine)
