Moldova submits application to join SEPA European payments system

CHISINAU. Jan 30 (Interfax) - Moldova has applied to join the Single Euro Payments Area (SEPA).

A statement to this effect was signed by Governor of the National Bank of Moldova, Anca Dragu. A video of the signing ceremony has been posted on the regulator's website.

She said that Moldova's accession to SEPA will give the country several advantages. "Everyone is interested in fast, secure, transparent payments at a stable price. This payment system will allow payments to be processed within 24 hours and instead of paying 20, 30, 50 euros per transaction, we will pay 1, 2, 3 euros," Dragu said, adding that Moldova's accession to SEPA will stimulate the development of trade.

She said that, after the application is signed, there are two more stages to go through. The first is an assessment by the European payments council, which will last about a year, and then the direct accession of Moldova to SEPA.

SEPA was created at the initiative of the EU and started operating in 2008. SEPA currently operates in 36 European countries, including 27 EU countries.