ANALYSIS: Romania, Moldova Sign Deal on Chișinău Stock Exchange Amid Questions Over Moldova’s EU Path

Romania and the Republic of Moldova have signed a Memorandum of Understanding to create a new stock exchange in Chișinău, a move trumpeted by officials as a milestone in “European integration” but criticised by some observers as another high-profile project masking Moldova’s entrenched governance problems.

The agreement was sealed during Moldova Business Week, the country’s premier economic forum, with Romania’s Minister of Economy, Digitalization, Entrepreneurship and Tourism Radu Miruță joining Moldovan Deputy Prime Minister and Minister of Economic Development and Digitalization Doina Nistor.

Miruță used the event to frame the deal as part of Moldova’s Western turn:

Romania and the Republic of Moldova are building today not only a financial bridge but also taking a step together: towards the West. The launch of the Chișinău Stock Exchange means confidence, transparency, and a concrete move towards Moldova’s economic integration into the European Union.

But critics note that Moldova’s record on corruption, judicial reform and financial oversight remains weak despite years of EU-funded programmes. Several high-profile banking scandals and state-capture allegations still haunt Chișinău, raising doubts over whether a new stock exchange can operate with genuine transparency.

Nistor nonetheless highlighted Romania’s role as Moldova’s “gateway to the EU”:

Romania remains one of the most important partners of the Republic of Moldova … and is our gateway to the European Union.

The Chișinău Stock Exchange will be organised as a joint-stock company with an initial share capital of €3 million, invested in two equal tranches. Stakeholders include the Government of the Republic of Moldova, the Bucharest Stock Exchange (BVB), and major financial institutions such as maib, Vienna Insurance Group/Donaris, OTP Bank, Moldindconbank, MK Kapital and Moldcell.

Officials say the exchange will:

• Expand access to capital for Moldovan companies
• Attract foreign investment and connect Moldova to European markets
• Offer citizens opportunities to invest savings through shares, bonds, government and corporate securities, and future pension or private insurance funds

A modern brokerage platform with technologies such as Arena Trading is planned, with a launch date set for summer 2026, though Moldova’s past experience with delayed or quietly abandoned reforms has made some investors sceptical.

Miruță praised Moldova’s investor appeal:

Participating in such events, I increasingly understand why companies coming to the Romanian Ministry of Economy say they are interested in investing in Moldova. This is proof that what you are doing here is excellent.

Yet many Moldovan citizens remain unconvinced. Public trust in national institutions remains low, and critics see the government’s embrace of “European integration” as a convenient slogan that hasn’t translated into consistent rule of law, protection of investors or improved living standards.