Government bonds in Moldova (eVMS)
The local instrument you can use today: you lend to the state, receive a fixed interest rate and pay no income tax. All online, through the official eVMS.md platform.
- 0% income tax
- State-guaranteed
- 100% online
- From 100 lei
What government bonds are
Money kept "under the mattress" loses value over time because of inflation. Investing means putting your money to work, taking on a degree of risk. Among the options in Moldova, government bonds via eVMS are among the most accessible entry points — you can compare them with the rest on the Invest in Moldova page.
Through a government bond you lend to the state for a fixed term. Along the way you receive interest, and at maturity you recover the amount invested. They are issued by the Ministry of Finance and belong to the wider category of government securities (VMS).
VMS include treasury bills (under 1 year) and government bonds (from 1 year, with a coupon). The regulation allows both on eVMS, but so far the issues for the public have been government bonds, with maturities of 1–4 years. That's what this page is about.
The current issue's rates
The Ministry of Finance sells government bonds directly to the public through the eVMS.md platform. Since May 4, 2026 subscription is open permanently, and the Ministry of Finance sets the rate for 14-day periods, by communiqué. Below are the current issue's rates for government bonds 2026, by maturity, as they appear in the Ministry of Finance placement communiqué. The interest rate is fixed for the entire term, and the income is not taxed.
Source: Ministry of Finance — the VMS subscription placement communiqué.
Interest-rate history
The chart shows the annual rates of the government bonds sold through eVMS.md, by maturity, from the first eVMS subscription (September 16–25, 2024) to the October 5 – 19, 2026 period. In 2026 the BNM base rate rose from 5.00% to 7.50% (the decisions of May 7, June 18 and August 6), while eVMS rates went up on May 18, 2026. The history of primary-market auction yields is on MD Charts.
How to buy government bonds
Until 2024, an individual had no simple way to buy government securities — you had to go through a bank. The eVMS.md platform, developed by the Ministry of Finance with the support of a USAID project, changed that: it brought these securities directly to the public, online, with no intermediary and no commission.
Create your investor account on eVMS.md
You need to be a citizen of the Republic of Moldova, with a valid identity document and aged 18 or over, to have a payment account with a local payment-service provider and an advanced electronic signature. Authentication is done through the government MPass service. When creating the account you also fill in the standard customer-identification form required by the anti-money-laundering law. If your data changes, you update it from your account.
Check the active issue
See the maturity (1–4 years), the fixed rate and the subscription period in the current issue's announcement.
Place the order and pay
You subscribe from 100 lei (one bond) and pay via Internet Banking or MPay. The Ministry of Finance charges no commission on purchase.
Receive the interest and, at the end, your money
The bonds enter your portfolio. The coupon is paid every 6 months, and the nominal value returns to you at maturity.
The Ministry of Finance has a step-by-step guide, with screenshots from the platform, on eVMS.md/learn, plus a video showing how to pay via MPay.
Costs and taxation
Costs. The Ministry of Finance charges no commission on purchase. Payment is made via Internet Banking or MPay; banks may apply their own transfer fees, independent of the Ministry.
Taxation. Income from interest and capital gains on government securities is a tax-exempt source of income for resident individuals — art. 20 letter z20) of the Tax Code, introduced by Law no. 214/2024, in force since August 15, 2024. Nothing is withheld at source, and you have no obligation to declare this income.
Since 18 July 2025, the exemption also works for non-resident individuals, including diaspora citizens who are no longer Moldovan tax residents, provided they do not carry out business activity here: the interest and the gain on sale are not taxed in Moldova (art. 71 para. (1) let. c) and f) of the Tax Code, supplemented by Law No. 187/2025). Details on the Taxation page.
How safe they are
Government bonds are fully guaranteed by the state, which makes them among the safest instruments available locally. "Safe" doesn't mean "without any limit", though.
The Ministry of Finance notes that, since the VMS market was created in 1995, interest and repayments have been paid on time (Investor's guide to government securities, 24.07.2026).
The interest rate is nominal and fixed. If inflation climbs above the rate, the real purchasing power of your money falls: the amount in lei grows, but it buys fewer goods than before — you gain on paper, you lose in real terms. Government bonds suit stable saving, not high returns.
Government bonds or a bank deposit?
For many, the natural alternative is the bank deposit. Both are passive instruments: you set money aside and let it work. They differ on three counts, and the difference is plain.
Government bonds (eVMS)
- Nominal rate: 7.65–8.05% (period October 5 – 19, 2026)
- Income: tax-exempt (art. 20 letter z20) Tax Code)
- Guarantee: full, from the state
Term deposit in lei
- Nominal rate: 6.03% (BNM average on new lei deposits of 12 months and over, August 2026)
- Tax: 6% of the interest, withheld by the bank at source (art. 90¹ para. (3⁷) of the Tax Code). Interest on VMS is not taxed.
- Guarantee: FGDSB, ceiling 200,000 lei
Sources: BNM, DPMC9 report (weighted average rate on individuals' new lei deposits, 12 months and over); Tax Code, art. 90¹ para. (3⁷) — tax on bank interest, 6%, verified on 11.09.2026; art. 20 letter z20) — Law no. 214/2024, Official Gazette no. 355–357 of 15.08.2024; Law no. 160/2023 (guarantee ceiling of 200,000 lei, from January 1, 2025). Yield history and more comparisons — on the MD Charts page.
Buying, selling, liquidity
How fast you buy. Since May 4, 2026 you can subscribe at any time, 24/7. The rate is set for 14-day periods, announced in the Ministry of Finance communiqué. The bonds appear in your portfolio on the settlement date, usually the working day after the subscription period ends.
Where you see your investments. You manage your account and portfolio online, on eVMS.md, 24/7, with current and historical rates in plain view.
Selling before maturity. The platform's regulation provides a mechanism through which the investor can request quotes from the designated primary-dealer banks, and the platform automatically picks the best quote. The mechanism, however, is activated separately for each issue, through the Ministry of Finance communiqué.
For the current period, the Ministry of Finance communiqué provides neither sale nor redemption before maturity, for any of the 4 maturities. Money invested now stays locked until maturity. Before you subscribe, check the two columns in the communiqué: "possibility of sale before maturity" and "possibility of redemption before maturity".
Choose the maturity by when you will need the money. In the current period there is no exit before maturity.
Early redemption by the state. The Ministry of Finance may redeem outstanding securities early — either in full, at its own decision, or by announcing periods in which it accepts redemption requests from investors. The communiqué is published on the platform 10 days in advance, and the request window is 5 days. It's the state's option, not your right.
Sources for this chapter: the Regulation approved by MF Order no. 79 of 16.07.2024, amended by Order no. 57 of 29.04.2026 (Official Gazette no. 344–346 of 08.08.2024, Official Gazette no. 202–205 of 09.05.2026); the Ministry of Finance announcement of May 4, 2026 on continuous subscription; the eVMS.md Terms of Use.
eVMS.md or via a bank?
The difference lies in who your intermediary is. Before eVMS.md, VMS were bought only through banks: the state sells them on the "primary market", at auctions organised by the National Bank of Moldova, where only the "primary dealer" banks can bid directly. As an individual, you buy through such a bank, which bids on your behalf. With eVMS.md, that route became optional — for most amounts, you buy on your own, online, from 100 lei, without an intermediary bank.
Via eVMS.mdindividuals
- Direct for the public, 100% online
- From 100 lei, no commission
- Maturities of 1–4 years
- Suits most individuals
Via banks (primary dealers)
- At the primary-market auctions
- Longer maturities also available
- A process better suited to large amounts
- Requires a relationship with the bank
Not sure what suits you?
Government bonds, local shares or international markets — we discuss what fits your goals. See also the passive income guide.
Frequently asked questions
You create an investor account on eVMS.md with an electronic signature, check the active issue and place an order from 100 lei, paying via MPay.
Notice
The content is educational and informational, comes from official public sources (Ministry of Finance, BNM) and does not constitute investment advice. Past returns do not guarantee future results. Read the full disclaimer and risk warning.