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 most recent rates
The Ministry of Finance sells government bonds directly to the public through the eVMS.md platform, in monthly subscription rounds. Below are the current round's rates, by maturity. The interest rate is fixed for the entire term, and the income is not taxed.
Source: Ministry of Finance (mf.gov.md, evms.md). The cards feed live from MD Charts.
Interest-rate history
The chart below shows how government-bond rates have evolved since the eVMS platform launched in 2024. Their direction usually follows the BNM base rate: when the central bank cuts the rate, yields usually come down afterwards.
How to buy government bonds
Until 2024, an ordinary citizen 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 must be a citizen of Moldova, 18+, with a bank account in lei and an electronic signature. Authentication is done through the government MPass service. If you don't have a signature, you can get one as a mobile signature or on a USB token.
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: 0%. Income from interest and capital gains on VMS is not taxed for resident individuals (Law 214/2024, since August 15, 2024). The tax is withheld automatically at source, but the current 0% rate means nothing is withheld. 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. One sign of this safety: since the VMS market was created in 1995, the state has honoured all its payments on time (source: Ministry of Finance). "Safe" doesn't mean "without any limit", though.
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)
- Return: 7.45–7.85% (Jun. 2026)
- Tax: 0%
- Guarantee: full, from the state
Term deposit in lei
- Return: ~5.7% average, up to ~6%
- Tax: 6%, withheld at source
- Guarantee: FGDSB, ceiling 200,000 lei
Sources: BNM (yields, May–Jun. 2026); Tax Code art. 90(3) (6% tax on bank interest); Law 160/2023, art. 24 (guarantee ceiling of 200,000 lei, from Jan. 1, 2025). Yield history and more comparisons — on the MD Charts page.
Practical aspects: buying, selling, liquidity
How fast you buy. Purchases are only possible during an issue's subscription period, which lasts a few days and usually takes place once a month. The bonds appear in your portfolio on the settlement date, usually the next working day.
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. Yes, it's possible — on the secondary market, through the primary-dealer banks. You send a sell request, the dealers respond with quotes, the platform picks the best price; if you accept it, the trade closes the same day. You can also sell partially. The price is a market price, so it can be above or below the nominal value. Two limits: a dealer offering a price is not guaranteed, and the state is not obliged to buy back.
Early redemption by the state. Separately, the Ministry of Finance may announce periods in which it buys back the securities. It's the state's option, not your right.
Sources for this chapter: the Regulation approved by Order no. 79 (Ch. V–VII) and 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 ordinary amounts, you buy on your own, online, from 100 lei, without an intermediary bank.
Via eVMS.mdretail
- 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 — let's 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.
The rate is fixed and set at each round. In the current round it's between 7.45% and 7.85% per year, on maturities of 1–4 years. The exact rates of the active round are always on eVMS.md.
100 lei — the nominal value of one bond. You can invest more, in steps of 100 lei.
No. For resident individuals, income from interest and capital gains on VMS is not taxed.
Yes, on the secondary market, through the primary-dealer banks, at a market price (it can be above or below the nominal value). You can also sell partially. However, a dealer offering a price is not guaranteed, and the state is not obliged to buy back. The instrument remains designed mainly to be held to maturity.
They are fully guaranteed by the state, so among the safest instruments available locally. The limit lies with inflation: since the rate is nominal and fixed, an inflation spike can reduce the real gain.
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.