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1998

Annual Report 1998

C O N T E N T S

Foreword by the Governor

I. World Economic Developments

II. Real Sector Developments in the Republic of Macedonia

III. Monetary Policy

IV. Monetary Developments in the Republic of Macedonia

V. Interest Rate Policy

VI. External Sector

VII. Supervision of Banks and Savings Houses

Board Management of the National Bank of the Republic of Macedonia

Organizational Structure of the National Bank of the Republic of Macedonia

INFLATION

EXCHANGE RATES

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EXCHANGE RATES

for the period: -

	Counrty	Code	Currency		Unit	BuyingRate	MiddleRate MKD	SellingRate

NATIONAL BANK POLICY RATES

Monetary instrument	Interest rate
Central Bank bills	1.50%
Overnight loan	2.00%
Overnight deposit	0.15%

Changes to the National Bank policy rate

Bank's reserve requirements ratios

Bank's reserve requirement ratios
Liabilities in: Domestic currency	8.00%
Domestic currency with FX clause	50.00%
Foreign currency	15.00%

Financial market operations

Auctions of Central Bank bills

Auctions of government securities

Auctions of repo transactions

Reference rate for calculating the penalty interest rate

1.5%

The official language of the documents translated herein is Macedonian. In case of any doubt or misunderstanding, the Macedonian version should therefore be considered final.