logo
  • МК
  • EN
  • AL
  • About National Bank
    • Governor
    • National Bank Council
    • Objectives and tasks
    • Transparency
    • Public Relations
      • Press release
        • 2019
        • 2018
        • 2017
        • 2016
        • 2015
      • Speeches
    • Organizational chart
    • Strategy
    • Plan of Activities
    • International relations
      • EU relations
        • Pre-Accession Assistance
          • Press release
          • Presentations and speeches
      • Relations with the international financial institutions
      • Technical cooperation
    • Conferences
      • 11th Conference on Payments and Market Infrastructures
      • 7th Annual Research Conference
      • High Level International Conference on Monetary Policy and Asset Management (Marriot Hotel Skopje), 16. February, 2018
      • 10-th Jubilee Conference on Payments and Market Infrastructures
      • Celebration marking 25 years of the monetary independence of the Republic of Macedonia
      • 6th Annual Research Conference
      • 5th NBRM Research Conference
      • BIS Working Party on Monetary Policy in Central and Eastern Europe
      • 1st Eastern Europe and Central Asia (ECA) Regional Forum on Financial Inclusion Policy
      • 4th NBRM Research Conference
      • Third Child and Youth Finance Regional Meeting for Europe and Central Asia
      • 3rd Research Conference 2014
      • Joint National Bank of the Republic of Macedonia and European Central Bank Seminar on Statistics
      • 2nd Research Conference 2013
      • 20th anniversary of the monetary independence of the Republic of Macedonia
      • Opening Joint Public Information Center of World Bank and NBRM
      • 23rd Annual Conference of the Group of Banking Supervisors from Central and Eastern Europe (BSCEE)
      • Conference: Competitiveness of the South Eastern European Countries and Challenges on the Road to EU
      • Workshop: Problems in measuring inflation, May 22, 2007
      • Workshop: "Energy Consumption in the Republic of Macedonia and its Effects on the Balance of Payments"
      • 60th Anniversary of Central Banking in the Republic of Macedonia
    • Financial education
    • Museum
    • Library and Archive
  • Monetary policy
    • Design of monetary policy
    • Monetary policy implementation
      • Open market operations
      • Reserve requirement
      • Deposit Facility
      • Marginal lending facility (overnight credit)
      • Intraday credit
    • Changes in the key interest rate of the National Bank
  • Financial markets
    • Central Bank bills auctions
    • Interbank deposit market
      • Interbank interest rates on deposit market - MKDONIA
      • Trading on the interbank deposit market
    • Government securities auctions
    • Secondary markets
  • Financial stability
    • Financial stability reports
    • Financial Stability Indicators
    • Capital Buffers
    • Surveys
  • Supervision
    • Banking Supervision
    • Legal Framework
      • Licencing
      • Capital Adequacy
      • Credit risk
      • Liquidity risk
      • Currency risk
      • Other risks
      • Supervision and survaillance
      • Consumer Protection in Case of Consumer Loan Agreements
      • Credit Registry
      • Other Regulation
      • Supervisory Circulars
      • Accounting, Financial reporting, Disclosure and Audit
      • Capital Buffers
    • Banking System Indicators and Reports
      • Banking System Reports
      • Banking System Indicators
      • Questionnaire
      • Advance Release Calendar for Banking System Data of Republic of North Macedonia
    • Risk-based Supervision
    • Banking System of the Republic of North Macedonia
    • Organizational Structure of Supervision
    • New Capital Accord (Basel II and Basel III)
    • Innovation Gateway
  • Payment systems
    • Macedonian Payment Infrastructure
    • Role of the National Bank in Payment Systems
    • Payment Systems Legal Framework
    • Payment Statistics
    • Conferences, News & Publications
    • National Payment System Council
    • Innovation Gateway
  • Macedonian currency
    • Banknotes in circulation
    • Coins in circulation
    • Design of new polymer banknotes
    • Collector coins
    • List of successfully tested machines
  • Statistics
    • Advance Release Calendar
    • Bulletins
    • Monetary and Interest Rates Statistics
      • Monetary Statistics
      • Interest Rates Statistics
    • External Statistics
      • Balance of Payments
      • International Reserves and Foreign Currency Liquidity
      • International Investment Position
      • Direct Investment
        • Direct Investment - Flows
        • Direct Investment - Stocks
          • Direct Investment
          • Structure of FDI
      • Portfolio Investment (CPIS)
      • Foreign Trade
      • External Debt
      • Effective Exchange Rate (REER)
    • SDDS Plus - Special Data Dissemination System Plus
    • Basic Economic Data and Residential Real Estate Prices
    • Public Relations
  • Publications
    • Annual
      • 2018
      • 2017
      • 2016
      • 2015
      • 2014
      • 2013
      • 2012
      • 2011
      • 2010
      • 2009
    • Мonthly
      • 2019
      • 2018
      • 2017
      • 2016
      • 2015
    • Quarterly
      • 2017
      • 2016
      • 2015
      • 2014
    • Quarterly / Banking System
      • 2017
      • 2016
      • 2015
      • 2014
      • 2013
      • 2012
      • 2011
    • Semiannual (up to 2010)
      • 2010
      • 2009
      • Previously
    • Surveys
      • Bank Lending Survey
      • Survey on Inflation Expectations (until July 2017)
        • 2017
        • 2016
        • 2015
        • 2014
        • 2013
      • Survey on Inflation Expectations and Expectations for the Movement of the Real GDP
        • 2019
        • 2018
        • 2017
    • Statement of financial position of the National Bank
      • 2019
      • 2018
      • 2017
      • 2016
      • 2015
      • 2014
      • 2013
      • 2012
    • Research
      • Working papers
      • Economic analysis
      • Economic research (2001-2004)
      • Analytical appendices in quarterly reports
      • Conference proceedings
      • Other
    • Strategy
  • Regulations
    • Laws
    • Decisions
      • Decisions from the area of financial market operations
      • Decisions from the area of foreign exchange operations
      • Decisions from the area of payment operations
      • Decision from the area of supervision
      • Decisions from the area of vault operations
      • Decisions from the area of accounting and financial reporting
    • Manuals
      • Manuals from the area of foreign exchange operations
      • Manuals from the area of financial market operations
      • Manuals from the area of supervision
      • Manuals from the area of payment operations
      • Manuals from the area of vault operations
    • Supervisory circulars
    • Regulations on Government Securities
      • Primary Government Securities Market
      • Secondary Government Securities Market

Today, the National Bank Council has held a regular session, discussing and adopting the latest Quarterly Report for November 2019.

The Report also includes the latest macroeconomic forecasts of the National Bank, which assume a stable domestic environment, further inflow of foreign investment, continuation of the public investment cycle in infrastructure, as well as growth of foreign demand, albeit more moderate than in April. These forecasts again expect by 3.5% faster domestic economy this year and gradual acceleration to 3.8% in 2020 and 4% in 2021 and 2022, amid pronounced downward risks. Such growth dynamics were expected in the April forecast cycle, without any major changes to the expected sources of growth. Positive momentum for growth is still expected from the domestic demand, with further private consumption growth and investment recovery, whereas the contribution of the net exports is assessed as negative.

Regarding the future price trajectory in the domestic economy, the latest forecasts point to environment of stable prices, without major inflationary pressures. Lower performances and expectations for weaker pressures from import prices resulted in downward revision of the inflation forecast to 1% for this year and 1.5% for the next year, unlike the April forecasts for 1.5% and 2%, respectively. According to the latest observations, as in the previous forecast vintage, the growth rate of domestic prices for 2021 and 2021 is expected to be around 2%.

Concerning the external sector, the latest balance of payments assessments indicate favorable external position, without significant imbalances in the economy. Current account deficit in the period 2019-2022 is expected to be moderate and to average 1.5% of GDP, similar to the April forecast, and to be financed through both non-debt and debt flows. Foreign reserves adequacy indicators show that they have been in the safe zone throughout the forecast horizon.

Credit activity of the banking sector is still assessed as major economic growth supportive factor. Taking into account the increased credit support in the first three quarters and the expectations for its continuation by the end of the year, for 2019, the credit growth is expected to be 5.4%, i.e. around 7% if the regulatory changes are exempted. As in the April forecast, the credit growth in 2020 is expected to be about 8% annually, and to continue at the same pace in 2021-2022, on average. This year, total deposits in the financial system are expected to grow by 9.6%, and in the period 2020-2022, the average growth would be 8.5%, as in the April forecast.

Risks surrounding the macroeconomic scenario are assessed as mostly downward. Such assessments relate primarily to external risks, amidst less conducive global environment and increased global uncertainty, caused by rising trade tensions, uncertain Brexit, lingering geopolitical risks and financial markets volatility. Domestically, compared to April, there are expectations for pronounced uncertainty, but the effects, if any, would be temporary.

As highlighted in the Council meeting, in the period ahead, the National Bank will closely monitor the trends and changes in the domestic and external environment in the context of monetary policy conduct.  

Home About National Bank Public Relations Press release 2019
  • Governor
  • National Bank Council
  • Objectives and tasks
  • Transparency
  • Public Relations
    • Press release
      • 2019
      • 2018
      • 2017
      • 2016
      • 2015
    • Speeches
  • Organizational chart
  • Strategy
  • Plan of Activities
  • International relations
  • Conferences
  • Financial education
  • Museum
  • Library and Archive
  • A+
  • A-

{{Title}}

{{Intro}}
{{{Content}}}
{{#hasElements Images}}
{{#each Images}} {{#showInline ShowInGallery IsThumbNail}}
{{{dataImg this params="?width=886"}}}
{{/showInline}} {{/each}}
{{#each Images}} {{#showInline ShowInGallery IsThumbNail}}
{{{dataImg this params="?width=200&height=100"}}}
{{/showInline}} {{/each}}
{{/hasElements}}

INFLATION


EXCHANGE RATES

Counrty

Currency

MiddleRate MKD

EUR

More

EXCHANGE RATES

for the period: -

Counrty Code Currency Unit BuyingRate MiddleRate MKD SellingRate

KEY INTEREST RATES OF THE NATIONAL BANK

Monetary instrument
Interest rate
Central Bank bills 
2.25%
Overnight credit
2.75%
Overnight deposit

0.15%


Changes of the key interest rate of the National Bank 

Bank's reserve requirements ratios

Bank's reserve requirements 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 

2.25% 

SKIBOR
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.

All rights reserved © 2017

Dear Sir/Madam, if you have any problem regarding access to the already published data, please contact the technical support telephone: ++ 389 2 3108 206. For other needs: ++ 389 2 3108 108 switch board | [email protected] (contact).

National Bank of the Republic of North Macedonia
Follow us

  • home
  • site map
  • web info
  • FAQ
  • useful links
  • privacy policy
  • social media news
  • contact