“The best contribution that we as a central bank can make to increase foreign direct investments in our country is to achieve our primary objectives: maintaining price stability and preserving and strengthening financial system soundness. We have successfully managed to achieve these objectives. Macroeconomic and financial stability is the basis of investment climate - it reduces risk premium and attracts foreign investors, but also boosts domestic savings.” - said Governor Angelovska Bezhoska at the thematic discussion on structural reforms and foreign direct investments within the Economic and Financial Dialog between the EU and the Western Balkans and Turkey, held at the Council of the EU in Brussels, today.
Touching on the number of measures and activities taken by the National Bank in recent period aimed to increase stability and resilience of the banking system of the country, she, inter alia, has highlighted the introduction of capital requirements under the EU Directive and the Basel III. The Governor has also addressed the legislative changes made by the National Bank to further strengthen corporate governance of the commercial banks, as well as the numerous measures for improving asset quality of the banking system and for reducing euroization.
“We will continue to struggle to increase stability of the banking system, as the key pillar of the financial system. In this way, we will contribute to stronger, yet sustainable financial support for the real sector. In this light we will proceed with strengthening the supervision of systematically important banks, enhancing our macro-prudential capacity, contributing toward further development of alternative financial instruments, innovative financing, deepening of financial markets, and encouraging fintech services.” said Angelovska Bezhoska in Brussels.
The thematic discussion within this year’s Economic and Financial Dialog between the EU and the Western Balkans and Turkey was dedicated to the structural reforms in the EU candidate countries aimed to attract foreign direct investments and strengthen their economies. It was attended by many central bank governors and finance ministers.
At the event, the representatives of EU member states and Western Balkan countries and Turkey adopted joint conclusions of this year's economic and financial dialogue. The conclusions contain only positive evaluations for our monetary policy setup and the National Bank efforts to meet the EU guidelines for the Economic Reform Programme given last year. The European Commission (EC) has stressed that last year, the National Bank fully met the recommendation on the monetary policy setup and conducted an accommodative monetary policy, maintaining low inflation.
In its assessments, the EC has also highlighted the National Bank efforts to prepare and develop a comprehensive Non-Performing Loan Resolution and Management Strategy and Denarization Strategy, in cooperation with the Ministry of Finance.
At regional level, our country and Albania have had the highest implementation rate of the projects and measures required in the last year's Programme.
The Minister of Finance, Dragan Tevdovski, has also participated in the Economic and Financial Dialogue between the EU and the Western Balkans and Turkey.
All rights reserved © 2017
National Bank of the Republic of North Macedonia