Maintaining the country’s financial stability is a priority. Financial regulators are continuously working to improve the analyses and monitoring systemic risks, in line with the highest international standards. At today’s meeting of financial regulators, the Governor of the National Bank, Anita Angelovska Bezhoska, the Minister of Finance, Nina Angelovska, the President of the Securities and Exchange Commission, Nora Aliti and the President of the Council of Experts of the Insurance Supervision Agency, Klime Poposki and the President of the Agency for Supervision of Fully Funded Pension Insurance, Maksud Ali indicated that the best practices in this area are being implemented, in accordance with the International Monetary Fund (IMF) and the World Bank (WB) recommendations as part of the Financial Sector Assessment Program (FSAP mission).
In the work meeting discussion, the emphasis was placed on the activities undertaken by regulatory institutions, individually and jointly, to successfully comply with the European directives and the recommendations of the FSAP mission. At the beginning of the meeting, all the institutions showed their full readiness to implement these activities, after which the dynamic of their implementation was further discussed. It was stressed that the activities should be synchronized in order to develop mechanisms in a coordinated fashion that will further enhance the financial system stability in the forthcoming period.
The need to deepen and formalize the cooperation between financial regulators was also discussed at the meeting, in order to establish an appropriate macro-prudential framework in line with the EU directives and the recommendations of the FSAP mission. In this regard, the National Bank presented a draft text of the Memorandum of Cooperation, which is expected to be signed soon. This confirms the commitment of the regulatory institutions and their firm determination to enhance the established successful cooperation in order to strengthen the stability and prudence of our financial system.
At the meeting, it was also pointed out that the process of enhancing consumer protection i.e. financial service users has been successfully launched, in line with the best European practice.
The completion of the series of activities to further strengthen the domestic legislation and supervisory practices of the regulatory institutions will provide additional guarantees for the resilience of our system and its even greater readiness for absorbing potential shocks.
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National Bank of the Republic of North Macedonia