Skopje, 14 October 2020
The National Bank investment in maintaining financial stability is vital for the Macedonian economy. This has also been seen during the corona crisis, when all standard banking system indicators has been maintained at a solid level. The World Bank continuously monitors the implementation of the recommendations related to establishing an appropriate macroprudential framework, analysis advancing, and systemic risk monitoring in accordance with the highest international standards. The cooperation between the two institutions in the period ahead will be further intensified through the World Bank-funded projects of the National Bank.
These are some of the findings from the first working meeting held virtually today between the National Bank Governor Anita Angelovska Bezhoska and part of her team and the new World Bank Country Manager, Massimiliano Paolucci and part of his team.
As pointed out in the meeting, the improvement of systemic risks monitoring capacity and macroprudential framework, and the enhancement of bank resolution instruments will continue with joint commitment. These activities will result in the Law on Financial Stability, as well as amendments to the applicable legislation that will expand the National Bank set of instruments.
In the meeting, there were discussions about the current achievements of the Macedonian economy, the effects of the corona crisis and the measures taken so far to offset the effects. The World Bank team discussed the measures adopted by the National Bank so far, including the possibility for deferral of loan collection and other borrower relief measures, as well as the prudential treatment of loans benefitting from these support measures. While these measures have played a critical role in mitigating the adverse economic impact of the pandemic, the teams also discussed the importance of circumspect design to avoid undue side effects and the need for a credible exit strategy.
At the end of the meeting, Angelovska Bezhoska and Paolucci expressed determination to further intensify communication and cooperation between the teams of the two institutions in the upcoming period.
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Галерија 14.10.2020 Ангеловска-Бежоска – Паолучи |
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