Method of operation of the National Bank Council

The manner of organizing meetings of the National Bank Council and the manner of voting by the National Bank Council members in meetings is regulated by the Rules of Procedure of the National Bank Council.

The method of operating of the National Bank Council ensures collective work, decision-making, responsibility and equality of the National Bank Council members in the exercise of their rights, duties and responsibilities as defined in the Law on the National Bank of the Republic of North Macedonia and other laws.

The National Bank Council members are required to attend the National Bank Council meetings, to participate in decision-making, to propose the National Bank Council to consider issues and to give initiatives for the preparation of decisions and other acts the adoption of which is under the jurisdiction the National Bank Council.

The National Bank Council holds meetings as needed, depending on the activities of the National Bank, but at least ten times a year.

The National Bank Council meetings are chaired by the National Bank Governor, and in the case of her/his absence, by the Deputy Governor authorized by the National Bank Governor who replaces her/him, in a predetermined order.

The operation and decision-making of the National Bank Council requires a quorum of at least two-thirds of the National Bank Council members, including the governor or, in her/his absence, the vice-governor who chairs the meeting, in the predetermined order. If there is no quorum, the governor can convene an extraordinary meeting at which decisions can be made without a quorum, which must be approved at the next regular meeting of the National Bank Council.

Each National Bank Council member holds one vote and in the case of the same number of votes, the chairperson has the deciding vote. The National Bank Council decides by a simple majority of the members present at the National Bank Council meeting.

The National Bank Council may decide on the use of another monetary policy instrument that is not established by the Law on the National Bank of the Republic of North Macedonia, with a two-thirds majority of the total number of members.

The National Bank Council meetings and the voting of the National Bank Council members are organized in either of the following manners:

− with physical presence;

− with virtual presence;

− by electronic declaration and

− with a combination of physical and/or virtual presence and subsequent electronic declaration.

A report is prepared of the meetings of the National Bank Council.