What are cookies?

We use cookies on our website. A cookie is a small file consisting of letters and numbers that are recorded on your computer. Cookies do not store personal information, such as your name or address. The next time you visit our site, cookies allow us to recognize your browser. Cookies may save your preferences and other information but may not read your data or information from your hard drive or read other saved cookie files from other pages. You can set your web browser to reject cookies. Find out more about this in our Cookie Policy.

Cookie Policy
logo
  • МК
  • EN
  • AL
  • About National Bank
    • National Bank Council
    • Governor
    • Corporate Governance
    • Audit Committee
    • Objectives and tasks
    • Transparency
    • Public Relations
      • COVID-19 - Central Bank's response
      • Press release
        • 2023
        • 2022
        • 2021
        • 2020
        • 2019
        • 2018
        • 2017
        • 2016
        • 2015
      • Speeches
      • Interviews
      • Personal Data Protection Officer (PDPO)
    • Organizational chart
    • Strategy
    • Plan of Activities
    • International relations
      • EU relations
        • Pre-Accession Assistance
          • Press release
          • Presentations and speeches
        • Twinning Newsletters
      • Relations with the international financial institutions
      • Technical cooperation
    • Conferences
      • Vienna Initiative – Full Forum (22-24 March 2023), Skopje
        • Press releases
        • Photo Gallery
      • 14th Conference on Payments and Market Infrastructures
      • 8th Research Conference
      • Virtual workshop: Best Human Resource Management Practices in the Banking System in the Republic of North Macedonia, 10-11 November 2021
      • Virtual regional workshop for statisticians hosted by the National Bank of the Republic of Northern Macedonia, 11 December 2020
      • 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
    • Career in the National Bank
      • The National Bank as an employer
      • Employment in the National Bank
      • Practical work in the National Bank
  • Monetary policy
    • Design of monetary policy
    • Operational Monetary Policy Committee
    • Monetary policy implementation
      • Open market operations
      • Reserve requirement
      • Deposit Facility
      • Marginal lending facility (overnight credit)
      • Intraday credit
      • Liquidity of the banking system
    • Changes to the National Bank policy rate
  • Financial markets
    • Central Bank bills auctions
    • Interbank deposit market
      • Interbank interest rate on deposit market-SKIBOR
      • 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
    • Innovation Gateway
  • 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
      • 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
    • Money laundering and terrorism financing prevention
      • Laws and bylaws for money laundering and terrorism financing prevention
      • International organizations and national institutions
      • International standards
  • 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
      • Portfolio Investment (CPIS)
      • Foreign Trade
      • External Debt
      • Effective Exchange Rate (REER)
    • Financial accounts
      • Financial Accounts Statistics
      • Debt securities
    • SDDS Plus - Special Data Dissemination System Plus
    • Basic Economic Data and Residential Real Estate Prices
    • Press Releases
    • NBStat - Statistical Web Portal
  • Publications
    • Annual
      • 2021
      • 2020
      • 2019
      • 2018
      • 2017
      • 2016
      • 2015
      • 2014
      • 2013
      • 2012
      • 2011
      • 2010
      • 2009
    • Мonthly
      • 2022
      • 2021
      • 2020
      • 2019
      • 2018
      • 2017
      • 2016
      • 2015
    • Quarterly
      • 2022
      • 2021
      • 2020
      • 2019
      • 2018
      • 2017
      • 2016
      • 2015
      • 2014
    • Quarterly / Banking System
      • 2021
      • 2020
      • 2019
      • 2018
      • 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
        • 2023
        • 2022
        • 2021
        • 2020
        • 2019
        • 2018
        • 2017
    • Statement of financial position of the National Bank
      • 2023
      • 2022
      • 2021
      • 2020
      • 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
      • Decisions from the area of using information
    • 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
    • Internal Regulation
      • Internal regulations in the field of corporate governance

I will try to make a short wrap up of the discussion during these two days, by mentioning the main points that came out from the conference. 

In a period when one shock is replaced by another one, policy makers are facing multiple challenges. During the last several months we have seen how quickly inflation can rise, triggered mainly by commodity prices. However, the central banks are fully aware of the current risks. It seems clear that the global economy is moving towards monetary policy tightening (although, as we have seen today there is still ongoing debate), currently mainly to stabilize inflationary expectations and second round impact of rising commodity prices.  

The key to higher sustainable growth is to strengthen the productive capacity of the economies, therefore the structural changes need to continue, more than ever. The ongoing de-globalization requires urgent improvements in the infrastructure, faster and low-cost linkages between trading partners in order to avoid disruptions in value chains, transition to green economy and therefore energy sector transformation and support of green finance, sustainable agriculture, and finally digitalization and consumer protection in order to increase financial inclusion.

The financial sector went relatively well throughout corona crisis, however vigilance is still needed in view of prolonged uncertainty and the new geopolitical risks. In view of higher financial inclusion, the banking, but also non-banking sector should continue to provide options for easier access to finance, especially to SMEs. On the other side, improving managerial practices in SMEs should also contribute to meet eligibility criteria for financing. Special attention is needed on private sector indebtedness, having in mind the ongoing or expected tightening of the financial conditions and in some countries the increase in housing prices.

In the new age, the Central Banks must find the right balance between the current and new Central Banks challenges regarding digitalization, green finance and financial inclusion. In this view, the cooperation and appropriate involvement by the private and non-government sector is crucial. Regarding climate risks, as globally important topic, we realized that private sector initiatives certainly provide support to the climate agenda of the policymakers.

We need to pay attention on the nearshoring potential of the region in a really critical moment of international environment, calling upon appropriate policy action in favor of FDI attraction. As a conclusion, having sound policies and prudent and proactive management in place should make easier to face any unexpected shock and will build more resilient economies across the world, that was actually the main topic of the conference.

In the last couple of years, the macroeconomic and financial topics changed a lot - from taking lessons from the last global financial crisis to facing and managing new crisis and new risks. I hope we fully accommodated to the changed agenda of policy makers currently and that you found the conference and the overall discussion useful. Let me thank to EIB for being co-organizer of this event, for their overall support and engagement. Many thanks to all panelists, presenters, moderators and discussants and the overall organizing team.

Many thanks to all of you who came here and all of you who joined us on-line. Hope to see you again, on our next events.

Thank you!  

Home About National Bank Public Relations Speeches Chief economist
  • National Bank Council
  • Governor
  • Corporate Governance
  • Audit Committee
  • Objectives and tasks
  • Transparency
  • Public Relations
    • COVID-19 - Central Bank's response
    • Press release
    • Speeches
    • Interviews
    • Personal Data Protection Officer (PDPO)
  • Organizational chart
  • Strategy
  • Plan of Activities
  • International relations
  • Conferences
  • Financial education
  • Museum
  • Library and Archive
  • Career in the National Bank
  • 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

NATIONAL BANK POLICY RATES

Monetary instrument
Interest rate
Central Bank bills 

5.50%

Overnight loan 
6.00%
Overnight deposit

3.40%


Changes to the National Bank policy rate 

Bank's reserve requirements ratios

Bank's reserve requirement ratios

Liabilities in:

Domestic currency


5%

Domestic currency with FX clause
50%
Foreign currency
19%
 


Financial market operations

Auctions of Central Bank bills
Auctions of government securities
Auctions of repo transactions


Reference rate for calculating the penalty interest rate 

4.75% 

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
  • cookie policy
  • social media news
  • contact