Legal Framework
In accordance with the Law on Payment Operations, the functions of the National Bank of the Republic of Macedonia in the payment system are:
1. The National Bank of the Republic of Macedonia provides a settlement system. This function of NBRM is provided by the implementation of the so-called RTGS (Real Time Gross Settlement) System, which is called MIPS – Macedonian Interbank Payment System) in NBRM.
2. NBRM opens accounts for the institutions responsible for conducting payment operations. For that purpose, those institutions submit an Application for opening an account (on macedonian version) together with the required documentation stated in the Request, as well as Registration of authorized signatories (on macedonian version) and Contract for Opening an Account (on macedonian version).
3. NBRM opens accounts for the funds, deposit accounts for the brokerage houses and the Single treasury account.
4. NBRM stipulates the standart for constructing the accounts number.
5. NBRM assigns sorting codes for all institutions conducting payment operations.
6. NBRM ensures reduction of the systemic risk in the payment system. One of those measures may be applied outside the settlement system of the National Bank of the Republic of Macedonia. In that regard, NBRM adopts a Decision on specifying the Amount of Small Value Interbank Payment . All payments below this amount can be carried out in other clearing systems outside the settlement system of NBRM.
7. NBRM sets the Criteria for issuing a license for the institutions responsible for conducting payment operations
8. NBRM monitors the payment operations in the country.
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