Skopje, 2 February 2023

The latest data on the lending activity of the banking system indicate solid credit support to the corporate sector (11.5% in December), amid solid growth of loans for investments in renewable energy sources. So far, the National Bank has taken several measures for support of the financing of this segment, including the amendment to the reserve requirement, and it is currently working on the preparation of a Green Finance Strategy in cooperation with the World Bank. Investments in this segment will reduce the vulnerability of the Macedonian economy and support macroeconomic stability. This was emphasized at the meeting between the Governor of the National Bank, Anita Angelovska Bezhoska and the United States ambassador to North Macedonia, Angela Aggeler.

The global energy shock significantly affected the Macedonian economy in several segments. Given the high energy dependence and the high energy intensiveness, this global shock made a great contribution to the inflation growth, and it also contributed to deepening of the trade deficit. Actually, more than 80% of the deepening of the trade deficit is due to the energy trade deficit. To deal with this structural vulnerability, there is a need for investments in the energy sector, which also requires support from the banking sector which has been continuously increasing. Given that despite the crisis period, the banking system maintained its solid capitalization and liquidity, it has the capacity to continue to support these projects that will help in the structural transformation of our economy.

Discussing the macroeconomic challenges, as a result of the globally high inflation rates and the geopolitical tensions, the Governor Angelovska Bezhoska underlined that in order to maintain stability, it is necessary to continue to conduct prudent macroeconomic policies.