Skopje, 3 May 2022

The National Bank implements policies that contribute to the macroeconomic stability maintenance of the country. The stability policy conduct is of particular importance at a time when almost all of the world's economies face with challenges posed by the energy crisis and price pressures, additionally intensified by the war in Ukraine. This was stated at the meeting between the Governor of the National Bank, Anita Angelovska Bezhoska and the Vice President of the European Bank for Reconstruction and Development (EBRD) Mark Bowman, who participated in the 8th Research Conference of the National Bank. The meeting was also attended by the Managing Director of the Financial Institutions of the EBRD, Francis Malige, who also was a participant in the Conference, and Andi Aranitasi, Head of North Macedonia, EBRD.

As emphasized, after overcoming the economic consequences of the pandemic-driven crisis, the world faces new challenges arising from the disruption of supply chains and the escalation of geopolitical tensions, which affect on rising prices, especially for energy and food. Accordingly, the expectations for global economy growth plunged, with a positive economic result still being expected. Global inflation forecasts were revised up and are at their highest level in the last decade, still international financial institutions expect that the inflation rate will gradually decline in the beginning of next year.

The Governor of the National Bank said that as a small and extremely open economy, we are susceptible to these global trends, noting that the round of forecasts of the National Bank, which will be published in May, will correct the growth and inflation expectations also in our economy. She also said that the monetary policy remains focused on attaining its objective during her term of office, i.e. maintaining the price stability.

At the meeting, it was also stressed that the efforts of the policy makers should be aimed simultaneously at solving the current challenges, as well as at the green transition, as part of the structural reforms. The EBRD has an extensive portfolio of projects in the country, among which a significant part are in the energy sector. It was said that these projects are of particular importance for the growth and sustainability of domestic energy sources.