Skopje, 3 September 2021 

The successful operation of the National Bank is crucial for the Macedonian economy. This has been proven over the years especially since the outbreak of the corona crisis, when it was confirmed that the capacity that the National Bank had built enabled it to act in a timely and efficient manner to support the economy in dealing with the effects of the crisis. Price and financial stability is a prerequisite for economic development and provides space for other policy makers to carry out structural reforms to support stable and long-term economic growth.

Governor Angelovska Bezhovska informed Christopher Zimmer, Chief of the Political and Economic Affairs Section at the US Embassy about this at their first meeting. At the meeting they also discussed the National Bank's observations on the situation in the economy, financial sector in particular, as well as on the expectations for the period ahead, in accordance with the forecasts. It was once again confirmed that the support for the Macedonian economy will continue, emphasizing the great importance of the cooperation and communication with the National Bank whose forecasts are crucial for the perceptions of the international community, including investors.

The meeting was also focused on the latest indicators of financial stability, especially the banking system. It is crucial that in times of corona crisis, non-performing loans are low, with the supervisory focus being on monitoring credit risk. The banks’ prudent behavior with the further capital building is of great importance, with contribution made by the National Bank as a regulator.

The macroeconomic forecasts and expectations for the economy in the forthcoming period were also discussed, having in mind that they are important for the perceptions of the US companies for the Macedonian market. The expectation is that next year economic growth will return to pre-crisis levels, which is still conditioned by the future pandemic developments.

The meeting also focused on the significance of the readiness of the economy for the digital transformation and for the acceptance of new technologies. In this context, the readiness to support the fintech development was pointed to as particularly important, for which the National Bank is already preparing a national strategy. It is expected to arouse interest, as it will be presented to fintech companies interested to participate in the Macedonian market, especially after the adoption of a new Law on Payment Services and Payment Systems.

At the end of the meeting, it was emphasized that the successful operation of the National Bank was assessed highly by the international financial institutions, making its observations, assessments and decisions crucial for the views and assessments of the diplomatic corps.