Skopje, 8 April 2023
The Report of the International Monetary Fund (IMF), which summarizes the findings of the assessments of the level of the application of the principles contained in the Central Bank Transparency Code of the IMF, states that the National Bank conducts advanced transparency practices. The National Bank was the second out of a total of seven central banks for which the IMF in 2021 made an assessment of the practices in terms of the transparency in and the report on the operations.
The Report states that the long-time effort for high transparency is incorporated into the Law on the National Bank and is set as a strategic objective within the mandate of the National Bank. Due to the implementation of a policy of high transparency and availability of information in terms of its operations, the National Bank guarantees significant confidence with stakeholders and strengthens its autonomy and efficiency in the policy implementation.
The IMF Report clearly determines that the comprehensive transparency framework of the National Bank is well-established and encompasses the decisions that are made in terms of monetary policy, analyses and monetary and foreign exchange operations. The high transparency is also reflected through timeliness and frequency of publishing information. The Report also states that the National Bank has made significant efforts to improve transparency in the part of financial stability and the new Law on Financial Stability is expected to further improve transparency practices. The Report also highlights the expanded scope of publicly available information on the internal audit and the risk management framework, as elements that set internal control mechanisms of precaution in the National Bank, which contributes to appropriate decision-making within the competences of the central bank.
The Central Bank Transparency Code is a comprehensive set of transparency principles and practices, which are recommended by the IMF for application by central banks. Thus, the Code allows central banks to assess and improve their practices with respect to accountability and to strengthen the public dialog, for the purpose of clearer presentation of the manner in which the decisions are made and how the central bank objectives are achieved.
The Report is available at the following link: https://www.imf.org/-/media/Files/Publications/PP/2023/English/PPEA2023006.ashx
{{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}}