Skopje, 9 March 2023

"With more intense and faster reforms, and strengthening of the sustainability of the domestic energy sector, it is possible to significantly mitigate price pressures arising from the energy crisis, as well as to alleviate the pressures in the trade deficit and the foreign exchange market. The National Bank is making efforts to provide a more favorable environment for investing in renewable energy sources, through several activities, including drafting a strategy to encourage "green finance" and its systemic approach to maintain financial stability," the Governor of the National Bank, Anita Angelovska Bezhoska said in an interview for the Agency Marili. 

In the interview, she emphasized that a significant part of domestic inflation in the previous year is due to the price growth in the energy component, which includes electricity prices for households, fuels, thermal energy, as well as the indirect effects of the increase in electricity costs for companies, which are transmitted to the final prices of other products and services.

"Central banks, with their authority, do not have direct role in this process. However, the National Bank is making efforts to provide a more favorable environment for investing in renewable energy sources. For this purpose, the changes in the reserve requirement instrument are aimed at encouraging the finanicing of the investments in renewable energy sources and energy sustainability. It is a non-standard measure that encourages crediting of projects related to the domestic production of electricity from renewable sources," the Governor said.

In the interview, Angelovska Bezhoska announced that the National Bank is in the final stage of drafting the strategy for encouraging "green finance", which will include systemic measures to raise awareness of climate change and the need to reduce it through financial sector activities, while taking into account maintenance of its stability and continuous credit support to the economic activity.