Skopje, 16 December 2022
The European Central Bank (ECB) has decided to extend the repo line intended for the National Bank until 15 January 2024, making available to our central bank foreign liquidity of Euro 400 million for almost a year. The repo line is yet another buffer, taking into account the high level of foreign reserves and liquidity of banks, which ensure denar and macro-financial stability. The access to this instrument is also important support of the policies implemented by our central bank
The National Bank was given the opportunity to use the repo line in 2020, at the onset of the crisis caused by the COVID-19 pandemic, when the ECB allowed access to this instrument to non-EU central banks, in order to mitigate any adverse effects of the pandemic. The National Bank was the leader and initiator among the central banks of the region in providing access to additional funds aimed to strengthen the safeguard mechanisms, despite the stable level of foreign reserves and solid liquidity of the banks. Yet, the funds from the repo line have not been used.
In light of persistent uncertainty stemming from Russia’s ongoing war in Ukraine and the associated economic and financial repercussions on the global economy and financial markets, this is the third time that the European Central Bank has extended the repo line.
The National Bank expressed its gratitude to the ECB for extending access to the repo line.
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