Skopje, 23th September 2021

Measures and policies implemented by the National Bank and the central banks in general, have yielded the desired results in mitigating the effects of the corona crisis. Despite the pandemic, lending activity in the country continues to grow, and the access to international market capital has strengthened foreign reserves and provided financing of anti-crisis measures, said Ana Mitreska, Vice Governor of the National Bank in her presentation at the International Summer School - Make a difference: Learn how to evaluate the economic impact of the COVID-19 pandemic, hosted by the Faculty of Economics at the Ss. Cyril and Methodius University.

At the onset of the corona crisis, the central banks, including the National Bank, eased the monetary policy, i.e. reduced the policy rate and provided additional liquidity to stimulate economic activity.

In addition to the usual instruments for monetary policy easing, some central banks of the developing economies have implemented programs to increase the assets of government and corporate securities, said Vice Governor Mitreska.

As pointed out in the presentation, the implemented policies gave the desired results. The access to capital for the country and the region opens space for maneuver through fiscal policy, while lending in the country continues to grow, stimulating economic activity.

- The central bank efficacy and their support were one of the pillars in the economic recovery and mitigation of the effects of the crisis on the economy.

The banking sector was one of the main sources of the global financial crisis, while now it is one of the main factors for post-pandemic recovery, said Vice Governor Mitreska.

The Vice Governor noted that the global financial crisis has redesigned the global financial regulatory architecture with new standards, tools and practices for greater caution. Hence, the banking sector in the country and in general welcomed the crisis stable and in good shape, which intensified during the pandemic.