23 October 2021 

“The central bank, as professional and independent institution acted appropriately during the Covid crisis, with supportive measures, while maintaining overall stability” - said Paul Hilbers, Executive Director at the International Monetary Fund to the Constituency, to which our country is a member. He added that “the current monetary policy stance is appropriate, but close monitoring of inflationary developments is warranted”. 

These remarks were given during the Annual Meetings of the International Monetary Fund and the World Bank Group led by the Governor Anita Angelovska Bezhoska and the National Bank’s team. This year, as well as the last one, the meetings were held online due to the COVID-19 pandemic.

The Executive Director Hilbers further stated that the independent character of the National Bank, has been held in the highest esteem, and that the IMF values and appreciates the expertise and perseverance demonstrated by the leadership of the National Bank and the professionals working at this institutions, particularly while trying to overcome the COVID-19 crisis.

“The National Bank has implemented policies and worked tirelessly on par with the rest of the Central Banks of the European Union to counteract the negative effects caused by the COVID-19 crisis. The IMF is giving a special recognition for this effort. The professionalism, expertise and dedication are at the highest level when it comes to the decisions implemented by the National Bank. We also give full support for the monetary policies to maintaining macroeconomic and financial stability” - emphasized the Executive Director.

During the meetings, a special focus was allocated on the latest IMF forecast, pointing to a further recovery of the Macedonian economy, on the backdrop of the conducive external environment, stronger confidence and policy stimulus. The forecast also reveals abating inflationary pressures and stable external position of the economy.

Governor Angelovska Bezhoska noted that the National Bank is closely monitoring the economic developments, confirming that the economic outlook is in line with the expectations of the IMF. She reconfirmed that given the overall uncertainty, related to the Covid pandemic, the National Bank continues to carefully monitor all incoming indicators, including price developments and inflation expectations. The central bank stands ready to react if necessary.

Minister Fatmir Besimi, who led a team from the Ministry of Finance, participated at the Annual Meetings of the International Monetary Fund and the World Bank Group as well.