National Bank transparency is the fundament of credible policies and macroeconomic stability

Skopje, 24 September 2021

The National Bank activities for greater transparency contribute to credibility of the policies pursued by the National Bank, as well as to financial system stability. This was assessed at the meeting between the National Bank Governor, Anita Angelovska Bezhoska and the Ambassador of Spain to our country, Emilio Lorenzo Serra.

His Excellency, Ambassador Serra welcomes the National Bank transparency and information to the public, in particular ​​macroeconomic indicators and forecasts, and the banking system developments as a basis for a clearer understanding of the macroeconomic situation in the country.

At the meeting, the National Bank Governor addressed the economic situation this year, pointing out that the eased monetary policy contributes to economic recovery. In the first half of this year, economy expanded by 5.2%, which is almost entirely in line with the National Bank forecasts (5.4%). According to the latest macroeconomic forecasts, the expectations are that economic activity will return to pre-crisis level at the beginning of 2022. Governor Angelovska Bezhoska pointed out that the National Bank measures reduced loan prices and increased lending during the pandemic. In that regard, it was assessed that the banking sector has so far coped well with the pandemic risks and is ready to respond to the future challenges. The gradual economic recovery, which is ongoing, positively contributes to maintaining macroeconomic and financial stability and mitigates systemic risks. However, the uncertain nature of the corona crisis requires constant preparedness and vigilant monitoring of the situation, in order to take appropriate measures to deal with the challenges.

The European perspectives of our country were also discussed at the meeting, where it was assessed that the European integration process has the potential to contribute to institutional capacity building and implementation of structural reforms.