The National bank performs cross-border payment operations for the needs of the government and government authorities in accordance with the powers arising from the provisions of the Law on the National Bank of the Republic of North Macedonia and the Law on Foreign Exchange Operations. Under the Law on Foreign Exchange Operations, the National bank lays down regulations on the manner of performing cross-border payment operations.
Cross-border payment operations are performed through foreign currency accounts of the National bank opened in foreign central and commercial banks, with which it has established correspondent relations and by indirect participation in the payment system TARGET2 through central banks of the Eurosystem.
The government authorities may submit the forms and documents in paper and electronic form
In the field of documentary operations, the National bank, playing the role of a bank of the government and government authorities, uses the following instruments for payment and protection against risks arising from contractual relationship of clients with their foreign partners:
1. Documentary letter of credit: is an instrument for international payments where the bank assumes an irrevocable obligation to pay the beneficiary upon receipt of the documents that comply with the prescribed terms and conditions in the letter of credit.
2. Bank guarantee: is an instrument of security against risks in international trade where the guaranteeing bank undertakes irrevocable obligation to pay the beneficiary any amount up to the maximum amount of the guarantee in case of default under the concluded contractual relationship between the principal and the beneficiary.
3. Cheque: is an instrument for payment in favor of the bearer on order and for the account of the issuer of the cheque.
National bank carries out the following types of services related to documentary operations:
- Opening letters of credit at the request of the government and government authorities in favor of foreign legal entities, subject to the Uniform Customs and Practice for Documentary Credits, UCP 600 published by the International Chamber of Commerce in Paris,
Notification of guarantees received by SWIFT in favor of the government and government authorities, i.e. authentication of signatures for guarantees received in original, as well as processing and sending documents of beneficiary’s claim for payment based on claims for payment under guarantees,
Forwarding cheques issued by a foreign bank for collection at request of clients
Advisory services to its clients as principals (instructing party) for opening letters of credit in favor of foreign legal entities and as beneficiaries of bank guarantees issued by a foreign guaranteeing bank.