Skopje, 26 June 2026

Central banks have a key role in preserving the value of money, maintaining price and financial stability, and building confidence in the economy, especially in conditions of increased global uncertainty. This is emphasized by the Governor of the Bank of England, Andrew Bailey, in an interview given for the National Bank publication 80 Years of Central Banking: Global Perspectives, Regional Cooperation and Future Challenges.

Referring to the role of central banks in the everyday life of citizens and companies, Bailey emphasizes that monetary policy decisions directly affect interest rates for loans and savings, and accordingly, investment decisions, economic growth and employment. He points out that financial stability is equally important, because without a stable financial system, sustainable economic growth and available financing for households and companies cannot be ensured. 

Bailey points out that central banks have learned important lessons from the latest crises and today have more resilient financial systems and more developed analytical tools. However, he emphasizes that the readiness for an even more unstable world depends on the continuous improvement of analyses, the testing of different scenarios and, primarily, the preservation of confidence in institutions. “Our ability to do our job depends on holding firmly to the anchor of trust in the value of money and in the institutions charged with preserving it”, Bailey said. 

On the occasion of the 80th anniversary of the National Bank, Bailey offers congratulations on the anniversary and emphasizes that these anniversaries remind that central banking is based on public confidence, which has been built for decades and is most strongly tested in periods of crises and uncertainty. “At its core, a central bank’s role is to safeguard the value of money. People need confidence that money will retain its assured value, and that it can be used safely and efficiently for everyday transactions”, Bailey said.

The interview with Andrew Bailey is part of the publication 80 Years of Central Banking: Global Perspectives, Regional Cooperation and Future Challenges, prepared within the celebration of the anniversary - 80 years of central banking in the country. The publication is part of a communication project that includes a series of thematic interviews with current and former governors of central banks, senior representatives of international financial institutions and representatives of international central banking organizations.

The full interview is available at the following link: https://www.nbrm.mk/ns-newsarticle-intervju-so-endru-bejli-guverner-na-bankata-na-anglija-en.nspx