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RULEBOOK ON THE MANNER AND PROCEDURE FOR ISSUANCE AND PAYMENT OF GOVERNMENT SECURITIES

(Official Gazette of the Republic of North Macedonia No. 137/23)

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STRATEGY FOR DEVELOPMENT OF GOVERNMENT SECURITIES MARKET

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CALENDAR FOR GOVERNMENT SECURITIES AUCTIONS IN Q3 AND Q4 2026

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INFLATION

EXCHANGE RATES

for the period: -

	Counrty	Code	Currency		Unit	BuyingRate	MiddleRate MKD	SellingRate

NATIONAL BANK POLICY RATES

Monetary instrument	Interest rate
Central Bank bills	4,25%
Overnight loan	4,75%
Overnight deposit	3,75%

Changes to the National Bank policy rate

Bank's reserve requirements ratios

Liabilities with contractual maturity of up to 2 years:
in domestic currency	9.0%
in domestic currency with FX clause	100%
in foreign currency	22%
Liabilities with contractual maturity of over 2 years:
in domestic currency	0%
in domestic currency with FX clause	100%
in foreign currency	10%

Financial market operations

Auctions of Central Bank bills

Auctions of government securities

Auctions of repo transactions

Reference rate for calculating the penalty interest rate

4,25%

SKIBOR

The official language of the documents translated herein is Macedonian. In case of any doubt or misunderstanding, the Macedonian version should therefore be considered final.

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