Cooperation

In the achievement of the tasks established by law, the National Bank cooperates with numerous relevant institutions.

Cooperation with the Assembly of the Republic of North Macedonia

The relations between the National Bank and the Assembly of the Republic of North Macedonia are governed by Article 40 of the Law on the National Bank of the Republic of North Macedonia.

The National Bank Council and each of its members are responsible before the Assembly of the Republic of North Macedonia for achieving and maintaining price stability and for accomplishing the National Bank tasks. At the request of the Assembly, or on her/his own initiative, the National Bank Governor may periodically address the Assembly or its committees, regarding issues of monetary policy and the financial system and the state of the economy. The National Bank can submit opinions to the Assembly regarding draft laws that concerns the goals and tasks of the National Bank.

Cooperation with the Government of the Republic of North Macedonia

In achieving its goals, the National Bank cooperates with the Government of the Republic of North Macedonia, as provided in Articles 41, 42 and 43 of the Law on the National Bank of the Republic of North Macedonia.

The exchange rate regime is jointly agreed between the National Bank and the Government. The National Bank performs banking operations for the needs of the Government and, at its request, may perform activities of a financial adviser to the Government. In addition, the National Bank can receive foreign loans on behalf of the Government, manage and administer them, as well as settle claims and financial liabilities of the Republic of North Macedonia abroad. The National Bank can accept deposits from the Government and other state administration bodies. As a depository, the National Bank receives and pays out funds from accounts and provides other financial services related to this activity. Furthermore, the National Bank can also act as a fiscal agent for the Government, under conditions agreed with the Government, and based on a Government's decision, the National Bank can also issue commemorative coins. The National Bank Governor and the Minister of Finance hold regular meetings on monetary and fiscal policy and inform each other on other matters of common interest. The National Bank and the Government may exchange information related to the performance of the National Bank tasks, with the exception of specific information relating to the entities subject to supervision. To inform the Government, at its request, the National Bank provides data on the receipt of funds by the National Bank, from any sources.

The Government consults with the National Bank during the preparation of regulations that refer to issues related to the goals, tasks and competencies of the National Bank.

Cooperation on financial stability

The National Bank participates in the work of the Financial Stability Committee. The committee was established as an inter-institutional body responsible for monitoring the implementation of the macroprudential policy in the Republic of North Macedonia and for coordinating activities in identifying and monitoring systemic risks in individual segments of the financial system that may affect individual segments and the financial system as a whole, when taking macroprudential measures and when managing a financial crisis.

Committee members include the National Bank Governor, the Minister of Finance, the President of SEC, the President of the ASP Expert Council, the President of the MAPAS Expert Council, five representatives from the National Bank appointed by the National Bank Governor and three representatives from the Ministry appointed by the Minister of Finance. From among the above, the National Bank Governor, the Minister of Finance, the President of the SEC, the President of the ASO Council Experts and the President of the MAPAS Council Experts are members of the Committee with the right to vote.

Cooperation on statistics

The National Bank is an institution authorized to carry out statistical surveys, thus contributing to the development, production and publication of official statistics, under the criteria specified in the Law on State Statistics. The National Bank cooperates with the State Statistical Office and other authorized statistical surveyors at multiple levels, including through participation in the Statistics Council of the Republic of Macedonia, as an expert advisory body for state statistics and in the Coordination Committee.

Cooperation with other institutions

To fulfill its tasks established by law, the National Bank concludes agreements and memoranda for cooperation with numerous institutions.

The National Bank has concluded agreements and memoranda with the following institutions:

− Fully Funded Pension Insurance Supervision Agency;

− Securities and Exchange Commission;

− The Commission on Protection of Competition.