Skopje, 2 December 2023

In the past few years, further significant progress has been achieved in the strengthening of the financial sector. The Law on Financial Stability was adopted, which gave the National Bank a macro-prudential mandate, and at the same time, mechanisms were set for strengthened coordination between all financial regulators, as well as a strengthened framework for monitoring systemic risks. Also, a new Law on Bank Resolution was adopted, and the National Bank is currently working on the by-laws which arise from this law. In order to properly incorporate the climate risks into the risk management framework in the banking system, the first National Strategy for Green Finance was adopted, and a circular for banks was also prepared. The World Bank provided significant support for all these activities. This was perceived at the meeting between the Governor of the National Bank, Anita Angelovska Bezhoska and her team with the World Bank delegation, led by the Vice President for Europe and Central Asia, Antonella Bassani, the Country Director for the Western Balkans, Xiaoqing Yu, as well as the Country Manager for North Macedonia and Kosovo, Massimiliano Paolucci, whereby both parties expressed gratitude for the current cooperation, and hope and effort to continue the successful relations.

The visit of the Vice President for Europe and Central Asia, Antonella Bassani, was within the activities to mark the thirty years of partnership between the country and the World Bank. In the past three decades, the World Bank has been a significant partner of the National Bank, in the development of capacities and building the functional framework for establishing and maintaining macroeconomic stability. The cooperation between the two institutions will continue also in the period ahead, especially through the further strengthening of the macro-prudential framework, preparation of bylaws for enforcement of the Law on Bank Resolution, improvement of the payment area, as well as dealing with the challenges from climate changes.