Skopje, 3 July 2026   

“The efficiency of monetary policy is closely related to the development of financial markets, due to which the reforms that have been continuously implemented by the National Bank are an important basis for preserving stability and encouraging a sustainable development of the financial system”, wrote the Vice Governor Igor Velichkovski in his address in the bulletin of the Macedonian Banking Association (MBA) in which he refers to the key activities undertaken by the National Bank in the past period in order to strengthen the transmission mechanisms of monetary policy, and the novelties in the payment system, which represents a key segment of the modern financial infrastructure.

“The changes in the operational monetary framework, adopted at the end of the previous year, improved the functioning of the interbank money market, where the shorter maturity of the main monetary instrument contributed to more dynamic management of liquidity and formation of the market interest rates close to the level of the policy rate of the National Bank. This further strengthens the efficiency of monetary policy, especially in conditions of increased uncertainty”, Velichkovski said.

In his address, he emphasizes that the past few years are a period of substantial reforms in the field of payment services and payment systems. The National Bank has implemented reforms that increased competition, improved consumer protection and strengthened payment security. The harmonization with the European standards and the accession to SEPA, enabled faster and cheaper euro payments, and the National Bank is currently directed towards the establishment of the new instant payment system based on the TIPS clone, which is developed within the European Central Bank’s initiative for the Western Balkan countries.

“This system will enable payments in denars in real time, 24 hours per day, seven days in the week, setting new standards for speed, availability and user experience. At the same time, it will create a basis for the regional connection of payment systems and gradual integration with the European payment infrastructure, thus enabling faster and more efficient cross-border euro payments with the Western Balkan countries and the European Union”, said the Vice Governor Velichkovski pointing out that the new infrastructure will also encourage development of innovative solutions for a more simple initiation of payments through mobile applications, which will enable a more economical acceptance of payments at the points of sale, as well as a faster disposal of the funds by merchants.

Vice Governor Velichkovski underlined that the achieved results are based on the joint efforts of the National Bank and the Ministry of Finance as the regulators of banks, other payment service providers and other relevant institutions, and the continuous coordination between all stakeholders. The partner approach represents a strong basis on which the current reforms and development projects are upgraded, which also in the following period will be aimed at further modernization, European integration and improvement of payment services in the interest of citizens and companies.