Skopje, 19 June 2026 

The National Bank held its 58th Research Club session, a platform for presenting and discussing research papers of the National Bank, which has been fostering research activities in the country for the past 13 years.

This session introduced a research paper, in its development phase, on the topic “A Broad Perspective on Banking Stability:  Are Non-Performing Loans Important for Developing Countries? by the authors Besime Ziberi and Artina Bexheti Baftijari.  

This session was opened by Biljana Davidovska Stojanova, Director of the Monetary Policy and Research Department, who pointed out that non-performing loans represent one of the key challenges to the financial system stability and thus they are regularly a subject to monitoring and analysis. 

“High levels of non-performing loans directly affect banks’ liquidity and solvency, their profitability and may also create systemic risks that could lead to banking crises.  Hence, identifying the determinants of non-performing loans is of particular importance for policymakers and regulators, in order to timely detect vulnerabilities and preserve long-term financial stability in an economy, pointed out Davidovska Stojanova.

On behalf of the authors, the findings of the research were presented by Bexheti Baftijari, who highlighted that the main objective of the analysis is to provide a broader perspective on baking stability, by examining the determinants of non-performing loans in Western Balkan economies.  The panel assessments covering a period of 22 year indicate that macroeconomic factors, including gross domestic savings, employment and real interest rates, have a significant impact on their level. Hence, improving economic conditions may significantly lower the level of non-performing loans and strengthen the financial stability in the region.

The Club sessions are held four times a year. The National Bank announces a call to researchers to present a paper, which can also be in a draft version. The papers are made in accordance with the trends and standards of modern research, i.e. with a solid empirical analysis and systematized research conclusions. The sessions are attended by analysts and researchers from scientific and educational and financial institutions, students and other interested participants.

The membership is of an open character and more information on the Club can be found on the following link: https://www.nbrm.mk/klub_na_istrazhuvachi.nspx. 

The next session will be held in September this year.