Reserve requirement is an instrument of the National Bank's monetary policy, which obliges the banks and savings houses to allocate funds on the accounts with the central bank. Main functions of the instrument are stabilization of the short-term interest rates on the money market, managing the money supply and the level of credit multiplication and reduction of the structural excess liquidity.

Banks' reserve requirement base is determined as an average of the liabilities for each day of the calendar month which is determined as the basis in the Indicative calendar. 

Banks' reserve requirement in Denars is a sum of the amount calculated from the liabilities in domestic currency and 20% of the amount calculated from the liabilities in foreign currency. Banks fulfill the reserve requirement in Denars on average basis. When determining the reserve requirement in Denars, the basis for reserve requirement from the banks' liabilities in domestic currency is reduced by the amount of claims based on newly approved loans to legal entitites intended for financing projects for the construction of new faciliites or for increasing the installed capacity of the existing facilities for domestic production of electricity from renewable sources. The reserve requirements in denars is fulfiled by the banks at an average level, from the assets of the vanks' accounts with the National Bank and the assets in the reserve guarantee fund of KIBS AD Skopje. Banks' reserve requirement in foreign currency is 80% of the amount calculated from the liabilities in foreign currency and the amount calculated from the liabilities in domestic currency with FX clauseBanks' reserve requirement in foreign currency is fulfilled: 90% in euros on a fixed level allocated on special FX accounts of the National Bank abroad and 10% in euros on an average level on the foreign exchange account in euros in MIPS. Savings houses fulfill the reserve requirement on special accounts with the National Bank at a fixed level.

The reserve requirement fulfillment periods are specified in the Indicative calendar of fulfillment periods of Denar and Euro reserve requirement for banks and saving houses.

Banks' reserve requirement ratios are presented in the table below:

Liabilities

Reserve requirement ratio

Applied as of:

-      in domestic currency

5%

10.08.2022

-      in domestic currency with FX clause

100%

01.11.2023

-      in foreign currency

21%

20.12.2023

Exception:

-      liabilities to nonresidents - financial institutions in foreign currency with contractual maturity of up to 1 year

13%

11.09.2013

-      liabilities to natural persons in domestic currency with FX clause and in foreign currency, with contractual maturity of over two years 

-      liabilities to natural persons in domestic currency with contractual maturity of over one year*

0%



0%

11.01.2012



01.09.2015

-         repo-transactions in domestic currency

0%

11.01.2012

-         liabilities based on issued debt securities in domestic currency with original maturity of at least two years

           0%

          13.02.2013

-         liabilities to nonresidents - financial institutions in domestic currency, in domestic currency with FX clause and in foreign currency, with contractual maturity of over one year and liabilities to nonresidents in domestic currency, in domestic currency with FX clause and in foreign currency, with contractual maturity of over two years

0%

11.09.2013

*starting from 11.01.2012, 0% reserve requirement rate was applied on liabilities to natural persons in domestic currency with contractual maturity of over two years.

Reserve requirement ratio of savings houses equals 2.5%. 
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Data on reserve requirement  

Indicative calendar of reserve requirement maintenance periods in 2023 

Indicative calendar of reserve requirement maintenance periods in 2024