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Economic analysis

Authors: Ana Mitreska and Mite Miteski

Fiscal stance amidst rising risks and interest rates - the CESEE perspective

Platform for discussion

Author: Ljupka Georgievska

Savings in the age of zero interest rate – some evidence from SEE countries

Authors: Ana Mitreska, Ljupka Georgievska and Gani Ramadani

Monetary Policy Conundrum in Developed Economies - Is the Region Different?

Author: Anita Angelovska Bezhoska

Central Banking in the Aftermath of the Global Economic Crisis

Ten years of the Vienna Initiative

Author: Vesna Stojchevska

Resilience to global headwinds? CESEE responses to changing trade and financial landscape – focus on the Macedonian economy

Authors: Aneta Krstevska and Maja Ilievska

Developments in major labour market indicators and active labour market measures in dealing with unemployment: Evidence from Macedonia

Authors: Ana Mitreska, Sultanija Bojceva – Terzijan, Petar Debnikov

Corporate Sector Deleveraging in Macedonia in the Aftermath of the Crisis - Has it happened at all?

Authors: Anita Angelovska Bezhoska; Ana Mitreska; Sultanija Bojceva - Terzijan

Lingering low interest rate environment and monetary accommodation in the euro area - impact on the region?

Author: Biljana Jovanovic

Determinants of Corporate Capital Structure: Evidence from Macedonian Panel Data

Author: Maja Ilievska Nikolikj

Structural characteristics of newly approved loans and assessment of the quality of banks' credit decisions by monitoring performances of these loans during uncertain economic periods - The Macedonian experience

Authors: Anita Angelovska Bezhoska; Ana Mitreska

Hurdles to the Growth Agenda of the CESEE Economies

Authors: Anita Angelovska Bezhoska; Ana Mitreska; Sultanija Bojceva - Terzijan

Changing financial exposure of the CESEE region: Taking a stock on the external vulnerability profile

Authors: Anita Angelovska Bezhoska; Ana Mitreska; Sultanija Bojceva - Terzijan

The fiscal consolidation process in CESEE countries

Authors: Anita Angelovska Bezhoska; Ana Mitreska; Sultanija Bojceva Terzijan

SEE countries: the main challenges on the road to recovery and the role of international financial institutions

Authors: Anita Angelovska Bezhoska; Ana Mitreska

Policy Nexus under Different Exchange Rate Regimes in CESEE countries

Author: Rilind Kabashi

Effects of the Global Crisis on Macedonia: a Counterfactual Analysis

INFLATION

EXCHANGE RATES

for the period: -

	Counrty	Code	Currency		Unit	BuyingRate	MiddleRate MKD	SellingRate

NATIONAL BANK POLICY RATES

Monetary instrument	Interest rate
Central Bank bills	5,35%
Overnight loan	5,85%
Overnight deposit	3,95%
7 days deposit facility	4,00%

Changes to the National Bank policy rate

Bank's reserve requirements ratios

Liabilities with contractual maturity of up to 2 years:
in domestic currency	8.0%
in domestic currency with FX clause	100%
in foreign currency	21%
Liabilities with contractual maturity of over 2 years:
in domestic currency	0%
in domestic currency with FX clause	100%
in foreign currency	5%

Financial market operations

Auctions of Central Bank bills

Auctions of government securities

Auctions of repo transactions

Reference rate for calculating the penalty interest rate

5,55%

SKIBOR

The official language of the documents translated herein is Macedonian. In case of any doubt or misunderstanding, the Macedonian version should therefore be considered final.

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Economic analysis

Fiscal stance amidst rising risks and interest rates - the CESEE perspective

Savings in the age of zero interest rate – some evidence from SEE countries

Monetary Policy Conundrum in Developed Economies - Is the Region Different?

Central Banking in the Aftermath of the Global Economic Crisis

Ten years of the Vienna Initiative

Resilience to global headwinds? CESEE responses to changing trade and financial landscape – focus on the Macedonian economy

Developments in major labour market indicators and active labour market measures in dealing with unemployment: Evidence from Macedonia

Corporate Sector Deleveraging in Macedonia in the Aftermath of the Crisis - Has it happened at all?

Lingering low interest rate environment and monetary accommodation in the euro area - impact on the region?

Determinants of Corporate Capital Structure: Evidence from Macedonian Panel Data

Structural characteristics of newly approved loans and assessment of the quality of banks' credit decisions by monitoring performances of these loans during uncertain economic periods - The Macedonian experience

Hurdles to the Growth Agenda of the CESEE Economies

Changing financial exposure of the CESEE region: Taking a stock on the external vulnerability profile

The fiscal consolidation process in CESEE countries

SEE countries: the main challenges on the road to recovery and the role of international financial institutions

Policy Nexus under Different Exchange Rate Regimes in CESEE countries

Effects of the Global Crisis on Macedonia: a Counterfactual Analysis