Anita Angelovska Bezoska, Governor of the National Bank of the Republic of Macedonia, delivered an address at the event marking the World Savings Day - 31 October, hosted by the Macedonian Banking Association. She emphasized the importance of savings both to the individuals and to the overall economic progress, and the maintenance of macro-financial stability, underlining the multiple benefits for the entire society.
"Having in mind all the benefits of saving, it is my pleasure to conclude that Macedonian citizens are fostering a savings culture in the banking sector. In the last 10 years, total deposits have grown at a rate of around 8%, on average, on an annual basis, which contributed to an increase in savings of about 10 percentage points to 55% of GDP in 2017. The fact that deposit growth was registered in times of global crisis and multiple economic and political shocks proves the high confidence of citizens in the banking sector, which remained safe, sound, highly capitalized and liquid throughout the entire period, showing capability for successful handling of shocks. Higher growth in denar deposits and acceleration of growth of long-term savings is especially positive, which strengthens the banks' capacity for long-term placements and the support for investment projects. The deposit growth has provided a solid basis for enhanced lending activity and stronger financial intermediation of around 8 percentage points in the past ten years to 48% of GDP in 2017” - said Governor Angelovska Bezhoska.
She also said that despite the positive trends, the need for further increase in the total domestic savings is evident, which is a common feature of the CESEE countries. Furthermore, she also tackled the connection of the level of savings with the level of investment support, saying that “looking ahead, undoubtedly there is a need for investment growth, meaning an undisputed necessity for encouraging domestic savings in order to reduce the gap between domestic savings and investments.”
Bearing in mind that despite the positive developments the rate of total domestic savings in the Macedonian economy is still relatively low, Governor Angelovska Bezhoska in her address appealed for an active contribution of all stakeholders. “We, as the National Bank, within our competencies, will continue to support savings in the period ahead by maintaining macro-financial stability and prudent regulations, safe and sound banking sector, thus contributing to maintenance of the confidence in the financial system, which is a key prerequisite for domestic savings.” - she said at the end of her address.
Dragan Tevdovski, Minister of Finance of the Government of the Republic of Macedonia, and Kosta Mitrovski, President of the Macedonian Banking Association, also gave an address.