Washington, 25 April 2025 

The National Bank implemented timely and appropriate monetary and macroprudential measures, which enabled inflation stabilization, maintenance of a stable denar exchange rate and strengthening of financial stability. However, given the high geopolitical uncertainty, it is important to proceed with prudent macroeconomic policies and further institutional strengthening. In this context, preserving the independence of the central bank is of crucial importance. This was emphasized at the meeting between the Governor of the National Bank, Anita Angelovska Bezhoska and the Deputy Managing Director at the International Monetary Fund, Bo Li, on the sidelines of the Annual Meetings of the IMF and the World Bank. The meeting was also attended by the Minister of Finance Gordana Kochovska Dimitrievska.

In the conditions of global price shocks and instability, the National Bank responded with a comprehensive set of measures, which included interventions on the foreign exchange market, adjustments to interest rates, reserve requirement and macroprudential constraints. “With these measures, we have not only achieved a significant reduction in inflation to a single-digit level, but also ensured exchange rate stability and sound and strengthened balance sheets of the banking sector,” Angelovska Bezhoska said.

Special emphasis at the meeting was put on the latest geopolitical developments, which create new uncertainty in the global economy and global financial markets. In such conditions, as emphasized at the meeting, it is particularly important for small and globally exposed economies, to pursue sound policies, create space for reaction to potential shocks and have strong institutions. In this very context, further improvement in the legal framework for the National Bank in accordance with the highest international standards was emphasized. All this contributes to strengthen the institutional capacity of the National Bank and increase its transparency and accountability.