Skopje, 2 September 2023  

Medium-term plan of activities for climate change risk management has been adopted

The National Bank Council adopted the National bank medium-term plan of activities in the field of climate change risk management for the period 2023 - 2025 at its regular meeting.  This plan sets a comprehensive, systemic and consistent framework of activities related to climate change risk management. The climate change effects are global and concern all social spheres.  Climate change is an important issue for central banks due to its effect on the price and financial stability. 

In recent years, the National Bank has been actively working in this area, by including green finance in the National Bank’s strategic objectives, active membership in the international network of central banks and regulators, publishing regular green finance data, as well as changing monetary instruments by fostering sustainable financing.  With the introduction of the new medium-term plan, the National Bank activities will be aimed at improving the current regulatory framework and at adopting Guidelines for managing risks arising from change by banks.  The National Bank will also strengthen the supervisory approach, with a gradual active involvement of climate risks when accessing the banks’ risk profile.  Taking into account the importance of the financial system resilience to climate change risks, the central bank provides multiple analysis on the impact of these risks on the banking system, as well as conducting stress tests.  The Plan also emphasizes the importance of coordinated activities in the country and the need for cooperation with other government institutions and bodies, given that climate issues require coordinated national approach.  With the implementation of the medium-term plan, a better understanding of climate risks is expected, their implementation in the analysis of both, banking system and monetary policy, and improvement of the banking system’s potential to support the transition of the economy towards green and sustainable development. 

The Council adopted the Annual Report on oversight of the payment systems and recommendations for 2022.  The payment systems have been found to operate with a high degree of security and operational availability, with the highest level of accessibility.

At the session, the Council also discussed other matters within its jurisdiction.