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Skopje, 8 April 2023

The Report of the International Monetary Fund (IMF), which summarizes the findings of the assessments of the level of the application of the principles contained in the Central Bank Transparency Code of the IMF, states that the National Bank conducts advanced transparency practices. The National Bank was the second out of a total of seven central banks for which the IMF in 2021 made an assessment of the practices in terms of the transparency in and the report on the operations.

The Report states that the long-time effort for high transparency is incorporated into the Law on the National Bank and is set as a strategic objective within the mandate of the National Bank. Due to the implementation of a policy of high transparency and availability of information in terms of its operations, the National Bank guarantees significant confidence with stakeholders and strengthens its autonomy and efficiency in the policy implementation.

The IMF Report clearly determines that the comprehensive transparency framework of the National Bank is well-established and encompasses the decisions that are made in terms of monetary policy, analyses and monetary and foreign exchange operations. The high transparency is also reflected through timeliness and frequency of publishing information. The Report also states that the National Bank has made significant efforts to improve transparency in the part of financial stability and the new Law on Financial Stability is expected to further improve transparency practices. The Report also highlights the expanded scope of publicly available information on the internal audit and the risk management framework, as elements that set internal control mechanisms of precaution in the National Bank, which contributes to appropriate decision-making within the competences of the central bank.

The Central Bank Transparency Code is a comprehensive set of transparency principles and practices, which are recommended by the IMF for application by central banks. Thus, the Code allows central banks to assess and improve their practices with respect to accountability and to strengthen the public dialog, for the purpose of clearer presentation of the manner in which the decisions are made and how the central bank objectives are achieved. 

The Report is available at the following link: https://www.imf.org/-/media/Files/Publications/PP/2023/English/PPEA2023006.ashx  

Home About National Bank Public Relations Press release 2023
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INFLATION

  

EXCHANGE RATES

Counrty

Currency

MiddleRate MKD

EUR

More

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.

All rights reserved © 2017

Dear Sir/Madam, if you have any problem regarding access to the already published data, please contact the technical support telephone: ++ 389 2 3108 206. For other needs: ++ 389 2 3108 108 switch board | (contact).

National Bank of the Republic of North Macedonia
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