Skopje, 11 July 2024 

„The central bank, as a professional and independent institution, has taken appropriate actions in the combat with the last inflationary episode, contributing to the maintenance of the overall stability". This was emphasized in the meeting between Governor Anita Angelovska Bezhoska and Kenji Okamura, Deputy Managing Director of the International Monetary Fund (IMF). 

Furthermore, it was stated that the current monetary policy setup was adequate, with a need for vigilant monitoring of inflationary movements. This was stated during the Annual IMF/WB Constituency meeting headed by the Netherlands and Belgium, to which our country belongs, held in Chisinau, Moldova. 

In the meeting, Angelovska Bezhoska and Okamura emphasized that maintaining the National Bank independence is a high priority. The IMF positively assesses the National Bank’s commitment to its goals, especially the efforts to overcome the effects of the subsequent crises in the past period. Professionalism, expertise and dedication are the highest when it comes to the decisions implemented by the National Bank. Besides, it was emphasized that in conditions of increased economic uncertainty and financial stress, central banks need to be more clearly and frequently present in the public to clarify economic trends, as well as to communicate reasons and assumptions behind any monetary decision made. 

Governor Angelovska Bezhoska emphasized that the National Bank has embraced this trend and has been constantly improving its transparency, which significantly increased the public trust and credibility of the institution, which was also reaffirmed in the IMF’s Central Bank Transparency Code Review for our country. 

All this has contributed to a significant reduction of inflationary pressures, without major adverse effects on the financial system. The National Bank measures brought inflation down to single-digit rates, foreign reserves have increased to a solid level, and financial stability has been strengthened.