Skopje, 20 September 2022

Within the institutional cooperation, H.E. Ambassador David Geer, Head of the EU Delegation, Ms Marie-Madeleine Kanellopoulou, Head of the Economic Section at the EU Delegation, and Mr Alessandro Zanotta, Economic Adviser in the Operations Section at the EU Delegation had a working meeting with the National Bank Governor, Anita Angelovska Bezhoska, and the vice-governor Ana Mitreska.

The working meeting addressed the current economic developments and the consequences of the war in Ukraine and the energy crisis on the European and domestic economy. A special emphasis was placed on the role of central banks in combating inflation, which is growing in all countries. Furthermore, it was jointly stated that the strong and long-lasting shock on global energy and food prices remains the main factor fueling global and domestic inflation. This is especially seen in small and open economies, such as the Macedonian one, where majority of products are imported, and the share of food and energy in total consumption is large. The strength and duration of the shock urged the central banks to increase interest rates. "In these circumstances, the National Bank has decided to gradually increase the policy rate to curb inflation, as many other central banks, including the ECB, have done" – said H.E. Ambassador Geer.

The guests also visited the National Bank museum exhibition dedicated to the cultural heritage, presented through the current issue of Macedonian banknotes. The exhibition Worths and Values has been part of the National Bank activities marking 30th anniversary of the Macedonian monetary independence and the introduction of the denar as a national means of payment.

As part of the activities for implementing its strategic determination, adopting best practices and standards that bring it ever closer to the European System of Central Banks, the National Bank fosters a fruitful cooperation with the EU Delegation in the Republic of North Macedonia.