Skopje, 21 May 2021
Financial stability is a common priority, all well as an obligation of the financial regulators. The past period proved that the improved cooperation between the regulators and the new format of the Financial Stability Committee, which includes all financial regulators, contribute to successful attainment of the common goal - financial stability. All this means an obligation for further enhancement of mutual cooperation, in order to strengthen more the financial system as the main pillar of the economy.
These are some of the messages conveyed at the meeting between the Governor of the National Bank, Anita Angelovska Bezhoska and the President of the Securities and Exchange Commission (SEC), Nora Aliti, at which a new Memorandum of Understanding between the two institutions has been signed. The Memorandum significantly expands the current scope of cooperation and operationalizes several segments of collaboration between these two institutions, which as assessed in the past few years, need a joint venture.
This Memorandum, inter alia, envisages the SEC to submit a larger set of data to the National Bank, which will be used in the analysis and assessments of financial stability, specifying also which data the National Bank will share with the SEC, in the context of achieving legal goals and tasks. This significantly exceeds the previous scope of data exchanged by the two institutions, thus using the data even more for building appropriate policies and making adequate decisions, in order not only to maintain stability, but to constantly modernize the financial sector, as well.
Also, an exchange of data between the two institutions in the licensing process has been envisaged, as well as joint controls with the entities that are subject to supervision by the National Bank, i.e. the SEC. The provisions of the Memorandum in this segment enables such joint activities to be precisely operationalized, the results of which would be manifested both in the medium and long run, because it would contribute additionally to successful mandate of both institutions.
In addition, with this Memorandum the cooperation in data exchange for statistical purposes endures, taking into account the importance of statistics in decision-making processes, from the viewpoint of both real sector and investors.
At the end of the meeting, the Governor Angelovska Bezgoska and the President Aliti, accompanied by representatives of the teams of both institutions, expressed determination to immediately begin with the practical implementation of the opportunities provided by the new Memorandum of Understanding, in order to further develop the economy with the financial system as its pillar. As emphasized, the significant achievements should be an incentive for further joint ventures.