Skopje, 25 March 2025    

Financial system remains stable and the risks are moderate. This is the general conclusion in the Annual Report of the Financial Stability Committee for 2024, which the Committee has adopted at its last meeting. 

The Annual Report states that the domestic financial system shows high resilience to shocks and that it deals well with the current challenges. In 2024, financial institutions operated in favorable macroeconomic environment, achieved solid results and contributed to larger financial intermediation.

The risks to financial stability arising from the different segments of the financial system are moderate, such as the contagion risk, i.e. spillover of risks from one segment to another.  However, there are still some uncertainties, mainly related to external factors, such as geopolitical tensions and economic fragmentation. As a small and open economy, the domestic system is still exposed to external shocks, which requires constant vigilance.

In that contest, the financial institutions and macroprudential policy creators should carefully monitor the conditions, in order to maintain the financial stability. Financial regulators will continue with coordinated monitoring of the situation, timely exchange of information and, if necessary, take appropriate measures within their competence. They have enough instruments on their disposal to preserve financial stability, ensuring its maintenance in the forthcoming period.

The Financial Stability Committee is inter institutional body responsible for implementation of the macroprudential policy and coordination when monitor systemic risks and financial crises. It is composed of representatives of all financial regulators: the National Bank Governor, the Minister of Finance, the presidents of the Insurance Supervision Agency (ISA), the Agency of Supervision of Fully Funded Pension Insurance (MAPAS) and the Securities and Exchange Commission (SEC), five representatives of the National Bank and three representatives of the Ministry.