Skopje, 26 April 2023  

On this day, 26 April, 31 year ago, the process of our country’s independence was completed, by providing monetary independence and introducing the national currency-denar.  Although it is not a jubilee year, the challenges arising from the global environment are a good reason to remember the path we have taken to provide monetary independence, the capacities we have built and the strength we possess for an appropriate response in any situation.  

Cicero’s words Fortis est non pertubaris in rebus asperis-The strong do not falter in adversity- aptly describe our path as an institution and a social stakeholder for the past years of independence.  Since the beginning of the monetary independence we have gone through series of ordeals which we have successfully tackled, becoming stronger and establishing our capacities as a central bank. The hyperinflation in the early nineties, recession, insufficient level of foreign reserves, depreciation of the domestic currency and macroeconomic instability are the challenges we have dealt with in the first years of the monetary system independence.   In response, a strategy of a stable exchange rate of the denar against the Deutsche mark was introduced in 1995, and since January 2002 against the euro.  Since then, the strategy of exchange rate peg has been an anchor of the stability of the Macedonian economy.  

The stability of the denar was preserved even after the onslaught of the last several consecutive crisis of unprecedented proportions, the COVID-19 pandemic, energy crisis and the war in Ukraine.  The National Bank took decisive action to preserve the stability and through number of measures and tools, adequately responded to crises felt by almost every economy in the world.  Throughout this period foreign reserves were constantly maintained at an appropriate level.  The banking system has supported and will continue to support the economy, only because it remained strong thanks to the appropriate policies throughout the years.  In conditions of global inflation, the highest in the past few decades, the National Bank is uncompromisingly committed to fulfilling its basic mandate-maintaining medium-term price stability through the strategy of stable denar.  We will continue to use all instruments and measures at our disposal to consistently fulfill our primary goal. 

Institutional capacity is the most important for successful achievement of our goal, especially in such crisis times.  Over the years, we have continuously strengthened the National Bank capacities and we have invested in our most valuable resource, people.  The National Bank has always been a role model in terms of hiring quality staff, as well as their constant education and improvement of their skills.  And not only in our country, the quality of our staff is  internationally recognized, by a number of scientific and financial organizations.  

We believe in investing in scientific thought and work, as drivers of the economic development, because moving a step further adds value to the economy.  Hence our commitment to be a part, but also a driver of the scientific research community in our country. 

We have come a long way, we have overcome many challenges, yet there are many challenges ahead.  The process of EU integration, digitalization of the financial sector which is important for easier access to finance, and at the same time highlights the need for greater financial literacy and protection of the users of financial services, easing of green transition by encouraging green financing, are before us and impose further improvement of our capacities in order to respond to new needs and times.  The challenges are right before us and they will make us stronger and better.