Skopje, 27 April 2025 

“The membership of our country in the Single European Payment Area (SEPA) is a confirmation of successful regulatory reforms led by the National Bank and consequently regulatory standards applied by the financial institutions, which is important to further boost competition, innovations, as well as to maintain financial stability, as a prerequisite for macroeconomic stability.  The World Bank (WB) will continue to support the National Bank activities for effective inclusion of our financial institutions to the European payment systems, as well as for inclusion to the regional project for instant payments”. This was pointed out at the meetings held by the Governor of the National Bank, Anita Angelovska Bezhoska, with the World Bank high representatives, i.e. the Vice President of the World Bank for Europe and Central Asia, Antoanella Bassani, the Division Director for the Western Balkans Xiaoqing Yu, the Country Manager for North Macedonia and Kosovo, Massimiliano Paolucci, within the Spring Meetings of the IMF and the World Bank.  The meetings were also attended by the Minister of Finance Gordana Dimitrieska Kochoska and the Vice Governor Ana Mitreska and Fadil Bajrami

Regarding further financial system integration and raising the quality of services for citizens and business, Angelovska Bezhoska briefed on the achieved success, joining SEPA in particular.  She pointed out that this step is a result of the great effort in the past period to reform the legal and regulatory framework and its compliance with the European standards.  This strategic determination will not only enable more efficient and cheaper cross-border payments, but it will also support the process of European integration.

“The SEPA membership is a strategic achievement, but also a foundation for the upcoming challenges.  Supported by the World Bank, the National Bank continues with the compliance of the national legislation with that of the EU.  The National Bank has already made the additional amendments to the regulatory framework for cross-border payments, which shall apply as of 5 October this year, when the payment service providers will be able to join the SEPA payment systems for the first time.  Instant payments will be in the focus of the next year. These activities confirm the National Bank commitment for full financial integration in the EU”, said the Governor in her address at the round table meeting dedicated to SEPA, pointing out that the domestic banks, in cooperation with the National Bank, have worked hard on their full integration in the European ecosystem for payments in the next couple of months, offering their clients services equal to that of the EU.

The meetings with the World Bank high representatives also positively assessed the National Bank policies for financial stability maintenance, focusing on the technical support by the World Bank, which through number of projects further strengthens the capacities of our country and the central bank in several areas related to the banking system.  They refer to the promotion of the macro prudential framework, as well as to the completion of the by-laws arising from the Law on Bank Resolution.   

The National Bank has adopted 12 decisions that complete the regulatory framework for Bank Resolution, ensuring compliance with the highest international standards and good practices.  These decisions are a significant step towards further strengthening of the financial stability and protecting public interest” said the Governor Angelovska Bezhoska, highlighting the National Bank projects accomplished with the support of the World Bank in the climate-risk area, such as developing a methodology for stress testing of corporate banks.