Skopje, 29 November 2023

The plan of Activities for 2024 has been adopted-the focus remains on price stability, stability of the denar and banks

The National Bank Council has adopted the Plan of Activities for 2024, which includes activities and new projects, for further successful implementation of strategic goals.  The Council also discussed number of current activities, including the Report on the participation, the recommendations and activities of the National Bank in the EU integration processes in the last one-year period.

The Report on the participation, the recommendations and activities of the National Bank in the EU integration processes concludes that the latest EU reports in the fields and chapters within the bank’s competences indicate that the monetary policy setup is in line with the economic environment.  The NBRNM measures to support savings in domestic currency have also been positively evaluated.  It is assessed that the harmonization of the legal framework with the EU legislation, standards and practices in the field of monetary policy remains in advanced phase, which is the highest rating for readiness.  In terms of the banking system, the report points to enhanced legal and institutional framework for ensuring financial stability, with positively estimated macroprudential measures as well.  The improved harmonization with the EU legislation in the area of payment services is also highlighted, as well as the National Bank’s commitment to the European Statistics Code of Practice.

The Program intends to build up and to advance analytical skills and capacities for macroeconomic analyses and monetary policy forecasting.  The National Bank remains focused on the price stability and maintenance of the exchange rate stability, as well as further modernization of monetary operations and liquidity planning.  We will continue to maintain and strengthen the banking system stability and resilience, through further harmonization with the EU regulation, international standards and trends in the field of banking regulation, implementation of the macroprudential mandate, monitoring risks to the banking system and strengthening supervision.     The main focus will be on building up the capacities of the National Bank in terms of climate change, as well as activities related to creating conditions for proper fintech development and advancement. 

The National Bank will continue to monitor the application of the new legal framework in payment area which enables introduction of new technologies and innovations to support household and corporate payments.   We will also continue to increase the transparency and comparability of services, for greater competition and consumer protection, as well as analyses of the possibilities, advantages and possible risks of issuing digital currency, digital denar, as well as a digital form of our sovereign currency, denar.  Special attention will be paid to activities that should enable our country to join the Single Euro Payment Area (SEPA), which will ensure faster and cheaper euro payments for citizens and companies.