Skopje, 29 November 2024  

At its regular session, the National Bank Council discussed the Report on the participation, recommendations and activities of the National Bank in the EU integration process in the period November 2023 - October 2024.

The Report gives an overview of the recommendations given in the Economic Reforms Programme 2024 - 2026, the findings of the subcommittees within the Stabilization and Association Agreement, the National Bank participates in, the IPA-funded National Bank projects, as well as other EU-related activities.

The Report concludes that a significant step forward in getting closer to the EU is the National Bank submission of the application for membership of our country in the Single Euro Payments Area (SEPA). The access to SEPA will allow citizens and companies to get cheaper and faster cross-border payments in euros. According to the European Commission, with the help of prudent monetary policy, the inflation was curbed, however, further careful assessment, analysis and monitoring of price movements is needed. In terms of monetary policy, it has been assessed that there is a high level of compliance with the EU acquis regarding the prohibition of monetary financing of the public sector and the prohibition of privileged access of the public sector to financial institutions, as well as that further harmonization is needed in order to preserve the independence of the National Bank. The banking system is resilient, while the macroprudential instruments set has been strengthened. In terms of payment systems, the transparency of the conditions for using payment services has improved, since the National Bank introduced the tool for comparing fees for the most frequently used payment services provided by the local banks. The Law on Payment Services and Payment Systems should be implemented in order to introduce more diverse high-quality and reliable payment services, the establishment of a single register of bank accounts will contribute to. 

At the session, the National Bank Council also adopted decisions on harmonizing the legal framework for the implementation of monetary operations with the amendments to the Law on the National Bank. At the same time, in order to improve the operational framework of the National Bank and for the purpose of applying the best international practice, the criteria for banks and savings houses’ access  to monetary instruments for withdrawal and providing liquidity were defined and consolidated.

The National Bank Council also discussed and adopted other acts in the area of central bank operations.