It is recommendable that the monetary policy remains relaxed in global terms to support economic recovery in these times of uncertainty, as well as afterwards, when the pandemic is brought under control. We, as a central bank, will certainly follow this recommendation, taking into account our country-specific monetary strategy and maintaining exchange rate as a nominal anchor.

This was stated by the National Bank Governor, Anita Angelovska Bezhoska, in her welcoming address to the 25th Annual Assembly of the Financial Markets Association - ACI Macedonia, held on Friday.

In her address, the Governor noted that since March this year, the National Bank has sold foreign currency on the foreign exchange market, yet the interventions in recent months have been significantly moderate. She emphasized that foreign reserves are at a high and comfortable level, which allows the current relaxation.

"The policy rate is still in the positive zone, and accordingly, the margin in relation to the ECB. However, given our monetary policy specifics, it is clear that zero bound does not apply to us and therefore our space for maneuver is not unlimited. This also applies to the issue of additional liquidity, which is certainly an alternative, but to the extent to which it does not cause pressure on the foreign market", stressed Angelovska Bezhoska.

She also reflected on the challenges to the financial markets in recent period, as well as the expectations of the forthcoming period.

"Uncertainty and risks to global economic trends as well as to global financial markets remain unusually high, given the inability to forecast health crisis trajectory, requiring from us as policy makers, and of course from you as market participants to be careful in making decisions and to properly manage challenges ahead", said the Governor at the end of her address.