Skopje, 31 October 2022

“Saving is one of the important prerequisites for a better existence for every individual and household, and also a significant factor for promoting economic development”, pointed out Evica Delova-Jolevska, manager of the Consumer Protection and Financial education Department at the National Bank in a guest appearance on the Macedonian television on the occasion of the Savings Day. 

The households are traditionally the most important creditors of the domestic banks.

Household deposits make up the highest share of around 66% in total deposit base of banks and historically they have registered a continuous growth at a different pace. 

Thus, at the end of the third quarter of this year total household deposits equal denar 317 billion, which is by denar 16 billion or by 5.4% higher compared to the same period last year.

Discussing the financial education activities taken by the National Bank, the manager of the Consumer Protection and Financial Education Department emphasized that the adoption of the first national Strategy for Financial Education and Financial Inclusion by all financial regulators under the leadership of the National Bank provided a framework for promoting financial education and inclusion, which includes series of activities for their promotion in various segments of the financial system.

Furthermore, she pointed out the activities in the past year, when even in conditions of a health crisis a record of 102 lectures were delivered via Internet platforms, on various topics and attended by 6350 participants.

“Financial education aims to give the citizens knowledge and skills to understand the advantages and benefits from using various financial services, and at the same time to raise their awareness of the risks of using these services, as well as their legal rights and obligations so they could make decisions based on sufficient information, before, during and after the use of certain product or service”, said Delova-Jolevska.

She also added that “financial education is especially important in modern dynamic times and it significantly affects the level of using new financial products that are offered on the market of modern, digital and innovative solutions.”

On the occasion of the World Savings Day-31 October, Delova-Jolevska said that there is no doubt that one should save in banks, because citizen’s deposits are safe, and the banking sector is stable. 

She pointed out that keeping money at home is not recommended at all, since it is at high risk of theft and other unwanted events, as opposed to their safety in banks and savings houses, and also by keeping money at home, citizens loose funds on the basis of interest.

The National Bank continues to maintain the stability of the domestic currency, the denar is stable and it will be so in the future, so the Manager also emphasized the advantage of denar savings, compared to foreign currency deposits.

“Holding assets in foreign currency is an irrational decision and makes unnecessary damage, since the citizens pay higher price for the currency exchange and loose return, given that the interest rates on foreign currency savings are lower”, said Delova-Jolevska.