From the interview with Nezavisen.mk

Skopje, 3 May 2020

It is crucial that the shock the economies face due to the COVID-19 pandemic is not economic, i.e. it is not due to the porosity of the economic fundamentals. Therefore, although the effects of the shock were expected to be greater in a short run, it should not significantly affect the long-term potential for economic growth and macroeconomic stability.

This was stated by the Governor of the National Bank, Anita Angelovska Bezhoska, in an interview for "Nezavisen.mk".

She emphasizes that in order to maintain macroeconomic stability, there are a number of measures taken by the holders of fiscal and monetary policy, the effectiveness of which will be one of the important factors in dealing with the challenges of the corona crisis.

The Governor reminds that the National Bank is the guarantor of the price and denar stability, and that the structural and regulatory changes in our economy have contributed to improve the fundamentals of the economy in recent years.

"In recent years, we have seen structural changes, especially in the structure of industrial output and exports, which have reduced the vulnerability of our economy and improved its fundamentals. This has contributed to the almost continuous growth in foreign reserves, which is a guarantee for the exchange rate stability. It is also very important that the domestic banking system is sound and has the potential to provide credit support without compromising its stability. This is due to the fact that after the global financial crisis of 2008, we have strengthened the regulatory and supervisory requirements, in line with the tightened European regulations, which contributed to further improvement of the system resilience. Of course, the corona crisis imposes the need for intensive monitoring and rapid, effective and coordinated action. In this regard, the competencies have recently been strengthened, expanding, as well, the composition of the Financial Stability Committee, by the participation of all financial regulators." – said Angelovska Bezhoska. In the interview for "Nezavisen.mk", inter alia, the Governor referres to the availability of financial support for the Macedonian economy and the measures that are under the jurisdiction of the central bank.

The preparation of the regular macroeconomic projections, as Angelovska Bezhoska indicates, is already in the final stage and will soon be presented to the public.

The interview is available here.