The National Bank of the Republic of Macedonia (NBRM) and the European Central Bank (ECB) concluded a Memorandum of Understanding which defines their cooperation in the area of supervision. According to its provisions, the cooperation between these two institutions will be directed towards ensuring effective exchange of supervisory information, having in mind both, national and international regulations, including the Core Principles for Effective Banking Supervision developed by the Basel Committee.

The conclusion of this Memorandum is another confirmation of the NBRM’s commitment for maintaining safe and sound banking system. As specified in the document, this cooperation is essential for further improvement in the integrity, stabilization and efficiency in the bank operations. 

The implementation of its provisions will be of great significance also for materialization of the NBRM’s commitment for continuous development of the supervision in the Republic of Macedonia according to the latest European and international standards and recommendations. In conditions when part of the systemically important banks in the country are owned by banks under direct supervisory competence of the ECB, the exchange of information about them is expected to contribute towards further development of the supervisory function. 

With the initiation of this very important strategic document itself, the ECB included the NBRM among the central bank institutions that are their strategic partners in the supervision promotion process and thus strengthening of the banking systems in Europe.

The Memorandum of Understanding in the area of supervision is only one of the indicators for deepening the communication between the NBRM and the ECB lately, which will continue in future, as well.