The payment systems regulations include laws and bylaws. Regarding the legislation, the main law is the Law on the National Bank of the Republic of Macedonia, which regulates the tasks and powers of the NBRM also in the area of payment systems and it takes precedence over other laws. Additionally, the NBRM has the power in the area of oversight and regulation of payment systems and payment transactions arising from the Law on Payment Operations. More broadly, the role of the NBRM in the payment operations is linked with the provisions of other laws, such as the Law on Enforcement, the Bill of Exchange Act, the Law on Cheques and the Law on Promissory Note.
According to the legal authority derived from the Law on the National Bank Republic of Macedonia and the Law on Payment Operations, the NBRM adopts bylaws (decisions and instructions). The NBRM, in the process of adopting bylaws, implements consultative process with stakeholders.