Template-Type: ReDIF-Paper 1.0

Author-Name:  Aneta Krstevska
Author-Name-First: Aneta 
Author-Name-Last: Krstevska
Author-Email: krstevskaa@nbrm.mk
Author-Workplace-Name: National Bank of the Republic of Macedonia

Title: Monetary policy strategy of the NBRM: experiences and options 


Abstract: National Bank of the Republic of Macedonia (NBRM) has been implementing an 
exchange rate targeting strategy for a more then a decade and so far it proved to be 
very successful. The aim of this paper is shortly to explain the advantages of this 
strategy and moreover to put more focus on the analysis for peg sustainability. Also, 
the paper discusses the effectiveness of the interest rate transmission channel in 
Macedonian economy. Based on the analysis for peg sustainability and still existing 
problems in the functioning of the interest rate transmission channel, the main 
findings are that current monetary policy strategy is still valid and regular monitoring 
of the environment that is changing dynamically is more then necessary. 



Length:  9 pages
Creation-Date:  2007-12
File-URL: http://www.nbrm.mk/WBStorage/Files/WebBuilder_MonetaryPolicyStrategyofNBRM_experiancesandoptions.pdf
File-Format: Application/pdf
File-Function: First version, 2007
Number: 2007-05
Classification-JEL: 

Keywords: 

Handle: RePEc:mae:wpaper:2007-05