TRANSPARENCY

 
The National Bank transparency is ensured by the following provisions and activities provided by the Law on the National Bank of the Republic of Macedonia:

- Appointment, election, termination of term, resignation and dismissal of members of the National Bank Council (Article 49, 50, 51, 52, 53);

- The Governor of the National Bank periodically address the Parliament of the Republic of Macedonia or its committees, concerning monetary policy and financial system issues and the state of the economy (Article 40 paragraph 2);

- Regular publishing the financial statements (Article 61);

- Regular reporting (minimum twice a year) to the Parliament of the Republic of Macedonia and the public, on its monetary policy, the achievement of its objectives and its vision on the real variables of the economy (Article 62 paragraph 1);

- Yearly submission to the Parliament of the Republic of Macedonia and the Minister of Finance and publishing one or more reports, approved by the National Bank Council, on the state of the economy during the financial year that just ended, including an outlook for the economy for the coming year, with emphasis on its policy objectives and the condition of the banking system of the Republic of Macedonia (Article 62 paragraph 2);

- Publishing quarterly reports on monetary policy on its website and/or otherwise, as determined by the Governor of the National Bank (Article 62 paragraph 3);

- Publishing a financial stability report for the previous year on its website and/or otherwise, as determined by the Governor of the National Bank (Article 62 paragraph 4);

- Public disclosure of the monetary policy objectives (Article 6);

- Compulsory publication of the decisions of the National Bank Council in the “Official Gazette of the Republic of Macedonia” (Article 69 paragraph 1);

- Ensure availability of statistical data and information (Article 37).