Government Agent
The National Bank of the
Republic
of
Macedonia
conducts the external payment operations on behalf of the Government
institutions (Article 45 of the NBRM Act). In this context, the National Bank
opens and keeps foreign exchange accounts for the Government institutions for
the purpose of projects realization financed by foreign credits or grants.
The National Bank also operates as an agent for regulating external credit
liabilities of the country (Law on Regulating the Relations Concerning Payment
of Utilized Credits from International Financial Organizations). For that
purpose, there is a special account which is debited with payment of due
liabilities on the basis of utilized external credits of the country, and
credited with foreign exchange and denar inflows on the basis of utilized
external credits and grants for support of the balance of payments, as well as
other payments.
The National Bank can extend credits to the Government for the needs of the
Government budget up to 5% of the volume of the Budget for each year (Article 46
of the NBRM Act). These credits should be repaid in the fiscal year for which
they are extended. These credits are collateralized with transferable long-term
securities with market interest rate and maturity corresponding to the maturity
of the credit. Until complete repayment of principal and interest of an already
extended credit is done, the National Bank shall not extend new credits.
Exceptionally, the National Bank may grant a credit to the Government over 5%
and with extended repayment, only in the case if the
Republic
of
Macedonia
is indebted due to regulation of external credits or membership in public
international organizations. Credits to the Government may be extended only in
the framework of the Monetary Policy Projection.
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