Powers and tasks of the National Bank Council

Article 47

(1) The National Bank Council shall have the following powers and tasks:
1) define and adopt the monetary policy and the exchange rate policy of the National Bank;
2) define the exchange rate regime in accordance with Article 23, of this Law;
3) formulate and adopt the policies of the National Bank regarding the execution of its tasks, and adopt, as appropriate, internal rules for their implementation;
4) prescribe the Chart of Accounts for banks in accordance with the law;
5) supervise the implementation of the policies and the execution of the tasks of the National Bank;
6) adopt the bylaws issued by the National Bank;
7) adopt the Statute of the National Bank;
8) adopt the Code of Ethics of the members of the National Bank Council and the staff;
9) determine the general policies and internal rules applicable to the operations of the National Bank;
10) determine internal rules on the application of the conflict of interest provisions;
11) determine the organization of the National Bank, including the establishment and location of branches, representative offices, and other organizational units;
12) appoint the Chief Internal Auditor, on a proposal of the Governor of the National Bank;
13) determine the general terms and conditions of employment of the staff, including allowances and other benefits, on a proposal of the Governor, as specified by the law and the Labor Agreement;
14) approve the annual budget of the National Bank;
15) determine the accounting policies of the National Bank and to approve the reports referred to in Article 62 of this Law, and financial statements of the National Bank;
16) elects the external auditors of the National Bank;
17) decide on the incurring of debt of the National Bank and the terms and conditions of such debt;
18) determine the categories of assets as mentioned in Article 24 paragraph (2) of this Law, that shall constitute the foreign reserves of the Republic of Macedonia;
19) determine the categories of assets that shall be suitable for investment of the National Bank's financial resources;
20) determine denominations and design of banknotes, coins and their issuance.
21) appoint one or more committees and define their tasks and activities;
22) assess risks and formulate contingency plans for the ongoing operations and security of the National Bank;
23) decide on the issuance of coins for collection purposes;
24) adopt the rules of procedure of the National Bank Council and
25) exercise such other powers and tasks as explicitly granted by this Law.

(2) In the execution of their powers and tasks the members of the National Bank Council shall act solely in the interest of the objectives and tasks of the National Bank.