Today, the National Bank of the Republic of Macedonia Council has held its VI session at which it discussed about and adopted several decisions in the area of monetary policy
Skopje, 13 July 2004
Press release of the NBRM
Today, the National Bank of the Republic of Macedonia Council has held its VI session at which it discussed about and adopted several decisions in the area of monetary policy.
Among others, the National Bank Council adopted a decision on decreasing the interest rate on the Lombard Credit from 14% to 11% and on increasing the percentage of the allowed daily use of compulsory reserve by the banks from 60% to 80%. Both decisions are aimed at creating conditions for improving the liquidity management by the banks which is to contribute towards more successful investing.
The Governor of the National Bank informed the Council members that within the package of measures undertaken for better liquidity management by the banks, besides the Decisions the Council adopted at this session, changes will be made in the regular operations of the National Bank which are within immediate competence of the Governor, such as reduction of the frequency of the CB bills auctions, increase in the amount traded by the National Bank on the foreign exchange market from Euro 15 000 to Euro 100 000, bringing the exchange rate the National Bank uses to intervene on the market closer to the banks' exchange rates, establishing electronic information system on the foreign exchange market, as well other operational measures. These measures, besides the improvement in the Denar and the foreign exchange liquidity management by the banks, should contribute towards increasing the interbank trading on the foreign exchange market, which, currently, is considerably low.
The National Bank of the Republic of Macedonia Council also adopted the Report on the audit of the financial statements of the National Bank of the Republic of Macedonia for 2003 prepared by the authorized auditors Ernst & Young, dooel, Skopje. The Auditing Report will be published as an integral part of the Annual Report of the National Bank on the NBRM web site.
Governor's Office
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