What are cookies?

We use cookies on our website. A cookie is a small file consisting of letters and numbers that are recorded on your computer. Cookies do not store personal information, such as your name or address. The next time you visit our site, cookies allow us to recognize your browser. Cookies may save your preferences and other information but may not read your data or information from your hard drive or read other saved cookie files from other pages. You can set your web browser to reject cookies. Find out more about this in our Cookie Policy.

Cookie Policy
logo
  • МК
  • EN
  • AL
  • About National Bank
    • National Bank setup, powers and organization
    • National Bank bodies
    • National Bank Council
      • Method of operation of the National Bank Council
    • Executive Board
    • Governor
    • Vice-Governors
    • Committees
    • Corporate Governance
    • Objectives and tasks
    • Transparency
    • Public Relations
      • Press release
        • 2025
        • 2024
        • 2023
        • 2022
        • 2021
        • 2020
        • 2019
        • 2018
        • 2017
        • 2016
        • 2015
      • Speeches
      • Interviews
      • Personal Data Protection Officer (PDPO)
      • Authorized officer for receiving reports from whistle-blowers
      • Cooperation
    • Organizational chart
    • Strategy
    • Plan of Activities
    • International relations
      • EU relations
        • Pre-Accession Assistance
          • Press release
          • Presentations and speeches
        • Twinning Newsletters
      • Relations with the international financial institutions
      • Technical cooperation
    • Conferences
      • High-level conference
      • 9th Research Conference
        • Photo Gallery
      • 15th Conference on Payments and Market Infrastructures
      • Vienna Initiative – Full Forum (22-24 March 2023), Skopje
        • Press releases
        • Photo Gallery
      • 14th Conference on Payments and Market Infrastructures
      • 8th Research Conference
      • Anniversary of 30 years of monetary independence
      • Virtual workshop: Best Human Resource Management Practices in the Banking System in the Republic of North Macedonia, 10-11 November 2021
      • Virtual regional workshop for statisticians hosted by the National Bank of the Republic of Northern Macedonia, 11 December 2020
      • 11th Conference on Payments and Market Infrastructures
      • 7th Annual Research Conference
      • High Level International Conference on Monetary Policy and Asset Management (Marriot Hotel Skopje), 16. February, 2018
      • 10-th Jubilee Conference on Payments and Market Infrastructures
      • Celebration marking 25 years of the monetary independence of the Republic of Macedonia
      • 6th Annual Research Conference
      • 5th NBRM Research Conference
      • BIS Working Party on Monetary Policy in Central and Eastern Europe
      • 1st Eastern Europe and Central Asia (ECA) Regional Forum on Financial Inclusion Policy
      • 4th NBRM Research Conference
      • Third Child and Youth Finance Regional Meeting for Europe and Central Asia
      • 3rd Research Conference 2014
      • Joint National Bank of the Republic of Macedonia and European Central Bank Seminar on Statistics
      • 2nd Research Conference 2013
      • 20th anniversary of the monetary independence of the Republic of Macedonia
      • Opening Joint Public Information Center of World Bank and NBRM
      • 23rd Annual Conference of the Group of Banking Supervisors from Central and Eastern Europe (BSCEE)
      • Conference: Competitiveness of the South Eastern European Countries and Challenges on the Road to EU
      • Workshop: Problems in measuring inflation, May 22, 2007
      • Workshop: "Energy Consumption in the Republic of Macedonia and its Effects on the Balance of Payments"
      • 60th Anniversary of Central Banking in the Republic of Macedonia
    • Financial education
    • Museum
    • Library and Archive
    • Career in the National Bank
      • The National Bank as an employer
      • Employment in the National Bank
      • Practical work in the National Bank
  • Monetary policy
    • Design of monetary policy
    • Monetary Policy Executive Board
    • Monetary policy implementation
      • Open market operations
      • Reserve requirement
      • Deposit Facility
      • Marginal lending facility (overnight credit)
      • Intraday credit
      • Liquidity of the banking system
    • Changes to the National Bank policy rate
  • Financial markets
    • Central Bank bills auctions
    • Interbank deposit market
      • Interbank interest rate on deposit market-SKIBOR
      • Interbank interest rates on deposit market - MKDONIA
      • Trading on the interbank deposit market
    • Government securities auctions
    • Secondary markets
  • Financial stability
    • Financial stability reports
    • Financial Stability Indicators
    • Green Dashboard
    • Capital Buffers
    • Surveys
    • Innovation Gateway
    • Law on Financial Stability
  • Supervision
    • Banking Supervision
    • Legal Framework
      • Licencing
      • Capital Adequacy
      • Credit risk
      • Liquidity risk
      • Currency risk
      • Other risks
      • Supervision and survaillance
      • Consumer Protection in Case of Consumer Loan Agreements
      • Credit Registry
      • Other Regulation
      • Supervisory Circulars
      • Accounting, Financial reporting, Disclosure and Audit
      • Capital Buffers
      • Macroprudential instruments
    • Banking System Indicators and Reports
      • Banking System Reports
      • Banking System Indicators
      • Questionnaire
      • Advance Release Calendar for Banking System Data of Republic of North Macedonia
    • Risk-based Supervision
    • Banking System of the Republic of North Macedonia
    • Organizational Structure of Supervision
    • New Capital Accord (Basel II and Basel III)
    • Innovation Gateway
    • Money laundering and terrorism financing prevention
      • Laws and bylaws for money laundering and terrorism financing prevention
        • Law on the Prevention of Money Laundering and Financing of Terrorism
        • NBRNM AML/CFT bylaw
      • International organizations and national institutions
      • International standards
  • Payment systems and payment services
    • Macedonian Payment Infrastructure
    • Role of the National Bank in Payment Systems
    • Regulation on Payment Systems and Payment Services
    • Payment institutions, electronic money institutions and payment system operators
      • Issuing licenses
      • Registries
    • Payment Statistics
    • Conferences, News & Publications
    • National Payment System Council
    • Innovation Gateway
  • Macedonian currency
    • Banknotes in circulation
    • Coins in circulation
    • Design of new polymer banknotes
    • Collector coins
    • List of successfully tested machines
  • Statistics
    • Advance Release Calendar
    • Bulletins
    • Monetary and Interest Rates Statistics
      • Monetary Statistics
      • Interest Rates Statistics
    • External Statistics
      • Balance of Payments
      • International Reserves and Foreign Currency Liquidity
      • International Investment Position
      • Direct Investment
        • Direct Investment - Flows
        • Direct Investment - Stocks
      • Portfolio Investment (CPIS)
      • Foreign Trade
      • External Debt
      • Effective Exchange Rate (REER)
    • Financial accounts
      • Financial Accounts Statistics
      • Debt securities
    • SDDS Plus - Special Data Dissemination System Plus
    • Basic Economic Data and Residential Real Estate Prices
    • Press Releases
    • NBStat - Statistical Web Portal
  • Publications
    • Annual
      • 2023
      • 2022
      • 2021
      • 2020
      • 2019
      • 2018
      • 2017
      • 2016
      • 2015
      • 2014
      • 2013
      • 2012
      • 2011
      • 2010
      • 2009
    • Recent Macroeconomic Indicators
      • 2025
      • 2024
      • 2023
      • 2022
      • 2021
      • 2020
      • 2019
      • 2018
      • 2017
      • 2016
      • 2015
    • Quarterly
      • 2025
      • 2024
      • 2023
      • 2022
      • 2021
      • 2020
      • 2019
      • 2018
      • 2017
      • 2016
      • 2015
      • 2014
    • Quarterly / Banking System
      • 2024
      • 2023
      • 2022
      • 2021
      • 2020
      • 2019
      • 2018
      • 2017
      • 2016
      • 2015
      • 2014
      • 2013
      • 2012
      • 2011
    • Semiannual (up to 2010)
      • 2010
      • 2009
      • Previously
    • Surveys
      • Bank Lending Survey
      • Survey on Inflation Expectations (until July 2017)
        • 2017
        • 2016
        • 2015
        • 2014
        • 2013
      • Survey on Inflation Expectations and Expectations for the Movement of the Real GDP
        • 2025
        • 2024
        • 2023
        • 2022
        • 2021
        • 2020
        • 2019
        • 2018
        • 2017
    • Statement of financial position of the National Bank
      • 2025
      • 2024
      • 2023
      • 2022
      • 2021
      • 2020
      • 2019
      • 2018
      • 2017
      • 2016
      • 2015
      • 2014
      • 2013
      • 2012
    • Research
      • Working papers
      • Economic analysis
      • Economic research (2001-2004)
      • Analytical appendices in quarterly reports
      • Conference proceedings
      • Other
    • Strategy
  • Regulations
    • Laws
    • Decisions
      • Decisions from the area of financial market operations
      • Decisions from the area of foreign exchange operations
      • Decisions from the area of payment systems and payment services
      • Decision from the area of supervision
      • Decisions from the area of vault operations
        • Management of banknotes and coins
        • Issue, release into circulation and withdrawal from circulation of banknotes and coins
      • Decisions from the area of accounting and financial reporting
      • Decision on the type and amount of the fees for services rendered by the National Bank of the Republic of North Macedonia
    • Manuals
      • Manuals from the area of foreign exchange operations
      • Manuals from the area of financial market operations
      • Manuals from the area of supervision
      • Manuals from the area of payment operations
      • Manuals from the area of vault operations
    • Circulars
    • Regulations on Government Securities
      • Primary Government Securities Market
      • Secondary Government Securities Market
    • Internal Regulation
      • Internal regulations in the field of corporate governance
  • Bank Resolution

Today, the National Bank of the Republic of Macedonia Council held its eleventh session, at which the latest Quarterly Report and the Macroeconomic projections for the period until the end of 2016 were discussed

Skopje, 14 November 2014

Press release of the NBRM

Today, the National Bank of the Republic of Macedonia Council held its eleventh session, at which the latest Quarterly Report and the Macroeconomic projections for the period until the end of 2016 were discussed.

During the third quarter of 2014, the National Bank of the Republic of Macedonia maintained the policy rate at 3.25%, assessing it as appropriate for the economic and financial conditions in this period as well as for the estimated risks. Inflation declined also in that quarter, which creates expectations that the average annual inflation by the end of the year will be around zero. The lower expected inflation was a result not only of the lower inflation registered so far, but also of the absence of price pressures through the domestic demand, as well as the recent declines in the world prices of oil and food. The gradual opening of the positive output gap, amid strengthening of the domestic economy, is the main reason behind the expectations for moderately higher inflation, which in 2015 would be around 1%, and in 2016 around 2%. Geopolitical and climatic factors are the main risks that could lead to upward deviations from this projection.

The economic growth for 2014 is expected to be 3.7%, same as in the previous projection, due to the unchanged initial conditions and retained assumptions for growth support through foreign and public investments. However, given the slower recovery of foreign demand, the growth is expected to be slightly slower than anticipated, equaling 4.1% in 2015, and 4.5% in 2016. New foreign investments, higher capacity utilization, as well as the fiscal stimulus channeled through investments in infrastructure, will continue to be the main factors for the growth of the domestic economy. The commercial banks are expected to increase moderately the support of the consumer and investment decisions of domestic entities. Credit growth would be 8.7% for the whole 2014, 9% for 2015 and 10% for 2016.

In 2014, the balance of payments current account deficit would be 2.7% of GDP, as opposed to 4% in the previous projection, which is mainly due to the lower import demand and smaller outflows in services. In 2015 and 2016, current account deficit is projected at 3.9% and 4.6% of GDP, respectively. This is expected to be caused by the decline in the secondary income, particularly private transfers, the growth of domestic consumption, but mainly by the import of raw materials and equipment by the new foreign investors. Increased share of imports of raw materials and equipment by the new foreign investors in the structure of the current account deficit indicates absence of major imbalances in the economy.

This assertion is supported also by the level of foreign reserves and expectations thereto. Even without the effect of the government borrowing on the international financial markets, foreign reserves grew moderately, in line with the expectations. Decline is expected in 2015, due to the one-off high repayment of the government external debt, while in 2016 re-accumulation of foreign reserves is expected, even without government external borrowing. This expectation is part of the projections for continued gradual increase in foreign investments, as well as increased financial indebtedness of the private sector as a whole. Generally, foreign reserves adequacy indicators will remain at an adequate level over the entire period covered by the projections.

Recent performances point to an economic image that is similar to that in the previous projection, with estimates for solid economic and credit growth, absence of price pressures and balance of payments position which provides growth and further maintenance of the foreign reserves at an adequate level. The risks around the achievement of this macroeconomic scenario remain to be mainly of an external nature, and are related to the possible changes in the pace of recovery of the global economic growth, particularly that in the European Union, as well as to the movements in the prices of primary products in world markets. The National Bank of the Republic of Macedonia will continue to closely monitor the developments in the period ahead, and if necessary it will make appropriate adjustments to the monetary policy conduct aimed at successful achievement of its goals.

At today's session, the National Bank of the Republic of Macedonia Council adopted the Information on the design of the new banknotes of 200 and 2000 denars and entrusted the relevant departments with all the activities necessary for their printing.

Leitmotif of the obverse of the conceptual, and art and graphic design of the 200 denar banknote is the relief with a presentation of the 41st Psalm of David from the Old Testament, which belongs to the infamous terracotta icons from Vinica, one of the most important early medieval archaeological discoveries on the territory of the Republic of Macedonia. On the same side, in the left center field, there is a presentation of an early medieval bow bronze fibula from the beginning of the VII century, found near Prilep. The reverse of the banknote contains a presentation of an architectural and art element of the frontal facade of the "Colorful (Aladzha) Mosque" in Tetovo, one of the most attractive monuments of architecture and art from the Ottoman period in the Republic of Macedonia, complemented by floral elements taken from the decoration of the marble floor tiles of the famous "Isaac Mosque" in Bitola, built at the beginning of the XVI century.                 

Leitmotif of the obverse of the conceptual, and art and graphic design of the 2000 denar banknote is the presentation of Macedonian bridal costume from Prilep Field, as an impressive reflection of the richness of the folklore heritage of the Republic of Macedonia. On the same side, in the left center field, there is a presentation of a pendant in the form of a poppy head, which was discovered in Suva Reka, Gevgelia. It is an artifact dated to the VII century BC and belongs to the well-known group of Paionian-Macedonian bronzes. The reverse of the banknote contains a presentation of the decoration of the inside of a gilded vessel, which originates from the XVI century and whose central field shows two affronted peacocks near the "source of life" surrounded by lavish floral decoration.

At today's session, the National Bank of the Republic of Macedonia Council, based on the planned schedule and pace of activities, also adopted the Decision on issuing the collector coin "Pisces" from the "Zodiac signs" series. The coin "Pisces" will be issued in a denomination of 10 denars, in 7000 pieces. 

Governor's Office

Home About National Bank Public Relations Press release 2014
  • National Bank setup, powers and organization
  • National Bank bodies
  • National Bank Council
  • Executive Board
  • Governor
  • Vice-Governors
  • Committees
  • Corporate Governance
  • Objectives and tasks
  • Transparency
  • Public Relations
    • Press release
      • 2025
      • 2024
      • 2023
      • 2022
      • 2021
      • 2020
      • 2019
      • 2018
      • 2017
      • 2016
      • 2015
    • Speeches
    • Interviews
    • Personal Data Protection Officer (PDPO)
    • Authorized officer for receiving reports from whistle-blowers
    • Cooperation
  • Organizational chart
  • Strategy
  • Plan of Activities
  • International relations
  • Conferences
  • Financial education
  • Museum
  • Library and Archive
  • Career in the National Bank
  • A+
  • A-

{{Title}}

{{Intro}}
{{{Content}}}
{{#hasElements Images}}
{{#each Images}} {{#showInline ShowInGallery IsThumbNail}}
{{{dataImg this params="?width=886"}}}
{{/showInline}} {{/each}}
{{#each Images}} {{#showInline ShowInGallery IsThumbNail}}
{{{dataImg this params="?width=200&height=100"}}}
{{/showInline}} {{/each}}
{{/hasElements}}

INFLATION

  

EXCHANGE RATES

Counrty

Currency

MiddleRate MKD

EUR

More

EXCHANGE RATES

for the period: -

Counrty Code Currency Unit BuyingRate MiddleRate MKD SellingRate

NATIONAL BANK POLICY RATES

Monetary instrument
Interest rate
Central Bank bills 

5,35%

Overnight loan 
5,85%
Overnight deposit
3,95%

7 days deposit facility

4,00%

  

Changes to the National Bank policy rate 

Bank's reserve requirements ratios

Liabilities with contractual maturity of up to 2 years:  


in domestic currency
8.0%
in domestic currency with FX clause
100%
in foreign currency
21%
Liabilities with contractual maturity of over 2 years:

in domestic currency
0%
in domestic currency with FX clause
100%
in foreign currency
5%
 


Financial market operations

Auctions of Central Bank bills
Auctions of government securities
Auctions of repo transactions


Reference rate for calculating the penalty interest rate 

5,55%    

SKIBOR
The official language of the documents translated herein is Macedonian. In case of any doubt or misunderstanding, the Macedonian version should therefore be considered final.

All rights reserved © 2017

Dear Sir/Madam, if you have any problem regarding access to the already published data, please contact the technical support telephone: ++ 389 2 3108 206. For other needs: ++ 389 2 3108 108 switch board | (contact).

National Bank of the Republic of North Macedonia
Follow us

  • home
  • contact
  • site map
  • web info
  • useful links
  • privacy policy
  • cookie policy
  • FAQ
  • social media news