Skopje, 16 December 2001
Press release of the NBRM
The NBRM Council reviewed the Monetary Policy projection for the year 2002 and adopted the Decision on Goals and Tasks of the Monetary Policy for the year 2002 on its XCIII-rd session, held on December 13, 2001.
The ultimate goal of the monetary policy for the year 2002 will be to preserve low and stable inflation rate. The average inflation rate, measured through the movements in the cost of living index, is determined at a level of 2.5%. The primary task of the monetary policy for the year 2002 is to provide stability in the Denar exchange rate against the Euro through the regulation of the nominal money supply. In order this task to be fulfilled, in line with the estimated demand for money, the monetary policy measures will be directed towards increasing the money supply M2- Denar component to 7.4% in 2002.
According to the Monetary Policy projection for the year 2002, the monetary policy will be oriented towards preserving the Denar exchange rate stability, as a nominal anchor in the economy. Taking into account the withdrawal of the Deutsche Mark and other currencies of the EMU countries and their replacement with the single European currency EURO, in 2002 the NBRM will peg the Denar exchange rate to the Euro. By preserving the Denar exchange rate stability, the monetary policy will be directed towards preserving the price stability, as an ultimate goal and as the most adequate environment for achieving sustainable economic growth on a long run. As a support to the economic activity, the total banks’ credit extended to non-government sector are projected to surge by Denar 3,059 million or by 6.6% in 2002. The gross foreign exchange reserves of the NBRM are expected to be preserved at a level of 4-month average import of goods.
The Council of the National Bank of the Republic of Macedonia adopted a Decision on Temporary Financing of the NBRM within the period starting from January 1, 2002 up until the adoption of the Financial Plan of the National Bank of the Republic of Macedonia for the year 2002.
Governor’s Office
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