Skopje, 19 March 2003
Press release of the NBRM
Today the National Bank of the Republic of Macedonia Council held its second session this year, at which several decisions from the monetary, foreign exchange and supervision areas were reviewed and adopted.
The National Bank of the Republic of Macedonia Council adopted the annual statement of NBRM for 2002 and passed a Decision on the Financial Plan for 2003. The Council stated with pleasure that notwithstanding the significant decrease in the interest rates on the foreign currency deposits, which are the main revenue of the National Bank, as well as the high expenditures for the maintenance of the Denar exchange rate and the liquidity of the banking sector, the National Bank of the Republic of Macedonia registered positive financial result last year.
In the monetary area, a new Decision on the Compulsory Reserve was adopted, with which a single rate of the compulsory reserve of 7.5% is introduced. This will contribute to a reduction in the total amount of compulsory reserve of the banks in Denars and it is expected to act toward increasing the Denar liquidity of the banks and the supply of credits, which will cause a decrease in the interest rates.
In the area of supervision, a Decision on the Supervisory Standards for Regulating the Overdue Claims of Banks was adopted. This decision represents one of the essential prudential regulations which define several aspects, as the accounting aspects of the overdue claims, the manner of prolonging the maturity date of the due claims, the manner of claims' restructuring, the procedure for claims write off, etc.
The members of the NBRM Council were informed about the latest developments in the monetary and the foreign exchange areas. It was stressed that the situation on the foreign exchange market is completely stable, and during the previous several days the National Bank is more involved in purchasing than in selling foreign exchange on the foreign exchange market. The foreign exchange rate is stable and it moves around the targeted level of Denar 61.5 per one Euro. The weighted interest rate on the CB bills on the last auction equaled 9.4%. In that regard, the Council expects from the banks to be more responsive to these signals of the National Bank regarding the lowering of the interest rates on the credits extended to the economic sector and the households.
Governor's Office
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