Skopjr, 19 October 2000

Press release of the NBRM

In accordance with the determination for commencement of the activities directed towards increased liberalization in the operations of banks and their adjustment to the market conditions, National Bank of the Republic of Macedonia undertook numerous activities during 2000 in the area of foreign exchange operations of banks

Thus, in accordance with the recommendations of international financial institutions, National Bank of the Republic of Macedonia passed a new Manual for calculation of the foreign exchange position of banks. The new manner of calculation gives possibility to banks for additional placement of funds in the economy and with households by approximately Denar 2.8 million. Simultaneously, conditions are created for the banks to undertake certain activities independently in order to increase the attractiveness of savings and depositing funds both by legal entities and natural persons (citizens).

In order to increase the liberalization of the foreign exchange operations of banks, the National Bank of the Republic of Macedonia Council at its 82nd session passed a decision according to which instead of 90 days, legal entities are now allowed to hold the foreign currency inflow realized from collection of exports up to 180 days, as a deposits with domestic banks authorized to conduct international operations.

In addition, activities are in process within the National Bank of the Republic of Macedonia which will result in full reorganization of the foreign exchange market and foreign exchange operations, directed towards increased liberalization of foreign currency management and liberalization of financial transactions. In cooperation with the Ministry of Finance is planned to design and pass a new Law on Foreign Exchange Operations.

Governor’s Office