Skopje, 21 May 2001

Press release of the NBRM

The National Bank of the Republic of Macedonia Council brought several Decisions from the monetary policy area in order to stabilize the movements on the foreign exchange market and to maintain the foreign exchange rate of the Denar as a nominal anchor in the Macedonian economy through their implementation, on its LXXXVIIIth session held on 21.05.2001. Namely, the NBRM Council increased the reserve requirement ratios for the banks by 0.5 basis points, which means that the ratio for sight deposits and term deposits up to 3 months increases from 8% to 8.5%, while the ratio of time deposits more than 3 months increases from 3.5% to 4%. Simultaneously, the NBRM Council increased the remuneration which NBRM pays to banks for the allocated funds on the reserve requirements accounts with the National Bank, from 80% to 89% of the discount rate. Also, the NBRM Council increased the Lombard rate by 1.5 basis points, i.e. from 17.5% to 19% by.

The National Bank of the Republic of Macedonia Council brought several Decisions on the reform in the payment system of the Republic of Macedonia, which derived from the Payment Operations Law as an obligation of the National Bank of the Republic of Macedonia: Decision on determining the criteria for issuing a license for banks able to conduct payment operations in the country, Decision on standards for opening an account with banks, and Decision on small-value inter-bank operation. Thus, the National Bank of the Republic of Macedonia fulfilled its obligation towards payment system regulations in the country. The Council members were also informed that the Settlement System of the National Bank of the Republic of Macedonia, which will be called MIPS (Macedonian Inter-Bank Payment System), was prepared by the National Bank of the Republic of Macedonia, and an examination of the bank applications should be performed to the end of this month.

At the end of the meeting, the President of the NBRM Council, the Governor Mr. Ljube Trpeski, informed the members of the NBRM Council about the negotiations for the division of the former SFRJ assets, taking part in Vienna, Austria.