The National Bank of the Republic of Macedonia Council discussed on several issues within its operating area on the session held today.
Skopje, 23 April 2008
Press release of the NBRM
The National Bank of the Republic of Macedonia Council discussed on several issues within its operating area on the session held today.
The Council adopted the Annual Report for 2007 on the session held today. In the report is stated that good macroeconomic performances were realized in 2007. Namely, the price stability in the economy was maintained, and the average inflation amounted to 2.3% in 2007, considerable increase in the gross foreign reserves of Euro 108 million and relatively low deficit on the current account of the balance of payments of 3% of GDP were registered. Simultaneously, 2007 was characteristic by the further growth in the deposits with banks of 28.8% on annual basis, as well as by the intensive credit growth of 39.1% on annual basis. The Council submits the Annual Report to the Parliament of the Republic of Macedonia in order to provide necessary information.
The Quarterly Report of NBRM was also presented to the Council and in the same time it has been informed on the newest developments in the economy. The upward trend in the deposits and credits of the banking sector continued in March 2008 also, when on annual basis growth in the total deposits of the private sector with banks of 25.6% was registered, with simultaneous growth in the overall credits of banks to the private sector by 42.2%. Relative to the inflation development, compared to the stated annual growth in the total consumer price index by 0.6 percentage points in March relative to February (i.e. from 9.6% to 10.2%), simultaneously in March NBRM registered certain slowing down in the basic inflation (excluding the food and energy) from 3.2% in February, to 2.7% in March on annual basis. NBRM still fully analyses the developments in the economy and continued to monitor the effects from the last undertaken measures, which were acting towards stabilization of the inflation expectations.
The National Bank of the Republic of Macedonia Council discussed the Information on changes in the manner of determining the quotas and the votes of the member countries in the International Monetary Fund (IMF). The changes suggested by the Executive Board of IMF would resulted in significant restructuring the quota and the voting shares of the member countries, when the participation of the voting right of the Republic of Macedonia in the overall voting right would increased from 0.043 % to 0.057% as a result of the increase in the basic votes.
The Council adopted the Report on the Internal Audit Operations of NBRM in 2007 on the session held today. In 2007, total number of 21 revision were realized, out of which 14 were regular, 3 extraordinary and 4 revisions were recommended by IMF. It was stated that the internal control system was adequate and satisfactory, as well as that adequate control measures for decreasing the possible risks were undertaken.
Governor’s Office
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