The National Bank of the Republic of Macedonia Council discussed several issues related to its operations, at its today's session.
Press release of the NBRM
The National Bank of the Republic of Macedonia Council discussed several issues related to its operations, at its today's session.
The National Bank of the Republic of Macedonia Council discussed and adopted the Annual Account and the Financial Statements of the National Bank for 2005, prepared in compliance with the international standards for financial reporting. From March to April 2006, these financial reports will be audited by an external audit house. Once the audit is completed, the financial statements and the audit report will be made public, as an integral part of the NBRM Annual Report for 2005.
The Council was informed on the visit of the International Monetary Fund Mission to the Republic of Macedonia in the first half of February. The purpose of the mission was to assess the implementation of the requirements arising from the arrangement and to revise the macroeconomic framework for 2006. Thus the macroeconomic performances were found to be successful and it was ascertained that at the end of 2005, the NBRM achieved all quantitative targets specified by the arrangement. The IMF mission revised the macroeconomic projections for 2006, anticipating a growth rate of the deposits with banks and the bank's credits to the corporate sector of about 20% and 23%, respectively, which are higher relative to the initial projection. The revised monetary projection should ensure preconditions for achieving the projected real growth of GDP of 4% in 2006.
The Council discussed and adopted the Monthly Report for December 2005 and the most recent macroeconomic developments in early 2006. The monthly inflation rate in January 2006 was ascertained to equal 1.7%, owing to the increase in the cigarette excise for the purposes of approximating to the EU Directives. Also, the growth rate of the total deposits equals 18.1% on annual basis, indicating further increase in the savings and higher confidence in the banking sector. In such environment, the accelerated banks' credit activity kept on, with the banks' total placements to the corporate sector registering an annual growth of 20.4% in January 2006. The interest rates on the CB bill auctions remained at the level of about 7%.
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