Skopje, 28 February 2012
Press release of the NBRM
At its session held on February 28, 2012, the National Bank Council reviewed the financial statements of the National Bank of the Republic of Macedonia and the annual account for 2011, which were audited by an independent external auditor.
According to the opinion of the independent auditor, the financial statements of the National Bank of the Republic of Macedonia in all material respects, give a true and fair view of the financial position as of December 31, 2011, the financial performance and the cash flows for the year ended on December 31, 2011 in accordance with the International Financial Reporting Standards (IFRS).
As of December 31, 2011, the total assets, i.e. liabilities and capital of the National Bank amounted to Denar 167,619 million and they increased by Denar 50,575 million compared to their amount as of December 31, 2010. The financial result of the National Bank, established under IFRS in 2011 is positive, i.e. the National Bank realized net profit amounting to Denar 1,950 million, mainly due to accrued revenue from price and exchange rate changes of gold and foreign assets.
According to Article 14 of the Law on the National Bank, the distributable earnings are determined when the total amount of unrealized revaluation gains (the amount is fully transferred to the respective revaluation reserve accounts) is deducted from net profits determined in accordance with IFRS, and the amount of revenues realized in the current financial year (which were excluded from the net profit from previous years) is deducted from the revaluation reserve accounts, and it is added to the distributable earnings. After the adjustments made, distributable earnings for 2011 are net positive and they amount to Denar 75 million. According to Article 15 of the Law on the National Bank, distributable earnings for 2011 are appropriated as follows: Denar 52.5 million to the general reserve account of the National Bank and Denar 22.5 million to the Budget of the Republic of Macedonia.
After reviewing the financial statements of the National Bank, the Council adopted a Decision on approving the annual account, financial statements of the National Bank of the Republic of Macedonia for 2011 and on appropriating the distributable earnings.
The Council also reviewed the Information on the realization of the financial plan and the Information on the realization of the plan of investment in fixed assets of the National Bank of the Republic of Macedonia for 2011.
At today's session, the Council also adopted a Planning Rulebook that strengthens strategic planning as a primary control function in the operations of the National Bank. The Strategic Plan identifies the most important goals for the next three years and is reviewed annually.
The Council also discussed other issues within its jurisdiction.
Governor's Office
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