The National Bank of the Republic of Macedonia Council discussed on several issues within its operating area at its session held today.
Skopje, 28 January 2010
Press release of the NBRM
The National Bank of the Republic of Macedonia Council discussed on several issues within its operating area at its session held today.
The Council revoked the discount rate, so-far used as a basis for calculation of the legal penalty interest in the Republic of Macedonia. Pursuant to the Law on Amending the Law on Contracts from December 2009, the effective calculation of the penalty interest based on the reference interest rate the National Bank published on its web site will start from February 2010.
The National Bank Council adopted a Decision on the method of establishing and publishing the exchange rates of the National Bank of the Republic of Macedonia. According to the Decision, the middle exchange rate will be established on the basis of the listed bid and offer rates for Euros in Denars between the banks that are foreign exchange market makers. This methodological change is a result of the developments on the foreign exchange market and the measures from regulatory and technical aspect, the National Bank has undertaken since 2005, through establishing the information system for e-trading with foreign exchange among banks, and then also with the introduction of the banks that are foreign exchange market makers. The basic achievements from the development of the foreign exchange market - increased liquidity, enhanced competitiveness and the recovery of the interbank trading enabled market harmonization of the supply and the demand for foreign exchange, the stabilization of the foreign exchange rates and decrease in the margins between bid and offer rates. The Exchange Rate List of the National Bank will contain only the middle exchange rate for certain currencies, which is in conformity also with its implementation, for book-keeping presentation of the claims and liabilities in foreign means of payment, for the needs of the balance of payments, as well as for determining the customs value during the import duty.
The Council discussed also other issues within its competence.
Governor' Office
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