At today's session, the National Bank of the Republic of Macedonia Council adopted the Strategic Plan of the National Bank for the period 2014 to 2016.

The Strategic Plan of the National Bank is the starting document in the process of strategic planning that determines the mission of the National Bank, the vision for the future, organizational values and strategic goals, depending on the macroeconomic environment and the key challenges for the future.

In the period from 2014 to 2016, the National Bank will continue to be committed to the successful achievement of the main monetary objective, low and stable inflation through the strategy of maintaining a stable exchange rate of the Denar against the Euro. In addition, the National Bank will continue to contribute to the maintenance of financial stability, which is an additional, legally defined objective and an integral element of macroeconomic stability. At the same time, the National Bank will develop corporate governance and deepen the system of values. In this regard, the process of creating a modern and competent human capital, establishment of latest technological innovations in the business processes and development of the cooperation with domestic and foreign institutions, will continue.

As part of the planning activities, the National Bank Council adopted the Program of research activity in the period from 2014 to 2016. The research activities of the National Bank will be directed to areas that are important for the achievement of its main and other objectives, and generally enhancing the institutional capacity. Research and analysis should contribute to further modernization of the operations of the National Bank and preparation for future participation in the European System of Central Banks. The Programme for research activities defines the priority areas for research, including: monetary policy, interactions among the main macroeconomic sectors, macroeconomic modeling and developing quantitative research techniques, financial stability and banking system, as well as research in the field of European integration. Also, the Programme for the period from 2014 to 2016 envisages additional projects in the field of monetary transmission and operational implementation of the monetary policy.

It is expected that the research planned for the next three years will contribute to the decision-making process, and will serve for better functioning of the National Bank and timely consideration of future challenges.

At today's session, the Council adopted the Policy on the penalty aspect of surveillance and supervision, a document that contains the principles for the application of legal rules and regulations. Namely, the National Bank is the competent authority for oversight and supervision, as well as a misdemeanor body, and it faces numerous processes that may result from actions of authorized persons. The primary purpose of the activities is to apply legal rules and regulations in accordance with the purpose for which they were adopted, with the detailed and rigorous approach being applied only if it does not jeopardize the main objective, i.e. if the application is non-discriminatory and proportionate to the pecuniary and non-pecuniary damage. The adopted policy, containing both preventive and educational elements, reflects the commitment of the National Bank for comprehensiveness and flexibility, with no room for lawlessness and unprofessionalism.

At today's session, the Council discussed other issues within its jurisdiction.

Governor's Office