On the session held today, the Operational Monetary Policy Committee of the NBRM discussed the latest data on the macroeconomic movements in 2009, with a decision on additional decrease in the reference interest rate of the NBRM by 0.5 percentage points, i.e. from 8.5% to 8%, being adopted.
Skopje, 4 January 2010
Press release of the NBRM
On the session held today, the Operational Monetary Policy Committee of the NBRM discussed the latest data on the macroeconomic movements in 2009, with a decision on additional decrease in the reference interest rate of the NBRM by 0.5 percentage points, i.e. from 8.5% to 8%, being adopted.
The latest data speak of movements that are in conformity with the latest projections for 2009, with individual segments showing better realization than projected being evidenced. The NBRM interventions on the foreign exchange market are still directed towards a purchase of foreign exchange, continuing the trend that began in June 2009. On December 31,2009, the cumulative growth in the gross foreign reserves equals about Euro 100 million, in comparison with December 31,2009. Thus 2009 ended with slightly higher level of foreign reserves than projected, creating better basis for possible reverse interventions in 2010, as a response to possible risks. The registered average inflation rate in 2009 equals -0.8% and it is in line with the expectations, with the trend of disinflation being ceased in the last two months of the year. In November, for the first time this year, the industrial output registered an annual growth, although mainly due to the disappearance of the base effect, which resulted in slowing down of its cumulative decrease to -9.9% (compared to -11.3% as of October). Simultaneously, in the third quarter of 2009, the annual contraction of the real GDP of 1.8% continued, triggered mainly by the decrease in the domestic consumption, opposite to the insufficiently neutralizing positive contribution of the net export.
NBRM will continue to monitor carefully the future movements in the economy and, adequately to the materialization of the potential risks, react timely with additional measures, taking care for the macroeconomic stability maintenance.
Governor's Office