Skopje, 6 July 2002

Press release of the NBRM

The National Bank of the Republic of Macedonia Council held its 101st session on July 6, 2002 on which the Report on the audit of the financial reports of the National Bank for 2001, carried out by the independent auditing house “Ernst and Young”, was reviewed, and several decisions from the monetary and foreign exchange sphere were reviewed and adopted.

The National Bank of the Republic of Macedonia Council adopted several decisions that represent by-laws of the new Law on Foreign Exchange Operations, which regulate the operations between the residents and the non-residents, as well as handling and operations with foreign currency of the residents.

More important decisions and new elements that are introduced and regulated with the by-laws of the Law on Foreign Exchange Operations refer to:

Introduction of foreign exchange accounts of all residents of the Republic of Macedonia (legal entities and natural persons), on which they can unlimitedly handle their own foreign currency inflow resulting from the operations with non-residents.

oreign exchange crediting in the country extended by the domestic authorized banks to the residents - clients of the bank, provided that these foreign assets are used for servicing current foreign liabilities;
Determining the conditions under which the residents may open and have accounts abroad due to the specific features of their activity;

Determining the method and conditions for opening and running Denar and foreign exchange accounts of non-residents with domestic authorized banks;

Conditions under which the residents can make collection and payment in cash foreign currency when operating with non-residents;

Regulation of the method and conditions for the operations of the non-residents with securities in the Republic of Macedonia and operations of the residents abroad;

Establishment of an organized foreign exchange market where the legal entities and natural persons will buy foreign currency aimed at settlement of payments to non-residents from the authorized banks, while the natural persons can buy foreign currency for this purpose from the authorized exchange offices, as well;
The National Bank of the Republic of Macedonia Council adopted several decisions from the monetary sphere that refer to

Organizing CB bills auctions. This decision contains novelties regarding the issuance of the CB bills, keeping a register for the ownership and circulation of the CB bills. Simultaneously, this Decision creates conditions for more efficient conduct of the monetary policy through the indirect monetary regulation instruments, development and revival of the secondary market of short-term securities and providing simultaneous transfer of the ownership of the securities with the transfer of funds. Therefore, the interest in purchasing the CB bills will be based exclusively on market elements i.e. the administrative measures for stimulating the banks’ sell of the CB bills through payment of commission, are revoked.

More precise definition of the legal framework that defines the instruments for securing the credits approved by the National Bank, which ensure low exposure to risk of the Central Bank placements, in accordance with the modifications to the Law on Securities and Electronic Trading.
Broadening of the range of measures in case of disregard, i.e. non-fulfillment of the requirements related to the instruments for monetary regulation.

The Council adopted decisions also on other issues from the domain of the operations of the National Bank of the Republic of Macedonia.

The Governor’s Office