Skopje, 6 November 2001

Press release of the NBRM

MEETING THE EURO 

The Euro is coming on the scene. Since 01.01.2002, the new European currency will replace the national currencies of the 12 member-states of the European Union (the Deutsche Mark, the French Franc, the Belgian Franc, the Netherlands Guilder, the Luxembourg Franc, the Italian Lira, the Portuguese Escudo, the Spanish Peseta, Austrian Schilling, the Irish Pound, the Finnish Markka and the Greek Drachma). It means that you, dear citizens, will have to find a way to convert your currency savings into Euros. Meeting the new currency - the Euro, the National Bank of the Republic of Macedonia, as a central monetary institution and the Ministry of Finance would like to inform the public about the basic principles and essential information regarding the conversion.

Deadlines: The parallel circulation of former currencies and the Euro will end on 28.02.2002, at latest. You should try to make the conversion before the deadline expires, but the better solution would be to finish this conversion until 31.12.2001, i.e. before the introduction of Euro. However, you could change your foreign currency funds and after this deadline expires, but it will cost you more.

Manners: The simplest way to convert the European currencies in Euro is if they are deposited in banks before the introduction of Euro, i.e. before this year expires. In such a case, the conversion shall be conducted automatically, and with no expenses. In addition, you don’t have to be worried about the exchange rate according to which the banks will perform the conversion, because the correlation of each of these currencies relative to the Euro is fixed and unchangeable. That means that for an appropriate amount of Deutsche Marks (or other European currency) you will receive an appropriate amount of Euros, with no losses registered. The conversion of the existing European currencies in the “non-European currencies” (US Dollar, Swiss Frank) is connected with certain exchange rate risk. Otherwise, in the first case we have a pure conversion- replacement of the old currency for a new one with no potential loss risk, while in the second case, it is a replacement of a foreign currency for other foreign currency, when you are inevitably exposed to risk.

The Macedonian banks have a potential and they are prepared to offer you a variety of possibilities for conducting a simple, safe and efficient conversion of your foreign exchange savings. So, if you have foreign currency savings that you keep in your homes for years, don’t wait. Deposit your foreign exchange funds where they belong. With your foreign currency savings deposited in banks, you benefit a lot. You save your time, your energy, you earn from the interest, your funds are safe and what is the most important: depositing your foreign currencies before the end of the year, you get a chance to convert your foreign currencies into Euro automatically and with no commission paid. Thus, not only that you will elude the additional expenses but also will earn through the offered interest.

The safety of your money in the banks is guaranteed, no matter of the period you decided to keep the money in the banks. The past is behind us. The banking system was working persistently on its image and strengthening the confidence of its current and potential clients. And it succeeded. Today, the Macedonian banks are working according to the principles for safe and professional operations, under the supervision of the National Bank of the Republic of Macedonia. The blows they suffered due to the Kosovo crisis, they withstood successfully. Their solvent and successful functioning in this crisis period is a real confirmation for that.

Don’t wait for the last day to convert your foreign currency savings into Euros. Take the chance to invest and to get the new currency with no expenses. Catch up with the new trends. Why don’t you be a part of the millions of people that will accept the new currency. The Euro is the future of the Europe. Powerful countries are behind it, which economic strength will support its value. The Macedonian banks are offering you the possibility to convert your foreign currency savings into Euros efficiently. Take the chance. Be a small, but important part of the European future.

The National Bank of Republic of Macedonia,
Republic of Macedonia Ministry of Finance