According to the legal mandates, the NBRM shall establish, register and oversee the safety, soundness and efficiency of payment, settlement and clearing systems.
Role of the NBRM in Payment Systems
According to the legal mandates, the NBRM shall establish, register and oversee the safety, soundness and efficiency of payment, settlement and clearing systems.
At the same time, the NBRM is the beneficiary of the payment systems in the country for the purposes of conducting monetary policy, maintaining financial stability and performing other important central bank operations.
In addition, the NBRM is the beneficiary of the international payment systems for the purposes of managing foreign reserves and executing payment operations of government authorities.
In this regard, the NBRM performs the following roles in the payment systems:
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Operational role
The operational role of the NBRM covers the following aspects:
Operator of the large value payment system - MIPS
The National Bank plays this role through handling and managing real-time gross settlement system - MIPS.
Back-office operations
Back-office operations are internal operations of the NBRM associated with settlement of transactions concluded on the financial markets, and involve: processing, confirmation and settlement of transactions, accounting and reconciliation of the cash and custody accounts.
Performing international payment operations for the government
Cross-border payment operations are performed through foreign currency accounts of the NBRM opened in foreign central and commercial banks, with which it has established correspondent relations and by indirect participation in the payment system TARGET2 through central banks of the Eurosystem.
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Oversight role
The NBRM's payment systems oversight is a legally defined task. Pursuant to the Law on Payment Operations, overseeing the payment systems is aimed at achieving objectives related to the safety and efficiency of payment systems by monitoring the existing and planned arrangements, evaluating them against goals and policies. NBRM’s payment systems oversight is an integral part of its wider responsibilities for the implementation of monetary policy and maintaining financial stability.
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Development and catalyst role
The NBRM performs its development role by improving financial institutions regulations, participating in the harmonization of the national with the European legislation, introducing new standards in the payment system operations in line with the internationally accepted standards, following the development trends and creating an environment for their implementation in the Republic of Macedonia so as to get ready for the integrative flows of SEPA within the EU.
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