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Angelovska-Bezhoska: Macroeconomic situation is stable, National Bank will make maximum contribution to address challenges


The Governor of the National Bank of Northern Macedonia, Anita Angelovska-Bezhoska, held a press conference today at the Government of the Republic of Northern Macedonia, regarding the measures to mitigate the possible negative effects on the economy caused by the outbreak of re of the virus.

She spoke about some important economic aspects - among others stressed that foreign exchange reserves are at a high level, while the country's banking system is sound and stable.

"The reduction of the National Bank interest rate to 1,75% should contribute to the further reduction of the financing price of enterprises and the population. "This will enable the development of the credit cycle, and mitigate the effects of the negative impact on the domestic economy, especially on the liquidity of the corporate sector, although the liquid potential that banks have available is high." - said Angelovska-Bezhoska .

She also briefly presented the decisions of the National Bank Council that were adopted in order to mitigate the adverse effects on the economy, caused by the introduction of the new virus infection.

The amendment of the Decision on required reserve aims at greater credit support and more favorable conditions for the companies that are affected, generally the amount of new or restructured loans approved for these companies will introduce a rate of deduction from the obligation. for holding the required reserve of banks at the National Bank. A decision was also adopted to postpone some regulatory requirements for banks in order to enable banks to be committed to providing credit support to businesses and the population.

"We have also prepared a draft Decision on credit risk management, the purpose of which is to facilitate the conditions for restructured loans to the most affected sectors. Consultations with the banks are currently underway and we expect it to be approved by the National Bank Council soon. In the coming days, we will inform you in more detail about this. "- stressed Angelovksa-Bezhoska.

She reiterated the National Bank's recommendation to protect public health, to avoid the use of Denar cash, and to use payment cards, electronic banking and other alternative payment methods.

"I assure you that the central bank will give its maximum contribution within a coordinated policy group to address the challenges of current developments," the governor said at the end of her speech.

The press conference was also attended by the Deputy Prime Minister of the Government, Mila Carevska and the Ministers Nina Angelovska and Kreshnik Bekteshi, who presented in more detail the approved measures of the Government.





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