Northern Macedonia: Memorandum of Cooperation between the Central Bank and the Commission for Protection of Competition

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The Central Bank of the Republic of Northern Macedonia and the Commission for Protection of Competition (CPC) signed a memorandum of cooperation dedicated to advancing the exchange of data and information related to competition in the banking sector. As noted during the meeting between Governor Anita Angelovska-Bezhoska and CMC Chairman Vladimir Naumovski, further effective strengthening of competition in this area will provide better conditions for the corporate sector and the population as users of services and products. banking, as well as expanding the range of products offered by banks on competitive terms. This is the motive for signing the memorandum that more precisely defines the cooperation between the two institutions in this field.

The Memorandum regulates the exchange of data and information between the two institutions during the procedures performed by the CMC, and which are related to one or more commercial banks, during the preparation of analyzes for their competitiveness in the banking sector and during the drafting of changes. of bylaws under the jurisdiction of the Central Bank. An annual meeting is planned to be held in which representatives of both institutions will review in more detail the competition analysis in the banking sector and will discuss more important issues, and if necessary more meetings will be held. . The memorandum also contains special provisions which have to do with the education of employees in the Central Bank and CMC in the field of competition protection.

At the end of the meeting, Angelovska-Bezhoska and Naumovski stressed that further cooperation between the Central Bank and the CMC will contribute to a stronger strengthening of competition in the banking sector.

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