The National Bank of the Republic of North Macedonia released the International Monetary Fund’s concluding statement from its regular Article IV mission, which assessed that the central bank has handled a series of economic shocks effectively, contributing to lower inflation, a stable exchange rate and a sound financial system, while easing monetary policy gradually and cautiously in line with conditions. The IMF recommended maintaining a prudent monetary policy stance until a persistent and sustainable decline in inflation is confirmed, and being prepared to tighten again if domestic risks materialise, including through liquidity management tools such as required reserves. On financial stability, it welcomed macroprudential limits on loan-to-value and debt-to-income ratios and supported the gradual increase of the countercyclical capital buffer and additional capital requirements to strengthen banking system resilience in line with European regulation, while underscoring the importance of preserving central bank independence.
National Bank of the Republic of North Macedonia 2025-05-07
National Bank of the Republic of North Macedonia publishes IMF Article IV assessment urging continued cautious monetary policy and endorsing macroprudential measures
The National Bank of the Republic of North Macedonia has effectively managed economic shocks, resulting in lower inflation, a stable exchange rate, and a sound financial system, according to the IMF's Article IV mission. The IMF advises maintaining prudent monetary policy until inflation declines sustainably and supports macroprudential measures to enhance banking resilience. It also emphasizes the importance of central bank independence.