The National Bank’s Executive Board left the policy rate unchanged at 4% on March 24, 2026, saying inflation is continuing to decelerate but that monetary policy must remain vigilant amid exceptionally heightened global uncertainty tied to the Middle East conflict and its potential effects on energy prices, inflation and growth. At the central bank bill auction on March 25, the National Bank will offer MKD 36 billion, with subsequent auction amounts to be set weekly according to forecast changes in banking system liquidity, while recent reserve requirement changes, macroprudential measures on households’ creditworthiness and decisions on systemic risks were said to support the prudent policy stance. Annual inflation slowed to 2.9% in February and the key inflation component also decelerated significantly, below expectations, while the economy grew 3.8% in the fourth quarter of 2025 and 3.5% in 2025 as a whole; February monetary data showed a further strengthening of the deposit base and continued credit growth, albeit at a slower pace and moderately above first-quarter expectations. Foreign reserves stood at EUR 5,558 million at end-February, higher than at end-2025 and assessed as adequate to maintain exchange rate stability, while the January trade deficit was broadly in line with first-quarter expectations and February foreign-exchange market data pointed to more moderate net inflows from private transfers than forecast. The National Bank said the main external risks stem
Ministry of Finance (North Macedonia)2026-03-24
National Bank Leaves Policy Rate Unchanged at 4%
North Macedonia’s National Bank left the policy rate unchanged at 4% on 24 March 2026, citing decelerating inflation but exceptionally heightened uncertainty from the Middle East conflict and its potential effects on energy prices, inflation and growth, and said it will offer MKD 36 billion at the 25 March central bank bill auction. Annual inflation slowed to 2.9% in February and foreign reserves stood at EUR 5,558 million at end-February, while the central bank said it remains ready to use all available instruments to preserve denar stability against the euro and ensure medium-term price stability.