The Council of the National Bank of the Republic of North Macedonia reviewed the latest macroeconomic indicators and the report on the management and investment of foreign exchange reserves for the fourth quarter of 2025, noting that reserves increased and domestic developments broadly aligned with projections. The global baseline remained for stable growth in 2025–2027, with downside risks mainly linked to trade and geopolitical tensions. Real GDP growth in North Macedonia was 3.8% in the third quarter of 2025, slightly above expectations, and high-frequency data pointed to continued growth in the fourth quarter, while average inflation in 2025 was 4.1% and close to projections. Foreign exchange reserves also increased in January 2026 and were assessed as adequate under accepted international standards for maintaining exchange rate stability; December 2025 monetary data showed annual growth of deposits of 10% and loans of 13%, moderately above end-year projections. By end-December 2025 reserves stood at EUR 4,925 million, invested mainly in debt securities (74.2%, largely euro area sovereign bonds), followed by monetary gold (16.5%) and deposits and cash (9.3%), with safety and liquidity supported through placements in high credit-rating instruments.

Original source Back to tracker