The National Bank of the Republic of North Macedonia’s Council adopted the 2026 Work Programme, setting out 179 activities to deliver its statutory mandate and the Strategic Plan 2025–2027, alongside regulatory amendments that move the central bank to a new operational set-up for monetary policy instruments. The new operational monetary framework is scheduled to start on 24 December 2025. The 2026 programme includes 113 regular activities, with the remainder focused on modernising operations, strengthening regulation and security, and supporting financial stability. Priorities include improving macroeconomic forecasting and liquidity management, modernising monetary instruments and FX market functioning, and continuing FX reserve management within defined risk limits. In supervision and bank resolution, the plan foresees enhanced risk monitoring with emphasis on climate and IT risks, stronger supervisory methodologies and consumer protection controls, and preparations to apply a new bank resolution framework in 2026. Payments priorities include deploying an integrated cash management platform, upgrading payment infrastructure to enable full cross-border payments under Single Euro Payments Area (SEPA) schemes, and progressing a project to introduce an instant payments system based on a TARGET Instant Payment Settlement (TIPS) clone. Statistics and research work includes introducing machine learning tools, aligning data to new international standards, and advancing the ISIDORA integrated statistical and supervisory reporting system and a central data warehouse. Under the revised operational framework, central bank bills remain the main monetary policy instrument, with maturity reduced to seven days and auctions moving to market-based principles. The seven-day standing deposit facility is abolished, while banks and savings institutions will continue to have access to the overnight deposit facility for day-to-day liquidity management; its rate will be set 50 basis points below the central bank bill rate, creating a symmetric corridor with the overnight credit facility around the policy rate.
National Bank of the Republic of North Macedonia 2025-12-05
National Bank of the Republic of North Macedonia adopts 2026 work programme and shifts to a new operational framework for monetary instruments from 24 December 2025
The National Bank of the Republic of North Macedonia adopted its 2026 Work Programme, detailing 179 activities to meet its statutory mandate and Strategic Plan 2025–2027. Key priorities include modernizing monetary instruments, enhancing risk monitoring, and upgrading payment infrastructure for SEPA compliance and instant payments. The revised framework maintains central bank bills as the main monetary policy instrument, with a reduced maturity of seven days and market-based auction principles, while abolishing the seven-day standing deposit facility.