The Securities and Exchange Commission of the Republic of North Macedonia published an update on the Financial Stability Committee meeting hosted by the National Bank, where member authorities concluded that financial stability has been maintained and the financial system remains resilient despite an improved but still uncertain external environment. The Securities and Exchange Commission linked its capital markets agenda to the increasing digital dependence of financial institutions, signalling continued work to strengthen the digital resilience of critical market infrastructure. The Committee noted that risks from trade uncertainty, geopolitical tensions, supply chain disruptions and policy unpredictability persist, with limited impact assessed so far. For the third quarter of 2025, the banking sector was described as stable, with increased credit and deposit activity, further reduced euroization, solid solvency at the highest level since 2006, and non-performing loans down to 2.3%. On capital markets, total market capitalization of stocks and bonds was reported at MKD 378.5 billion as of 30 November 2025, with the MBI-10 index up by nearly 12% year-on-year, while investment funds’ net asset value reached MKD 28.5 billion, up 47% year-on-year. Across other sectors, the Ministry of Finance referenced ongoing work to improve legal regulation, including for financial and leasing companies, while the pension supervisor MAPAS reported work underway to introduce a multi-fund concept. The insurance supervisor indicated that activities to draft a new Law on Insurance are to be completed, preparations for implementation of IFRS 17 have started, and supervisory focus will shift further toward strengthening capacity and gradually introducing risk-based supervision.

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