The Securities and Exchange Commission of the Republic of North Macedonia published the Financial Stability Committee’s 2025 work report, adopted at the Committee’s 5 March 2026 meeting, which concludes that financial stability was maintained and the financial system remained resilient amid ongoing global uncertainty. The report points to continued strength in the banking system, including historically high capital adequacy, improved liquidity, deposit and lending growth, increased profitability and maintained loan portfolio quality, with stress tests indicating solid capacity to absorb shocks. Private pension funds were assessed to remain in a fundraising stage with low exposure to liquidity risk, with rising yields supported by prudent investing and diversification, while the insurance sector recorded further sales growth alongside adequate liquidity, solvency and profitability; other non-bank segments were described as small and of limited systemic importance. The real estate market received particular attention given strong demand, supply growth and double-digit price increases above the long-term average in 2025, alongside accelerated housing lending and construction, with an emphasis on careful risk management to prevent over-indebtedness. The report also notes the National Bank’s 2025 macroprudential package, including raising the countercyclical capital buffer rate from 1.75% to 2.00% effective from the fourth quarter of 2026, tightening measures aimed at lending to individuals and facilitating lending for the purchase or construction of a first dwelling, alongside a call for continued close risk monitoring and coordinated regulatory action.

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