National Bank of the Republic of North Macedonia governor outlines EU-alignment reforms and preparation for Single Euro Payments Area integration

The National Bank of the Republic of North Macedonia published a video interview with Governor Anita Angelovska-Bezoska focused on how reforms, including alignment of domestic regulation and practices with European standards, can support foreign direct investment (FDI) and economic growth. She highlighted the central bank’s work in recent years to align the banking and payments legal framework with European Union law, creating the basis to start the country’s integration process into the Single Euro Payments Area (SEPA) ahead of EU accession. In the interview, Angelovska-Bezoska noted that around two thirds of FDI comes from the EU, including into the banking system, and that nearly 80% of exports go to EU markets. She also pointed to solid and accelerating recent FDI inflows above the historical average despite crises and obstacles in the EU accession process, and cited the European Commission’s latest assessment that the country is “moderately prepared”, one of the higher ratings in the Western Balkans. Referencing a World Bank analysis, she stated that for cross-border trading with the EU, citizens in the Western Balkans currently pay six times more and firms ten times more than they would if they were part of SEPA, arguing that SEPA integration would improve competitiveness and economic links with the EU.