The National Bank of the Republic of North Macedonia published an update drawing on an interview with the International Monetary Fund’s mission chief for North Macedonia, Annette Kyobe, which underscores that strong institutional and operational central bank independence is a precondition for stable monetary policy and broader economic stability. The IMF linked the central bank’s independence to maintaining exchange rate stability and controlling inflation. The update also highlights findings from a recent IMF safeguards assessment mission, which emphasised the central bank’s independence, governance, and financial and risk-management frameworks, and pointed to alignment with international standards for transparency, accountability and communication, including high scores in the IMF’s 2022 Central Bank Transparency Code assessment. Separately, the IMF welcomed North Macedonia’s entry into the Single Euro Payments Area in March 2025, describing it as the result of a complex regulatory and legal harmonisation effort led by the central bank and noting that membership should enable faster, cheaper and safer cross-border EUR payments, which is particularly relevant given high remittance inflows.
National Bank of the Republic of North Macedonia 2025-05-09
National Bank of the Republic of North Macedonia relays IMF assessment backing its independence and March 2025 Single Euro Payments Area accession
The National Bank of the Republic of North Macedonia stressed central bank independence for monetary policy and economic stability, as noted by the IMF’s mission chief. An IMF assessment praised the bank's governance and alignment with international standards, including high scores in the 2022 Central Bank Transparency Code. North Macedonia's entry into the Single Euro Payments Area is expected to enhance cross-border EUR payments through regulatory harmonization.