The National Bank of the Republic of North Macedonia held its monetary policy setup unchanged at its 10 February 2026 meeting, keeping the policy rate, the central bank bill interest rate, at 4% as it maintained a cautious stance aimed at stabilising inflation close to the long-term average amid strong lending activity, domestic demand factors, and external risks tied to uncertainty in world trade policies and geopolitical tensions. At the central bank bill auction on 11 February, the bid will amount to MKD 54 billion, while subsequent auction amounts will be set weekly according to projected changes in banking system liquidity. Average inflation for full-year 2025 was 4.1%, close to the October forecast but still above the historical average, while real GDP growth accelerated to 3.8% year on year in the third quarter of 2025 and available high-frequency data point to a further pickup in the fourth quarter; preliminary January 2026 banking data also showed a stronger deposit base and dynamic credit growth above first-quarter expectations. Foreign reserves stood at EUR 5,600.5 million at end-January 2026, up from end-2025 and assessed as adequate by all international reserve adequacy indicators to maintain exchange-rate stability, while January foreign-exchange market data pointed to net inflows of private transfers that were slightly below first-quarter expectations and fourth-quarter 2025 trade data showed a slightly wider-than-expected deficit. The central bank said commodi
National Bank of the Republic of North Macedonia2026-02-10
National Bank of the Republic of North Macedonia Keeps Policy Rate Unchanged at 4%
The National Bank of the Republic of North Macedonia left its policy rate, the central bank bill interest rate, unchanged at 4% on 10 February 2026, maintaining a cautious stance as inflation remained above the historical average amid strong lending and domestic demand and external risks from trade policy uncertainty and geopolitical tensions. It set the 11 February central bank bill auction at MKD 54 billion and said foreign reserves of EUR 5,600.5 million at end-January were adequate to preserve denar stability against the euro and medium-term price stability.