Skopje, 27 February 2023 (MIA) — Deputy Prime Minister in charge of Economic Affairs, Coordination of Economic Departments and Investments Fatmir Bytyqi in Brussels at a bilateral screening meeting on Chapter 9: Financial Services from Cluster 2: Internal Market pledged that the country would try its best to fulfill the recommendations of the European Commission Report.

According to an official press release, North Macedonia has made some progress in the area of financial services, especially in terms of the supervising and regulating credit institutions. However, the country is is not aligned with the EU regarding insurance and capital markets, fair banking practices, and consumer protection.

“We will pass a law on bank resolution and the implementation of legislation and by-laws,” said Bytyqi, who is the main coordinator of the Cluster 2 screening.

He also pledged that the country would establish a regulatory body for banks as well as for the dealing with unregistered and uninsured vehicles. 

“We will continue to tackle consumer protection while also establishing a financial ombudsman service,” the Deputy PM said.

Bytyqi also said the Deposit Insurance Fund Law would be amended to improve deposit insurance and to implement the Constitutional Court ruling of July 2021.

“Our central bank,” he pointed out, “has already dedicated a section of its website to consumer rights along with proper information sharing to avoid unfair banking practices.”

Bytyqi also promised that the country would put in the effort to change the Compulsory Traffic Insurance Law and set up a system to store vehicle insurance data and stop the driving of uninsured vehicles.

“Financial markets will develop as projected in the February 2022 strategy,” he said, adding that the supply of long-term securities would rise with increased demand.

Changes to the Law on Investment Funds, he said, and other laws on investment funds and securities were being made as part of the necessary alignment with EU legislation, the press release notes.

The Chapter 2 working group is led by Deputy Chief Negotiator with the European Union Drita Abdiu Halili and consists of representatives from the Secretariat for European Affairs, the Ministry of Finance, the National Bank, the Securities and Exchange Commission, the Central Registry, the Insurance Supervision Agency, the Financial Intelligence Office, the Ministry of Interior, the Financial Police, and the State Commission for the Prevention of Corruption.

The bilateral screening resumes on March 1 with a meeting on Chapter 28: Consumer and Health Protection. mr/