Skopje, 7 October 2025 (MIA) - Starting today, cross-border payments in euro will become cheaper and faster, made possible by the country’s accession to SEPA – the Single Euro Payments Area. Applications from nine domestic banks have been approved, and three more banks are expected to join by the end of the year, the Ministry of Finance said in a press release Tuesday.

“Membership in SEPA is expected to bring numerous benefits for citizens, companies, and the economy as a whole. Above all, we expect faster, safer, and cheaper cross-border payments in euro. This is especially important for the Macedonian economy, which is characterized by a high degree of trade openness and a large volume of cross-border transactions. Therefore, the potential for cost savings, improved liquidity, and increased competitiveness of companies is significant. This can play an important role in further trade integration, accelerated economic growth, and narrowing the income gap with the EU,” Finance Minister Gordana Dimitrieska-Kochoska said.

The Minister said the key step in implementing this reform was the adoption of the Law on Payment Services and Payment Systems, along with the bylaws adopted by the National Bank for the implementation of the Law.

“This project is a significant step forward in improving the conditions for doing business and living in Macedonia, aligning our country’s standards with European ones. The Ministry of Finance and the National Bank will continue with reforms aimed at economic development and improving services for citizens and businesses,” Dimitrieska-Kochoska said.

The request to join SEPA was submitted on July 10, 2024, and the application was accepted by the European Payments Council on March 6 this year, allowing domestic banks to join the payment schemes through which euro transactions are carried out. The Single Euro Payments Area is made up of 41 countries from Europe.

MIA file photo