Skopje, 7 May 2025 (MIA) - The International Monetary Fund (IMF), in its final statement following the regular Article IV consultation, assessed that the National Bank has effectively managed a series of economic shocks, ensuring reduced inflation, a stable exchange rate, and a secure financial system. According to the IMF, the National Bank also appropriately approached the gradual and cautious easing of monetary policy, based on economic conditions and analyses.

As stated in the National Bank’s press release, the IMF recommends maintaining a cautious monetary policy until a sustained and lasting decline in inflation is confirmed. If certain domestic risks materialize, it is noted that the National Bank should be prepared to tighten monetary policy again, including through liquidity management using available instruments such as the reserve requirements.

In the area of financial stability, the IMF positively assessed the implemented loan-to-value and debt service-to-income ratios help safeguard financial stability by reducing pressures in the real estate market and preventing higher levels of indebtedness. Staff support the NBRNM’s gradual tightening of the countercyclical capital buffer and additional capital requirements to ensure banks maintain adequate loss-absorbing and recapitalization capacity, in line with EU regulations.

“The IMF underlines the importance of preserving central bank autonomy for maintaining price stability, exchange rate stability, and financial stability. The National Bank will remain fully committed to maintaining price and financial stability and supporting long-term economic resilience,” reads the press release.

Photo: National Bank