Skopje, 28 February 2025 (MIA) – The National Bank Council assesses that the country’s macroeconomic developments are in line with the October projections, with an annual GDP growth of 3% in the third quarter of last year and indicators suggesting continued growth in the fourth quarter. The average annual inflation rate was 3.5% fully aligned with the central bank’s latest forecasts.

“However, uncertainty regarding the future dynamics of inflation remains, linked to the prices of primary commodities due to geopolitical and climate factors, as well as certain domestic factors that could affect aggregate demand,” the National Bank Council said. 

In December, total deposits and loans exceeded expectations, with an annual increase of 11.4% and 11.2% respectively. Survey data show an easing of credit conditions and increased demand for loans.

At the end of 2024, foreign exchange reserves reach a historic high of €5.029 billion, with more than 60% invested in securities, primarily government bonds from the euro area.

“The security and liquidity in managing foreign exchange reserves were ensured through placements in high-credit-rating financial instruments that provide quick access to liquid assets, while the balanced investment approach contributed to favourable financial results,” the central bank said.

At its session held on Thursday, the National Bank Council adopted the financial statements and annual report for 2024, which were audited by an independent auditing firm. According to the independent auditor’s opinion, the financial statements objectively reflect the financial position of the National Bank, as well as operating results and cash flows, in accordance with the international financial reporting standards. In line with commitment to ensure transparency, the National Bank’s financial statements are published in the Official Gazette of the Republic of North Macedonia and on the National Bank’s website, the central bank stated.

Photo: National Bank