Скопје, 10 Јуне 2023 (МИА) - A National Bank team led by Governor Anita Angelovska-Bezhoska met with a visiting delegation of the International Monetary Fund (IMF) Mission led by Jacques Miniane, in the attendance of IMF Resident Representative to North Macedonia, Stephanie Eble, discussing the current macroeconomic developments and the bank's projections for the coming period.

IMF Mission chief Miniane said the National Bank has undertaken timely and proper measures that contribute to the maintenance of the financial and price stability. Tightening of the monetary policy is producing results, which can be seen from the slowdown of inflation, while urging for caution in this regard. IMF praised the macro-prudent policies undertaken thus far, which increase the resilience of the banking system to possible risks. The IMF assessed the banking system as sound and resilient, having sufficient capacity to manage the possible shocks. Nevertheless, uncertainty is still present and it is of key importance to resume with the cautious policies, the National Bank said in a press release.

Governor Angelovska-Bezhoska referred to the measures undertaken by the institution, including the tightening of the monetary policy and systemic measures to increase the banking system's resilience. She noted the slowdown of inflation, the foreign currency market favorable trends and the increased Denar deposits in banks, which are indicators of the effects of the measures that have been undertaken.

"The balances of our banks are solid, highly capitalized and liquid, including a proper quality of the credit portfolio. However, the situation should be closely monitored and caution is a must," added Angelovska-Bezhoska.

On the bank's macroeconomic projections, the meeting highlighted the expectations for stabilization of the economic growth and moderate midterm acceleration, as well as gradual slowdown of inflation.

Interlocutors tackled the projection risks that mainly arise from the external sector, as well as the uncertainty in regard to the future trends of global energy and food prices, and the intensity of their spillover on the domestic inflation. In addition, it was noted that the rise of wages, and especially the ratio with the rise of productivity, must be closely monitored, reads the press release.

Photo: National Bank