Skopje, 5 June 2025 (MIA) - The independence, credibility, and autonomy of the National Bank, established by Law and practice, will not only be preserved but also strengthened. I don’t expect any pressure, and if there is, we know how to resist it, the new Governor of the National Bank, Trajko Slaveski, told MIA in an interview in which he vowed to continue to strengthen the capacities of the central bank ensuring it remains a credible institution. 

In the interview Slaveski presented his expectations about the country’s economic growth, which align with the Government’s goals – three percent in 2025 and four in 2026. This, he stressed, is close to the potential of the Macedonian economy and what it can achieve with the current resources.

“What is needed, and what also poses a risk to achieving the desired higher growth rate, are the necessary structural reforms. Investments in infrastructure, education, workforce training, adaptation of the systems of education, healthcare, social protection, etc. so we can retain workers in the country, in the Republic of Macedonia, to prevent a drain of the workforce as we had over the past period – these are all things that economic policymakers should work on, with the support of central bank policies, in the coming period. In the medium term, I am optimistic that we will achieve higher growth rates than those seen over the past five-six years,” Slaveski said.

Slaveski said he aims to strengthen the National Bank and maintain financial stability.

“My motive was to contribute with my accumulated knowledge – both theoretical and practical – to the strengthening of this institution, leading monetary policy and achieving the goals set by law for price and financial stability and support for the country’s long-term economic development. I think that together with my team we will be able to address all these challenges,” he stressed. 

The Governor said the country’s fixed exchange rate would remain in place and the National Bank would focus on ensuring a low inflation rate.

"The fixed exchange rate, which has served Macedonia well, will remain in place in the coming period, hopefully until the country's accession to the European Union and preparations for the introduction of the euro. The key focus, which is also the legal goal of the National Bank, in cooperation with the fiscal authorities, i.e. the Ministry of Finance, is to ensure low inflation and price stability. Inflation must remain within the levels of the eurozone, as this is the only way to maintain the competitiveness of our economy," Slaveski stressed.  

Quizzed about the stability of the country’s banking sector amid global uncertainty and domestic challenges, Governor Slaveski said the country’s banking system exceeds the global and European standards in terms of capital adequacy, adding that the National Bank would take measures to mitigate risks in the operations of banks considered more vulnerable.

He also noted a positive trend of rising passive interest rates and declining loan interest rates in the country, stressing that the National Bank will try to ensure this continues.

"The trend is positive, we can see an interesting development where market competition among banks has led to a situation we haven't seen in the past. Passive interest rates, the returns citizens receive on their savings, are rising slightly, while interest rates on loans for both businesses and individuals are decreasing. In this context, it is also worth mentioning the expectations regarding the Hungarian portion of the credit – loans made available to companies under relatively favorable conditions for our circumstances. I hope this trend continues, and we will work toward that goal. However, a lot depends on ensuring we have support in the effort to maintain a low inflation rate, ideally in line with eurozone levels, as this is in everyone's best interest," the National Bank Governor said. 

Regarding his approach to the position and how he will differ from his predecessors, Slaveski said he would leave his personal stamp, but there would be no dramatic shifts from the work done by previous governors who, he said, successfully led the institution.

“By definition, both banking and central banks are conservative institutions. We are very cautious, every word we say is carefully measured, even the tone in which we say it. That is why I emphasized that we will strive to be credible, so that the public trusts our words. I am encouraged by the track record of the National Bank’s projections, as they have been among the closest to the actual situation,” Slaveski said.

Asked what the citizens, businesses, and domestic and international partners can expect from the new Governor, Slaveski reiterated his focus on maintaining stability and a fixed nominal exchange rate. He also stressed that the National Bank would continue its cooperation with international financial institutions such as the World Bank, the International Monetary Fund, the European Investment Bank, the European Bank for Reconstruction and Development, and other bilateral creditors.

“In the absence of significant external shocks, like the current relatively calmer period, we will ensure stability, predictability, and a stable, fixed nominal exchange rate. We will strive to keep the real exchange rate from deviating significantly, as it determines our competitiveness and depends on the relationship between our prices, the movement of our prices and the prices of our trading partners. The citizens can rest assured that their savings are secure in the banks where they are deposited, and the same applies to businesses. As I said, predictability is crucial for them to effectively plan their operations and development strategies, and the National Bank will ensure this,” Slaveski underlined. 

Lidija Velkovska

Photo: Darko Popov

Video and editing: Asllan Vishko

Translation: Angel Dimoski