Skopje, 17 April 2023 (MIA) - The World Bank positively evaluates the policies of the National Bank aimed at maintaining financial stability. In this regard, the current technical assistance from the World Bank was also discussed at the meeting, which will further strengthen the capacities of the country and the central bank in several areas related to the banking system through several projects. They relate to the improvement of the macroprudential framework, the strengthening of capacities for crisis management, for climate change management, as well as the finalization of the legal framework for the bank resolution.

Furthermore, in the sphere of the payment system, efforts will be supported to prepare study on digital denar. The projects were discussed during the meeting between the National Bank governor Anita Angelovska-Bezhoska and the vice-governor Fadil Bajrami, World Bank senior officials, WB Regional Vice President Antonella Bassani and WB Executive Director representing the constituency, Koen Davidse as part of 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, the National Bank said in a press release.

“By adopting the Law on Financial Stability, last year, an institutional framework for macroprudential policy was established in our country, and the role of the Committee for Financial Stability, which includes all financial regulators, became legally established. The National Bank also prepared a draft Strategy for macroprudential management, while in the next period the focus will be on strengthening the framework for monitoring systemic risks and creating macroprudential policies. In these activities, the central bank will receive support from the World Bank,” reads the press release.

In the direction of managing risks arising from climate change and the environment, and related to financial stability, the National Bank is in the final phase of drafting the Green Finance Strategy with the support of the World Bank. Also, the World Bank will provide support through consultation regarding the establishment of guidelines that the central bank will issue to commercial banks in identifying, managing, monitoring and reporting climate risks, as well as creating a "green dashboard" of risk indicators. The World Bank will also provide support to the banks' stress tests from the perspective of climate risks, which are planned for the coming year. The National Bank also plans to organize a Conference on Climate Risks aimed at increasing awareness and explaining the supervisory guidelines and recommendations for the banking sector, reads the press release.