Skopje, 17 September 2025 (MIA) - The interest rate of bank bills remains unchanged at 5.35 percent, while rates of overnight and 7-day deposits are maintained at 3.95 percent and 4 percent respectively, decided the National Bank's monetary policy board on Tuesday.

This decision maintains the cautious approach in the monetary policy, in line with the economic circumstances and risks that arise from the domestic and external environment. This approach is supported by the recent changes in the mandatory reserve, tightening of the macroprudent measures regarding the loan demand criteria, and increase of the countercyclical capital buffer by additional 0.25 percent. The combination of these measures aims to maintain the price stability in the medium term and the exchange rate stability, as well as protect from possible future systemic risks, the National Bank said in a press release.

On the August inflation, the central bank says it is still above projections, while adding that caution is required.

The latest projections of the stock market prices of primary products for the coming period are revised downwards, which points to lower import price pressures compared to expectations. Nevertheless, there is still uncertainty around the future trends of global prices of primary products due to geopolitical tensions and climate change. Therefore, inflationary risks are still present, related to the uncertainty from the changes in the external environment but also domestic factors that have an impact on demand, says the bank.

It adds that the state of the exchange market is estimated as stable, with FX reserves standing at EUR 4.75 billion by the end of August. Global uncertainty, especially due to the trade and geopolitical tensions, still remains the biggest external risk for the domestic economy.

MIA file photo