Skopje, 30 July 2025 (MIA) - The interest rate on CB bills remains to the level of 5.35%, and the overnight and seven-day loan interest rates remain to 3.95% and 4%, respectively. The supply of CB bills at the regular auction remains unchanged and amounts to Mden10 billion, the National Bank’s Monetary Policy Executive Board has decided at a session. 

According to the National Bank, such a decision contributes to retain prudent monetary policy, appropriate to the conditions in the economy as well as the risks related to the external environment and domestic factors.

"The overall set of measures so far - current interest rates, changes in reserve requirements, and applied macroprudential measures - is aimed at maintaining price stability in the medium term and preserving the stability of the denar exchange rate against the euro," the central bank said in a press release.

The National Bank's recommendation is to closely monitor inflation. "Risks to future dynamics of inflation still exist and are related to the ongoing uncertainty of the changing external environment, as well as domestic factors affecting demand," said the central bank.

The situation on the foreign exchange market is stable and the level of foreign reserves, at the end of June, amounted to EUR 4,697.6 million, which, according to the National Bank, is adequate to maintain the stability of the domestic currency exchange rate.

"In terms of the latest available external sector data, the performance of the foreign exchange market until June points to net inflows from private transfers that are in line with expectations according to the April projection, while the trade deficit in April and May is currently lower than the projections for the second quarter. In the first quarter of 2025, the flows in the balance of payments are close to expectations," reads the press release. 

As regards economic activity, the National Bank notes that the available high-frequency data for the second quarter of 2025 mainly point to an acceleration of economic growth, supported by favourable developments in construction, industry and hospitality, but risks to growth in the coming period from the external environment are predominantly downward, which is associated with the high unpredictability amid geopolitical and trade tensions. Regarding the domestic environment, the scope and dynamics with which domestic infrastructure projects will be implemented are among the most important factors that will influence the pace of growth of the domestic economy, says the central bank. 

Monetary sector performance shows further solid credit support to the economy, which is above the expected dynamics. In June, deposits and loans recorded solid growth rates, which are higher than the April projections.

Photo: MIA archive