Skopje, 24 January 2026 (MIA) - The stability of the denar exchange rate is a priority for the National Bank, which has improved the monetary policy operational framework in order to better manage liquidity and strengthen the transmission of monetary signals, states the report of the credit rating agency Standard & Poor's, which confirms the country's credit rating at "BB-" with a stable outlook, the National Bank noted.

The report notes that in the last quarter of 2025, the Central Bank adjusted the operational monetary framework by placing greater emphasis on instruments with shorter maturities and more frequent operations, which enables more efficient transmission of monetary signals to short-term interest rates on the money market, without changing the monetary policy setup. These changes prove the National Bank's commitment to the effective implementation of monetary policy and financial stability maintenance.

In 2026, according to Standard & Poor's, inflationary pressures are expected to decline, supported by moderate food price movements, a cautious monetary policy setup, and a favorable base effect. The agency concludes that given the current situation, in the short term, the National Bank will pursue a prudent monetary policy in order to maintain price stability and the stability of the denar exchange rate against the euro.

In the banking sector, the agency assesses that the solvency is solid, with a capital adequacy ratio of 19.5% in the third quarter of 2025, while asset quality remains high, with a historically low level of non-performing loans of 2.3% of total loans. These indicators, according to the agency, confirm the resilience of the banking system, the National Bank said.

Photo: MIA archive