The increase in the key interest rate by the central banks is a signal for a period of higher interest rates on both savings and loans, which will contribute to increasing savings and reducing consumption to reduce the pressure for price growth by demand.

Several central banks began to normalize monetary policy, which was relaxed during the pandemic. This is a result of the longer and more widespread price pressures, which came through the prices of primary products on world stock exchanges, ie on the supply side. The most important thing is to tighten the monetary policy gradually, in order to avoid the negative effects of a sharp rise in interest rates, said the Governor of the National Bank. Anita Angelovska-Bejoska in interview for Radio Free Europe.

"It is clear that the cycle of low interest rates has already ended and the direction in which central banks and international financial markets are moving globally is gradually normalizing, ie returning gradually to some previous levels. "Certainly, this spills over into the segment of the banking system, ie the active interest rates," said Angelovska-Bezoska.

The governor points out that we are part of the global financial flows, ie what happens outside, happens in our country as well.