OThe main anchor that enables overcoming the many challenges in the past, but also now, is the strong determination of the National Bank to apply the monetary strategy of stable exchange rate of Denar, as a key pillar of the stability of the Macedonian economy. For the efficient implementation and functioning of the monetary policy, especially in uncertain periods, the financial markets and the banks have an important contribution, which follow the signals of the central bank and react accordingly through their business policies and activities. This was stated by Vice Governor Emilija Nacevska in her welcoming address to the 27th Annual Assembly of the ACI Association of Financial Markets, said the National Bank of RSM.

The energy crisis of the end of 2021 and the uncertainty created by the military conflict in Ukraine, significantly affected the import prices of energy in our country, with the first blow to the domestic economy reflected on the domestic foreign exchange market. In that context, the Vice Governor pointed out that "the rapid reaction of the National Bank through foreign exchange market interventions to meet the needs for foreign exchange, support from commercial banks, as well as verbal interventions in the public to communicate effectively for the strategic commitment of the National Bank enabled exchange rate stability ”.

- This approach of the National Bank, even in this turbulent period, was confirmed to have high effectiveness in order to quickly calm the expectations of the population and eliminate unfounded speculation about the stability of the Denar exchange rate. Additionally, it was emphasized that in order to maintain the stability of the Denar, the National Bank made changes in the regulation of the foreign exchange market, which enabled uninterrupted satisfaction of the needs of citizens for foreign exchange in this segment of the foreign exchange market, said Vice Governor Nacevska.

He pointed out that at the beginning of April 2022, the National Bank reacted by reducing the reserve requirement rate from Denar liabilities and at the same time increasing the reserve requirement rate for foreign currency liabilities in response to the increased preferences of the population for foreign currency savings and changes in the currency structure of deposits in the banking system. With this measure, which is part of the measures envisaged in the Denarization Strategy, the National Bank creates space for banks to approach changes in interest rate policy, but also to offer new attractive deposit products that will be primarily aimed at attracting Denar funds to the population. More importantly, this measure of the National Bank is not expected to have only a one-time, moderate adjustment of interest rates on Denar deposits with banks, but to be a signal that commercial banks should follow in the long run, in order to achieve the strategic commitment. to increase the Denar savings, from which all economic entities benefit.

The National Bank will continue to be an active driver of the reform processes for development and advancement of the domestic financial market, having in mind its significant role in transmitting the monetary signals to the real sector. The National Bank also participated in the preparation of the Capital Market Development Strategy, which aims to support sustainable development of the financial system through modern regulation and proactive supervision to increase the contribution to accelerated GDP growth.

ACI Association of Financial Markets unites the representatives of the banking sector working in the domestic financial markets and is a platform for developing good professional relations, increasing mutual trust, exchange of experiences and continuous professional education of employees in the banking sector, in order to provide more efficient financial services for citizens.