Narodna Banka na Republika Makedonija (National Bank of Republic of Macedonia)

By: EconomyWatch   Date: 8 September 2010

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The National Bank of the Republic of Macedonia was created as an independent central bank. The main objective of the bank is ensuring price stability in the Macedonian economic system.

As per the Law on the National Bank of Macedonia, the bank is responsible for carrying out the following activities.

  • Formulate and implement the monetary policy
  • Regulate the liquidity in the system
  • Establish and promote the exchange rate of the currency
  • Act as the custodian and manage the country’s foreign exchange reserves
  • Regulate the country’ payment system
  • Supervise the activities of banks and other financial institutions
  • Issue banknotes and coins and control their circulation
  • Granting operating licenses to foreign exchange bureaus

The National Bank of the Republic of Macedonia Council is the highest decision-making body of the central bank. The council consists of nine members: a Governor, two Vice Governors and six members. Except for the Vice governors, all other members of the council are appointed by the Parliament of the Republic of Macedonia on the recommendation of the President of the Republic of Macedonia. The members are appointed for a term of seven years.

The National Bank of the Republic of Macedonia also works towards maintaining the safety and soundness of the banking system in the country and also ensuring the safety of the depositors and other creditors who had invested their money in the banking system. As part of its activities, the bank also issues licenses to commercial banks and saving houses in the country. The bank is also concerned with issuing approvals on the basis of the Banking Law.

The Address and Contact details of the bank is as follows:

National Bank of the Republic of Macedonia

Address: P.O. Box 401 91000 Skopje MACEDONIA Phone No.: ++389-91-11 21 77 Fax: ++389-91-11 11 61

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