Category: Economy
Economy 10.09.20 | 15:01

Finance Minister Besimi, IMF officials discuss COVID-19 crisis, economic growth in online meeting

Finance Minister Fatmir Besimi in his first online meeting with IMF Mission Chief to Macedonia, Bergljot Bjornson Barkbu and IMF Resident Representative of the Western Balkans, Stephanie Eble discussed the COVID-19 crisis and its impact on the Macedonian economy. Talks also focused on the series of measures...
Economy 10.09.20 | 10:24

Compensation of ‘Eurostandard Bank’ deposits to start on September 15

The Fund for Deposit Insurance said Wednesday the compensation of deposits for clients of the now defunct Eurostandard Bank in the amount of up to Mden 1,85 million (EUR 30,000) will start on September 15. The payment will be carried out by four commercial banks: Komercijalna Banka, NLB Banka, Stopanska...
Economy 07.09.20 | 14:44

Gasoline, diesel prices slightly down

As of Monday midnight, gasoline and diesel prices drop by MKD 0.5-1.5, the Energy Regulatory Commission has said. The price of EUROSUPER BS 95 is MKD 59.5 per liter, that of EUROSUPER BS 98 is MKD 61.5 per liter, EURODIESEL (D-E V) – MKD 50.5 per liter and extra light household fuel is at MKD 50.5...
Economy 07.09.20 | 14:22

Historic drop: Export down 32%, GDP sees a 12.7 % decrease

The growth rate of Macedonia’s Gross Domestic Product (GDP) in the second quarter of 2020 was -12.7%, State Statistical Office data shows. In this quarter, increase was recorded in sections: Agriculture, forestry and fishing by 4.5 %; Public administration and defence; Compulsory social security; Education;...
Economy 06.09.20 | 23:06

Former SDSM official Jovanovski blasts the incompetence of recently removed Finance Minister Nina Angelovska

Former high ranked SDSM official Zoran Jovanovski made a scathing comment at the candidate nominated by his own party as Finance Minister – Nina Angelovska who held the office until recently. The youthful e-entrepreneur Angelovska held the office until she was replaced by Fatmir Besimi from DUI...
Macedonia Economy 06.09.20 | 11:46

Besimi insists there is enough money to service debt payments throughout the year

Newly appointed Finance Minister Fatmir Besimi assured the public that there is enough money in the budget to cover the debt payment, the deficit and unexpected additional costs of the coronavirs epidemic. Besimi said that the budget will be able to pay out the loans that are maturing throughout the...
Macedonia Economy 06.09.20 | 11:42

VMRO: SDSM has no plan on how to tackle the economic crisis

SDSM and their Government have no idea how to create a growing economy, said VMRO-DPMNE in a press release. The opposition party pointed to the fact that the number of unemployed grew by 40,000 and the foreign direct investments have turned negative, and said that there is no indication that the Government...
Economy 03.09.20 | 17:07

Union representing 2,300 postal workers sounds the alarm after the Eurostandard Bank collapse

The union of the Macedonian Post Office is demanding an urgent meeting with Prime Minister Zoran Zaev, as 2,300 employees face to be left without pay or even fired. The post office heavily relies on the now bankrupt Eurostandard Bank, which had an exclusive contract to use the postal network for cash...
Economy 02.09.20 | 09:05

Banks consider a second grace period for debtors hit by the coronavirus crisis

As many companies are set to begin repaying their loans in October, the NBRM Central Bank proposed that commercial banks allow another extension until March 2021 for companies and individuals who are in difficult position because of the coronavirus epidemic. With the onset of the coronavirus, banks were...
Economy 01.09.20 | 10:55

VMRO: Zaev’s new Government concedes there will be no new major foreign investments

Following the rare negative result in direct foreign investments inflow (or outflows in this case) in the second quarter of 2020, VMRO-DPMNE said that there is no hope for greater FDI investments from the next Zaev led Government, given that it doesn’t include a single foreign investment member. The...
Economy 31.08.20 | 21:12

Government plans to introduce mandatory retirement at 62/64 years

The Government plans to propose a new law that would force all citizens over 64 or 62 to retire. Currently the law allows people to protract the retirement, but under the new law it would be mandatory for all employees except for the medical staff and highly educated professionals. Zoran Zaev said that...
Economy 31.08.20 | 20:23

Industrial production down 9.5 percent in July – mining is down by more than a third

Industrial production dropped by 9.5 percent in July compared to July 2019, the Statistics Bureau informed today. Considering the first seven months of the year, the industrial production is down 3.8 percent compared to the same period last year. The drop was most noticeable in mining and quarrying –...
Economy 30.08.20 | 10:43

Real estate report: Drop in sales, rise in number of apartments under mortgages

Real-estate statistics published today show a drop in sales and leases, caused by the coronavirus epidemic and the associated economic downturn. The number of sales of real-estate units in the second quarter of the year dropped by about a sixth, while in the rental sector, the decrease was far greater...
Economy 29.08.20 | 09:31

Protests in Tetovo and Gostivar against the energy price hike

Hundreds of citizens of Tetovo and Gostivar protested yesterday afternoon against the planned energy price hike of 7.4 percent. The price hike was timed for shortly after the elections, while the ruling parties SDSM and DUI campaigned on a modest energy subsidy they introduced earlier and on the promise...
Economy 27.08.20 | 13:29

Unemployment spikes, average salary drops by 5 percent

A statistic report compiled by the Reflektor site shows that the number of job seekers grew by 36,362 between the end of March and the end of August. There were 107,732 active job seekers registered with the Employment agency in April and now the number has grown to 144,094. The period also saw a 5...
Economy 24.08.20 | 14:55

VMRO demands an investigation into the politically linked companies who received credits from the failing Eurostandard Bank

Prosecutors need to investigate whether companies from Strumica, linked to the SDSM party, took up credits worth over 55 million EUR from the Eurostandard Bank, said Gordana Dimitrieska – Kocoska from VMRO-DPMNE. With the collapse of the bank owned by oligarch Trifun Kostovski, 200 million EUR...
Economy 23.08.20 | 10:28

20,000 retirees were late in replacing their Eurostandard Bank accounts, and will not get their pensions on time

Only 30,000 retirees who were collecting their pensions through the Eurostandard Bank were able to switch to a different bank until Friday, which was the deadline given by the PIOM fund. That leaves 20,000 retirees who likely won’t be able to collect their pensions at the start of September, and...
Economy 20.08.20 | 19:35

VMRO: Zaev’s statement adds another layer to the Eurostandard Bank scandal

Zoran Zaev’s comment that he was aware the Eurostandard Bank is troubled for a year is a major scandal, especially in light of the fact that Finance Minister Nina Angelovska withdrew her deposit from the bank, said the VMRO-DPMNE party in a press release. Angelovska withdrew her 250,000 EUR deposit...
Economy 19.08.20 | 10:42

Sitel TV: Finance Minister Nina Angelovska knew Eurostandard Bank is in trouble before she withdrew her deposits

Sitel TV reports that Finance Minister Nina Angelovska left just 8,000 EUR in her deposit account in the now bankrupt Eurostandard Bank. Angelovska had a deposit of over 250,000 EUR but withdrew it at a time when, given her position, she knew that the bank is going down, Sitel reports. The deposits were...
Economy 18.08.20 | 14:25

Fleeing Eurostandard Bank customers cause huge crowds in other banks across the country

Long lines in front of bank branches across the country persisted today, as customers from the failed Eurostandard Bank are trying to move their accounts elsewhere. Eurostandard collapsed after years of mismanagement, which its owner Trifun Kostovski blamed on his own managers, who he said weakened the...
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