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New measures, new announcements—yet for companies with accounts at Alta Bank AD Bitola, there is still nothing concrete. Even after today’s press conference by Governor Trajko Slaveski, the most critical question remains unanswered: how will businesses pay their employees and settle their regular obligations if their funds are held at Alta Bank, while the intended recipients hold accounts at other banks?
Today, Slaveski announced a gradual easing of restrictions for the bank’s clients. Starting next week, the weekly limit for cash withdrawals and card payments will increase from 10,000 to 15,000 denars; service counters will open in Tetovo and Strumica; and individuals receiving salaries, pensions, or social transfers from institutions and companies with accounts at other banks will be able to withdraw their full incoming funds. However, there was not a single word regarding companies facing the opposite situation!
What are legal entities supposed to do when they have funds at Alta Bank but need to pay salaries to employees whose transaction accounts are held at Komercijalna Banka, NLB, Stopanska Banka, or any other bank? How are they supposed to pay their taxes and social security contributions? Who will pay their electricity, water, telephone, and internet bills, rent, employee health insurance, and invoices from suppliers? Once again, there was no answer to these questions today.
In practical terms, while the National Bank’s announcements today facilitate access to funds for individuals, they fail to address the problem faced by companies unable to access their own funds held outside the bank. This is an issue that directly threatens their day-to-day operations. It is particularly concerning that this is not a new issue. Earlier this week, it was pointed out that companies are unable to pay employees who hold transaction accounts at other banks. At that time, the Governor announced that interim solutions for the payment of salaries, taxes, and social contributions were being considered, given the statutory deadline of November 15.
Subsequently, a specific inquiry was submitted to the National Bank, containing eight questions regarding potential solutions, required documentation, possible exceptions to the ban on outward transactions, and the timeline for reaching a decision. The response, once again, was merely that steps are being taken to normalize customer service—without providing a single piece of concrete information that would actually assist the companies. Now, following yet another press conference, there is renewed talk of limits, teller transactions, and the disbursement of future inflows—yet nothing is said about how legal entities are expected to function.
The National Bank repeatedly asserts that ALTA Bank is liquid and in sound financial health. However, this means nothing to companies. What good are funds held in bank accounts if they cannot be accessed to meet obligations toward employees or other business entities?
If individuals are being granted new relief measures, why are legal entities still left without answers? Is a specific mechanism being prepared for the payment of salaries and the settlement of current liabilities? Will administrators be authorized to approve such transactions, and when will companies receive clear guidance? Time is running out, and companies cannot simply halt their operations while the National Bank “considers the possibilities.”
Salaries, taxes, social security contributions, rent, and utility costs all have strict payment deadlines—regardless of the situation at the bank. The National Bank and Slaveski must provide answers on how and when these issues will be resolved!