After the Macedonian Central Bank announced it will increase its interest rate by 1.25 percent to 1.5 percent, the banking association warned its customers to get ready for an increase in the interest on their credits.

Citizens need to look into their loan contracts with the banks so that they know whether they provide for fixed or flexible interest rates. Decisions how to tackle the move by the Central Bank will depend on the individual commercial banks, but past practice tells us that there will be a correction, except in loans with fixed rates, the Macedonian banking association said.