The Macedonian Central Bank (NBRM) responded after a leaked classified document shows it has stripped the troubled Eurostandard Bank of its licence as early as June 1, but kept the decision from the public. This prompted speculation that the move was hidden from the public in the sensitive pre-election period, but also to allow Government officials and clued in operators to withdraw their deposits and possibly even take out additional loans from the bank which they may now avoid repaying.
NBRM insisted that the decision it reached on June 1 was only to limit some Eurostandard activities – such as trading with stocks abroad and trading with financial derivatives. The final decision to revoke its licence was made on August 12, safely after the elections during which the news could’ve affected the public mood. Owned by oligarch Trifun Kostovski, Eurostandard is a relatively small bank, but due to its exclusive contract with the Macedonian Post Office it has an outsized role in distributing salaries, retirement incomes and in payment of utility bills by citizens in smaller towns that often rely on the post office as their main local financial institution.
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