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 bank to prepare it for a takeover. The bank is relatively small in terms of deposits, but it conducts a huge share of basic transactions because of its exclusive contract with the Macedonian Post Office. This gives it reach to even the smallest towns and villages, where it is often the only bank available for paying bills and receiving salaries and retirement incomes.
The crowds developing in front of other banks have added to the worries of the coronavirus. Banks are already difficult to get in to and conduct business as customers are often asked to wait for hours until the regular crowds inside are handled.