The monetary setup is suited to the existing economic and financial trends, says the National Bank and expects its measures taken in the first half of the year to ensure further support to the Macedonian economy in managing the corona-crisis effects.
The latest macroeconomic indicators of the national economy compared to the bank’s April projections point to certain disparities regarding the intensity and structure of the economic growth due to the COVID-19 effects.
In the second quarter, the annual inflation rate stood at 0.5 percent in average and the central bank believes that the inflation will remain in acceptable terms.
Foreign currency reserves, which registered a rise in the first half of the year, are in the safe zone and will remain so, says the bank.
Credit activity has achieved accelerated growth and the deposit base has exceeded expectations according to the April projection. At the end of Q2, crediting increased by 6.6 percent while total deposits by 8.4 percent.
The central bank says risks continue to exist and will continue to monitor trends and potential domestic and foreign risks.
Regarding the banking sector, it features a proper level of liquidity, which enables banks to tend to their clients’ needs.