Skopje, 26 January 2023 (MIA) – By conducting adequate policies, the National Bank has maintained financial stability, i.e. the stability of the banking sector, which is an important prerequisite for achieving sound and sustainable economic growth. In the presence of risks, it is important to continue with prudent policies and further strengthen resilience, central bank governor Anita Angelovska Bezhoska and the newly appointed Greek Ambassador to the country, Sophia Filippidou, concluded during the meeting.

At the meeting it was highlighted that the National Bank is continuously and systematically strengthening the regulatory and supervisory framework, which contributed to a stable and sound banking sector in crisis conditions.

“And the European Commission made a decision by which it assessed that the banking regulation and supervision carried out by the National Bank is in accordance with the standards of the European Union, following the example of countries such as the USA, Canada, Japan and New Zealand, which meet these standards. During the last crisis, additional macroprudential instruments were used, such as the introduction of a countercyclical capital buffer aimed at strengthening the resilience of the banking sector,” the National Bank said in a press release.

The banking sector, as underlined, throughout the crisis provides considerable support to the economy. Total credit support rose 9.4 percent in 2022 especially in the corporate sector where it reached 11.5 percent.

“At the same time, it is especially important that credit support is provided while maintaining the stability of the banking system. According to the latest data, the capital adequacy ratio increased, reaching 17.7 percent, and non-performing loans remain at low levels (3.3 percent). However, risks exist and it is necessary to further strengthen the resilience of the banking system,” reads the press release.

Interlocutors also discussed the current economic situation and the global and domestic macroeconomic challenges. The governor underscored the National Bank’s commitment to ensuring medium-term price stability, in order to secure a more predictable and stable environment, favorable for medium-term economic growth.