Skopje, 11 November 2021 (MIA) – Foreign exchange reserves, crucial for the stability of the denar, stand at a record-high level of EUR 3.6 billion, which is double what they were amid the 2008/2009 global financial crisis. The National Bank also has at its disposal additional mechanisms to support foreign exchange reserves and ensure the stability of the domestic currency. The denar has been stable for years and will remain so in the future, National Bank Governor Anita Angelovska-Bezhoska told Alsat-M TV on Wednesday evening. Discussing the National Bank’s latest projections for the Macedonian economy, the Governor stressed that every crisis brings up the question of the stability of the denar, which is harmful. However, despite speculations, latest data and projections for the next few years point to a satisfactory level of foreign exchange reserves, which guarantees the stability of the domestic currency. “During the 2008/2009 global financial crisis, the level of foreign exchange reserves was half of what it is today. This shows that the country has the capacity to face shocks, including speculations brought on by crisis situations. Foreign exchange reserves stand at EUR 3.6 billion or 30% of the GDP, which is double what they were in 2008 – EUR 1.5 billion or 23% of the GDP,” stressed Angelovska-Bezhoska. She reiterated that the National Bank also has at its disposal additional mechanisms provided by the European Central Bank – a repo line, that is, access to foreign exchange liquidity if the need arises. “The repo line was first provided last year, at the initiative of our central bank, supported by the rest of the Western Balkan countries. We’ve achieved great progress in this direction, precisely for the purpose of supporting foreign exchange reserves and ensuring the stability of the domestic currency,” the Governor noted. In regard to the National Bank’s latest macroeconomic projections, she also discussed with Alsat-M TV inflation and economic growth projections. The Governor underlined the National Bank’s expectations that inflation will remain moderate, which is also in line with International Monetary Fund assumptions. Inflation, she added, is expected to slow down next year and stand at 2%.