Skopje, 31 July 2023 (MIA) – The National Bank has made a significant contribution by successfully implementing the regulatory framework and adopting policies and macroprudential measures that have systematically and continuously strengthened the banks' resilience. This was highlighted at the meeting between the National Bank Governor, Anita Angelovska Bezhoska, vice-governors Ana Mitreska and Fadil Bajrami and the new Chief of the Political and Economic Affairs Section at the US Embassy in our country, David Myers, and Jordan Damchevski, Senior Economic Analyst at the US Embassy.

The pandemic and post-pandemic period brought numerous challenges, but the banking sector remained sound and further strengthened, the National Bank said in a press release.

“The latest data indicate satisfactory liquidity of banks, improved solvency that hit a record high in the last sixteen years, and preserved credit portfolio quality, with a low NPL rate,” reads the press release.

For further strengthening of the banking system resilience, the National Bank intervened three times in the countercyclical capital buffer rate in a period of one year. It has also adopted other macroprudential measures aimed at maintaining borrower’s credit quality.

“Furthermore, they also discussed the new Bank Resolution Law as a systemic solution for further strengthening of financial stability. According to the law, the National Bank will become a bank resolution authority, with the aim is to ensure a prompt and efficient resolution of any bank that faces serious problems, while maintaining its functions that are considered particularly important for the economy and avoiding major adverse implications for financial stability. The proposed regulation transposes the new EU Directive for the recovery and resolution of credit institutions and investment firms, thus confirming the continuous efforts to comply with the highest international standards,” reads the press release.

The meeting was concluded by acknowledging the traditionally good cooperation and commitments to its further extension and deepening.

Photo: National Bank