Skopje, 24 March 2026 (MIA) - The National Bank is monitoring the situation and is ready to respond with all tools at its disposal. The shock of the crisis is larger than the one in 2021 but lessons have been learned. Deposits are stable, foreign exchange currency reserves are higher compared to the pre-pandemic period, said Governor Trajko Slaveski on Tuesday.

"We have had similar shocks in the past. A lot has been learned, especially with regards to resilience to global shocks. Nevertheless, the shock is rather serious and Macedonia cannot remain isolated from it. The central bank, in close coordination with the Government and the Ministry of Finance, is monitoring developments, which unfortunately change by the hour, and is ready to respond with all tools at its disposal. These energy shocks represent a serious challenge for decision-makers and can only be partly absorbed," Governor Slaveski told reporters.

He added that the foreign currency reserves are about 70 percent higher compared to the pre-pandemic period.

"They amount to about EUR 5.5 billion, which is significant for the stability of the foreign exchange. We recorded a certain increase in conversion of denar deposits into foreign currency in the first week of the conflict, but the situation has stabilized since. Deposits are stable and even on the rise. Rising oil prices could reflect on the trade balance and the need for financing through the FX reserves," said Slaveski.

The Governor noted that keeping inflation under control without endangering the economic growth is a challenge for the Government and the National Bank.

"We recommend that measures should be short-term and targeted, especially for the most vulnerable groups, while using all avenues for savings, primarily in energy consumption," said Slaveski.

Considering global developments, the Governor said inflation projections could be revised.

Photo: MIA