Skopje, 11 September 2026 (MIA) – North Macedonia is a positive example in the implementation of advanced transparency practices by the central bank and enjoys a high level of public trust, the International Monetary Fund (IMF) Deputy Managing Director Bo Li said in an interview given to the National Bank publication “80 Years of Central Banking: Global Perspectives, Regional Cooperation and Future Challenges.”

Referring to the importance of the central bank independence amid global challenges, Li noted that experience across countries shows that independent central banks are better able to preserve price stability, anchor inflation expectations and respond decisively to shocks.

According to the National Bank, Li emphasizes that independence does not mean that central banks are above democratic institutions. It means that, within a clear legal mandate set by elected authorities, central banks have the autonomy -institutional, functional, financial, and personal - to base decisions on data, professional analysis, and judgment, protecting policy from electoral cycles and vested interests. Independence must go hand in hand with strong governance, transparency, accountability, and clear communication about how policy decisions aim to achieve the central bank’s legislated objectives.

In the interview, he particularly highlights the National Bank’s experience. “North Macedonia’s excellent results are a positive example,” Li said, noting that the country was among the first to undergo a review under the IMF’s Central Bank Transparency Code. The review showed that the National Bank is already implementing advanced transparency practices and enjoys a high level of public trust.

Regarding how smaller economies can preserve institutional credibility during periods of uncertainty, Li identifies several key prerequisites: a clearly defined mandate, a coherent policy framework, operational autonomy, consistency in decision-making and communication, as well as a strong legal foundation, good governance, transparency and accountability.

Li also highlights the IMF’s important role in supporting strong and independent central banks through policy advice, technical assistance, capacity development and research. This support covers a range of areas, including monetary policy, institutional governance, the legal framework, foreign-exchange and reserve management, supervision, statistics, communication and risk management.

The interview with Bo Li is part of the publication “80 Years of Central Banking: Global Perspectives, Regional Cooperation and Future Challenges,” prepared as part of the celebration marking 80 years of central banking in the country. The publication is part of a communication project featuring a series of thematic interviews with current and former central bank governors, senior representatives of international financial institutions and representatives of international central banking organizations.

The full interview is available here: https://www.nbrm.mk/ns-newsarticle-intervju-na-bo-li-zamenik-generalen-direktor-na-megunarodniot-monetaren-fond-nezavisnost-na-centralnata-banka-vo-uslovi-na-globalni-predizvici-en.nspx

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