Denar is stable, assures Central Bank Governor

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It is very important that the shock caused by the coronavirus lasts as short as possible so that there are no major negative effects on the balance sheets of both companies and the financial sector. As early as next year, according to IMF projections, the global economy is expected to grow by about 5.7%, as well as the Macedonian economy to accelerate and recover, said Central  Bank Governor Anita Angelovska-Bezoska.

“The pandemic shock will affect all economies. But IMF expects that the drop will be smaller in developing economies like ours. It is important, though, that the shock lasts as briefly as possible,” the NBRM Governor said.

The Governor also referred to the financial support received from the IMF, through the Instrument for Rapid Financing, and said that it will also contribute to increasing foreign exchange reserves.

“The financial support received from the IMF is a confirmation of the soundness of the foundations of our economy. It is also a tool to receive other types of financial assistance, including through European Union instruments,” said the Governor.

Angelovska-Bezoska assured the public that the denar will remain stable, given the sufficient forex reserves NBRM has at its disposal amounting to three billion EUR.

“Just as it has been stable for years, the denar remains stable. The instruments that the Central Bank has at its disposal, if necessary to be used in order to maintain the stability of the denar, are a confirmation of this. “One of the key instruments, of course, is the high level of foreign exchange reserves of about 3 billion euros, which in itself is a guarantee for the stability of the domestic currency,” said Angelovska-Bezoska.

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