Angelovska-Bezhoska: Despite shocks, domestic currency stability maintained, foreign currency reserves up by 40%

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Macedonian National Bank Governor Anita Angelovska-Bezhoska took part in the conference “Macroeconomic stabilization in small open economies – challenges and lessons,” held in Iceland’s capital Reykjavik, after being invited by the Central Bank of Iceland and Northwestern University, one of the most prestigious universities in the United States of America.

“In the early transition, we adopted a fixed exchange rate strategy to deal with hyperinflation, which we are still applying now. It is appropriate to the characteristics of our economy, which has high trade openness (160% of GDP), high dependence of exports on import components, high financial openness (185% of GDP), as well as a relatively high degree of Euroization of the banking system ( about 42% of the assets are in euros). This opens up the possibility of a high transmission effect of the exchange rate on prices and financial stability, without significant effects on economic growth,” stressed Angelovska-Bezhoska.

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