ECB grants National Bank permanent access to EUREP with Euro 50 billion capacity

Skopje, 11 August 2026

The European Central Bank (ECB) granted the National Bank access to the advanced repo line of the Eurosystem (EUREP), with the maximum amount of Euro 50 billion. Upon completion of the technical joining process, the National Bank will have fast availability to foreign currency liquidity which will allow it to deal with the potential shocks for financing and the increased demand for euro liquidity.

Despite the fact that the National Bank’s foreign reserves are at a high level and are the primary protective mechanism for maintaining macroeconomic and financial stability, the access to the advanced repo line is an important support for strengthening the financial system resilience and for dealing with possible external shocks and increased demand for euro liquidity.

The National Bank has so far had access to a repo line of the ECB in the maximum amount of Euro 400 million, which was established during the COVID-19 pandemic and the last time was extended until 31 January 2027. Unlike this repo line, the advanced repo line (EUREP) is a permanent instrument of the Eurosystem, with significantly larger capacity and broader scope, which further strengthens the protective network for providing euro liquidity amid possible market disturbances.

The advanced repo line (EUREP) is an instrument of the Eurosystem, established in order to support the implementation of monetary policy. It provides permanent access to euro liquidity for central banks and monetary authorities outside the euro area, which is managed by five national central banks under the coordination of the ECB.

By introducing and granting access to the advanced repo line, the ECB demonstrates its commitment to providing euro liquidity in periods of market stress to central banks outside the euro area and supporting the smooth functioning of financial markets.