Meeting of the National Bank Council

2026-08-31 Skopje, 31 August 2026

The latest macroeconomic indicators-effects on the monetary policy setup

The National Bank Council discussed the latest macroeconomic indicators, according to which the domestic economy continues to show resilience amid uncertain external environment, while the latest domestic economy indicators are currently less favorable.  The available high-frequency indicators on the supply side point to an accelerated economic growth in the second quarter, amid strong growth in construction, growth in industrial output and real turnover in catering and stable developments in overall trade.  Inflation slowed down and remained within the National Bank expectations.  The external risks are still assessed as unfavorable.

At the end of June 2026, the foreign reserves amounted to Euro 4,936.4 million and are maintained in the safe zone.  Monetary data show further solid growth of both deposits and credit activity, with a credit support stronger than expected.

At the meeting, the Council adopted a decision on the leading number of the payment service providers and the standards for constructing the payment accounts, to promote the current regulatory frame in accordance with the development of payment systems and the implementation of the international standards and its harmonization with the SEPA standards.

An important novelty is the mandatory use of IBAN, as a unique identification payment account code in national payment transactions.  As of 1 November 2026, the national payment transactions will be initiated, processed and executed using IBAN, thus ensuring a harmonized and standardized identification of payment accounts in the national and cross-border payment operations.