IMF Staff Country Reports

This paper highlights the Informational Annex on Republic of North Macedonia. The National Bank of the Republic of North Macedonia (NBRNM) participates in the foreign exchange market, in order to achieve the goals of the monetary and foreign exchange policies. The NBRNM implements the monetary strategy of targeting the nominal exchange rate against the euro. The intermediary objective of the monetary policy is to maintain a stable denar exchange rate. Thus, the NBRNM maintains a stable exchange rate within a narrow band of bid-ask exchange rates determined by the Committee for Operational Monetary Policy. The de facto exchange rate arrangement is classified as a stabilized arrangement. North Macedonia has accepted the obligations of Article VIII, Sections 2, 3 and 4 and currently maintains an exchange system free of multiple currency practices and restrictions on the making of payments and transfers for current international transactions. The first consultation with the Republic of North Macedonia was concluded in August 1993. The last consultation was concluded on January 22, 2020.