Republic of North Macedonia: Informational Annex

IMF Staff Country Reports, April 19, 2023

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Republic of North Macedonia: Informational Annex

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Bibliographic details

• Published: April 19, 2023
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400239014.002

Summary findings

• The National Bank of the Republic of North Macedonia (NBRNM) participates in the foreign exchange market 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.
• 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.
• North Macedonia currently maintains an exchange system free of multiple currency practices and restrictions on the making of payments and transfers for current international transactions.

Monetary policy and exchange rate framework

• Monetary strategy: targeting the nominal exchange rate against the euro.
• Intermediary objective: maintain a stable denar exchange rate.
• Operational mechanism: NBRNM participation in foreign exchange market; maintenance of a stable exchange rate within a narrow bid-ask band set by the Committee for Operational Monetary Policy.
• De facto classification: stabilized arrangement.

IMF engagement and consultations

• First consultation with the Republic of North Macedonia concluded in August 1993.
• Last consultation concluded on January 22, 2020.

Key publication facts and metadata

• Subject areas: Economic and financial statistics, External sector statistics, Government finance statistics, Integrated Policy Framework, International organization, Monetary policy, Public financial management (PFM).
• Keywords: CPF objective, debt data, External sector statistics, financial asset, Government finance statistics, government of the Republic, IBRD project, IMF-World Bank collaboration, liquidity data, public finance.
• Pages: 11
• Volume: 2023
• Issue: 141
• Series: Country Report No. 2023/141
• DOI: https://doi.org/10.5089/9798400239014.002
• Stock No: 1MKDEA2023001
• ISBN: 9798400239014
• ISSN: 1934-7685
• Publication date on page: April 19, 2023

International Monetary Fund. Republic of North Macedonia: Informational Annex, Country Report No. 2023/141.

Content in this bundle

• Republic of North Macedonia: Informational Annex; IMF Country Report No. 23/141; January 28, 2022
  • Republic of North Macedonia: Informational Annex; IMF Country Report No. 23/141; January 28, 2022 (Markdown version)
  • Republic of North Macedonia: Informational Annex; IMF Country Report No. 23/141; January 28, 2022 (PDF)