## Former Yugoslav Republic of Macedonia: Recent Economic Developments

_IMF Staff Country Reports, September 23, 1998_

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## Bibliographic details
- Published: September 23, 1998
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451825985.002

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### Overview
- This paper reviews economic developments in the Former Yugoslav Republic of Macedonia during 1994–98.
- Format detail: Pages: 126; Volume: 1998; Issue: 082; Series: Country Report No. 1998/082; Stock No: 1MKDEA0011998; DOI: https://doi.org/10.5089/9781451825985.002; ISBN: 9781451825985; ISSN: 1934-7685.

### Macroeconomic stabilization and fiscal policy (1994–96)
- In 1994–95, the authorities reasserted control over monetary policy.
- The exchange rate was stabilized in 1994–95.
- A substantial fiscal adjustment was undertaken in 1994–95.
- As a result, price stability was restored by 1996.
- The decline in output was arrested by 1996.

### Banking sector and enterprise reforms (1995 onward)
- Programs for recapitalizing banks began in 1995.
- Programs to accelerate the process of enterprise adjustment and privatization began in 1995.

### Output developments and industry (1996–98)
- In 1996, the economy started to pick up.
- A surge in industrial output occurred in late 1996, partly reflecting the restarting of the oil refinery.
- The surge in industrial output in late 1996 could not be maintained.

### Subject areas and keywords covered
- Subject: Banking, Commercial banks, Credit, Employment, Expenditure, Financial institutions, Foreign exchange, Labor, Social security contributions, Wages
- Keywords: commercial bank, Commercial banks, CR, deutsche mark, Eastern Europe, economic system, Employment, exchange rate, foreign currency, giro account, gross domestic product, interest rate, ISCR, Wages

_International Monetary Fund. "Former Yugoslav Republic of Macedonia: Recent Economic Developments", IMF Staff Country Reports 1998, 082 (1998)._

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