Skopje, 13th November 2012 (MIA) – Government will carefully monitor foreign companies operating in Macedonia so as to prevent spillover of the capital to their home countries. Vice Prime Minister and Minister of Finance, Zoran Stavreski pointed out that this new tendency, being noticed, would not be tolerated and that this phenomenon would be successfully prevented through measures NBRM undertakes.

 

– We will be very careful so as for Macedonian capital not to spill over to any other country, including Greece as well. We will not allow, in particular for the bank capital, i.e. credits Greek companies in Macedonia are extended by the banks, to be source of funds for loans by the same companies in Greece, Minister stated, answering journalists’ question at today’s press conference.

He stressed that the measures NBRM undertakes are adequate thereto and therefore NBRM practically requested the banks to set aside larger provisions for such credits, since it is a matter of credits extended to companies, which afterwards, transfer those funds to a country with a low credit rating and therefore, credit risk should be assessed, since it is a larger risk for the bank. Hence, the bank should set aside larger provisions for the potential losses, making the credits unattractive. We will manage through prudent measures of the Central Bank to prevent this phenomenon, Minister pointed out.

As he added, the Government will be cautious and will strife to monitor the operations of the companies, if necessary, so as to assess whether there is outflow of funds on any other bases.

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