21st July 2021, Skopje – Preparation of the Strategy for Liberalization and Development of Financial Markets, addressing in particular the capital market, new laws in the area of banking, insurance, capital market, payment services, auditing, will be in the focus of the operations of the Capital Market Development Council, chaired by the Minister of Finance, Fatmir Besimi.
Today, Capital Market Development Council held a session at the Ministry of Finance, at which the Minister announced that the Council will actively continue its activities. Due to the COVID-19 induced crisis and the dedication to finding solutions to cope with the crisis and keeping the level of economic activity, the Council held no sessions in the past period.
– Measures the Government of the Republic of North Macedonia undertakes in the area of capital market cannot resolve all problems we face. However, I hope we can all together, with joint efforts, exchange of experience and ideas, contribute to finding the right solutions for further growth and development of the capital market. Market participants, as interested parties, have to make their contribution to overcoming the ongoing situation, the Minister said at the Council’s session.
He underlined that adequate steering of the further development of the financial markets and their liberalization require preparation of Strategy for Liberalization and Development of Financial Markets, addressing in particular the capital market, applying thereby the international expert experience and practices of countries with similar level of development of the financial markets like in our country.
During the Council’s meeting, Minister of Finance, Fatmir Besimi, pointed out that, to the end of encouraging the economic growth in the Republic of North Macedonia, especially in times of economic recovery from the consequences caused by the COVID-19 induced pandemic, the Ministry of Finance is undergoing a process of planning the manner and the terms and conditions for establishment of development funds, aimed at facilitating the access to financial resources for the companies in the country.
Main focus is put on finding ways for creating sources of funds for SMEs, as well as for strategic and green investments which are the driving force of economic growth and generate jobs. Such new sources of funds should support the economic growth without thereby additionally increasing the deficit, but rather establishing funds to raise capital from renowned private investors and international financial institutions.
At today’s session, the Council also addressed the most current issue of virtual funds and their regulation.
Some countries have adopted legal solutions on regulating virtual funds, above all to the end of attracting investors in virtual funds and opening up to the innovative technology on the basis of which such funds are created. As regards the Republic of North Macedonia, virtual funds are brought up for the first time in the draft Law on Modifications and Amendments to the Law on Prevention of Money Laundering and Financing Terrorism, only from the point of view of activities related to preventing money laundering and financing terrorism.
The Capital Market Development Council monitors the developments on the capital market and proposes measures to ensure its continuous growth and development. The Council comprises the Minister of Finance, Fatmir Besimi, as its chairman, while its members are representatives from the Ministry of Economy, Securities and Exchange Commission, National Bank of the Republic of North Macedonia, Insurance Supervision Agency, Agency for Supervision of Fully-Funded Pension Insurance, Macedonian Stock Exchange AD Skopje, Macedonian Banking Association – Skopje, as well as representatives from investment fund management companies, pension companies and representative of the large companies proposed by the Chamber of Commerce of North Macedonia, the Chamber of Commerce of North-West Macedonia and the Macedonian Chambers of Commerce.