Skopje, 31st October 2012 (MIA) – Macedonian citizens trust the banks and the domestic currency. Third year in a row share of Denar savings grows, from 35% in 2009 to 48% in 2012. Total deposits amount to Denar 171 billion, it was said at today’s BankExpo forum organized on the occasion of the World Savings Day.
– Republic of Macedonia welcomes this year’s World Savings Day in the best possible way, with historically highest level of savings. According to National Bank data, at the end of last month, total deposits in the banking sector accounted for Denar 238 billion. We are talking about capital which is circulating in the economy at the moment and is constantly multiplying, Vice Prime Minister and Minister of Finance, Zoran Stavreski, said in his address at the Forum.
Thanks to the stability of the national currency, he went on, interest in Denar savings is intensified. At the same time, interest in longer-term savings is increase.
– Denar deposits of citizens increased by more than Denar 17 billion or by 26,3%. Tendency to save in the domestic currency has led to changes in the currency structure in favour of the Denar deposits. In September 2009, for the first time after 2007, Denar deposits exceeded the foreign currency ones by Denar 19 billion. Time deposits increased by more than Denar 9 billion on annual basis, increasing their share in the total deposits from 17% to 20%, the Minister pointed out.
According to him, these facts showed that even in conditions of global challenges, such as the financial and the economic crisis, accompanied by the debt crisis and the Euro crisis, trust of Macedonian citizens in the Denar and the domestic financial system was kept, even strengthened. This, Stavreski underlined, is a result of the established macroeconomic stability, Denar stability, well-designed regulations and prudent behavior of banks.
Talking about Deposit Insurance Funds, Vice Prime Minister mentioned that savings were growing when clients were well protected.
– Last amendments to the Deposit Insurance Law, adopted at the end of 2010, prescribe for the amount of insured deposits to increase to EUR 30,000 in an individual bank. Since then up to date, deposits of citizens increased by almost Denar 27 billion. Insurance scheme covers more than 80& of the total deposits of the citizens, Stavreski said.
He sent a message that the Government would continue to carefully monitor the trends on the international and the domestic financial market and, if necessary, it would undertake measures, within its competence, to maintain the banking sector stable.
Governor Bogov also confirmed that Macedonian citizens had trust in the banks. Savings of the citizens continues to grow. There was an increase of 9.2% this year compared to last year.
– Our banking system is stable, it experiences no bigger problems, capital adequacy is at exceptionally high level of 17%, while liquidity is kept at a historic level of around 30% of the total assets. This is a guarantee for a stable banking system and a possibility for banks to underpin Macedonian economy, Bogov said, adding that maintenance of a stable banking sector and increase of Denar savings had remained to be an imperative.
As Gorgi Jancevski, President of the Banking Association within the Chamber of Commerce of Macedonia, being organizer of BankExpo at the same time, said that, despite the crisis which intensified this year, deposits at the beginning of 2012 surged by 5% or by EUR 140 million.
– This shows that the policy of maintaining stable Denar exchange rate, stable prices, low inflation and fiscal discipline yields the necessary results, Jancevski underlined.
BankExpo, organised for the first time in Macedonia, is attended by representatives of all relevant creators of the business climate, banks, chambers, businessmen and experts. Debate on the effects of the present crisis is on going at the moment. It is expected for specific proposals and solutions for its possible mitigation to be presented or offered. Prior to the beginning, certificates of acknowledgment were awarded to the best bank-counter employees for this year.