Consolidation of supervisory institutions in Macedonia into one institution, in line with the experience of the European countries and recommendations following the financial crisis for consolidated supervision of banks, insurance companies, investment and pension funds and the Stock Exchange.
 
This is the idea Vice Prime Minister and Minister of Finance, Zoran Stavreski presented today at the meeting with the Governor of NBRM Petar Gosev, directors of banks, insurance companies and capital market, held within FINEKSPO 2009 international fair of finance.
 
– I presented the idea on further improved coordination of supervisory institutions and possible consolidation of financial supervision. Recommendations from the European countries and the experience following the financial point out to the need for better coordination and consolidation of financial institutions so as for the timely exchange of information. This is something to be discussed with all relevant counterparties in Macedonia, whether it is possible and whether it is more optimal to consolidate the financial supervision of banks with the one of insurance companies, pension funds and the Stock Exchange – Minister said after the meeting.
 
He pointed out that this did not prejudice where the consolidation would take place and that it could be carried out from one place such as the Central Bank, however it could be carried out by another institution. It is important, as he said, for the information to be consolidated in one place, which will contribute to faster flow of information on banks’ investment decisions so as to avoid risky investments.
 
At the meeting, as Minister emphasized, both, he and the Governor Gosev pointed out that macroeconomic stability mainly exchange rate stability, will be key priorities of macroeconomic policy. Thus, coordination of fiscal and monetary policy will contribute to maintaining exchange rate stability and stability of the economy in general.
 
Regarding interest rates on treasury bills, Minister Stavreski pointed out that amount of treasury bills and interest rates are continuously reducing and the interest was 5,3 percents at the last auction. – Such trend will continue in future as well. We will also continue to gradually reduce the interest rates in 2010 as well, and I believe that, together with NBRM signals and its further steps towards reducing the interest rates, we will succeed, together with the financial institutions, in ensuring more credits to the economy and lower interests, Finance Minister said.
 
Asked about the Macedonian Stock Exchange, he said that the best thing to do is to start thinking about finding new development model, since the its current of functioning is susceptible to fluctuations.
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According to him, regional connection or finding strong strategic partner is the only perspective. It is clear, Stavreski added, that the Macedonian Stock Exchange needs a strategic partner from abroad so as to gain more significant role in the region (MIA).
