5th March 2018, Skopje – Financial system is stable with minimum systemic risks. Short-term instability caused by the political turmoil in April and May last year is fully overcome, this was concluded at today’s session of the Financial Stability Committee.
According to Minister of Finance, Dragan Tevdovski, the financial system was stable, functioning smoothly and providing support to the growth of the Macedonian economy.
– Government and public debt both dropped in relative terms for the first time after the crisis, in the last eight years. We have issued the Eurobond in the most optimal time and under the most favourable conditions, while according to the latest information, VAT is refunded to companies on regular basis and in a non-selective manner. If one analyzes January and February this year, compared to the same months last years, funds refunded on the basis of VAT increased by Denar 1.4 billion or by 56%. It means that liquidity is quickly restored in the companies, they can work, operate and invest – Tevdovski stated.
According to Governor of the National Bank of the Republic of Macedonia, Dimitar Bogov, risks to the banking system were minimal. Banks, with their high capitalization and liquidity, are stable and shock resistant. This implies that the banking sector is especially well capitalized, highly liquid and ready to underpin the Macedonian economy, Governor Bogov underlined, recommending that it was necessary for the investors’ confidence to be restored.
Conditions are stable for a longer period now, banks are highly liquid and it is necessary for the investors’ confidence to be restored, credit demand to be increased. Banks are ready and they can extend credits, however, quality projects and intensified investment activity are needed, Bogov said.
Monetary setup, as he explained, will depend on the monetary policy in the Eurozone, as well as on the fiscal policy, the political stability and the balance of payments, i.e. the foreign exchange market trends. There are quite favourable trends in these key areas at the moment.
This is the fifth session of the Committee – a body established by both the Ministry of Finance and the NBRM. It is a forum at which both institutions discuss the key issues related to the financial sector, and its purpose is to maintain good communication and coordination between the both institutions.
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