Skopje, 3rd October 2011 (MIA) – Last installment of the old foreign currency savings bond, in the amount of EUR 25.7, was paid. As Vice Prime Minister and Minister of Finance, Zoran Stavreski, pointed out today, a historical process in independent Republic of Macedonia was completed and the injustice to the citizens and the companies with frozen foreign currency savings is redressed.

 

– By completing this process, citizens and companies were fully compensated in a transparent and efficient manner, proving the strong commitment of the Government for timely servicing of its liabilities. Such payment will additionally boost the liquidity of the economy by new Denar 1.5 billion, Minister Stavreski said the press conference today.

 

First installment of this bond was paid on 1st April 2002. Repayment period for the bond was 10 years, i.e. it was paid in 20 semi-annual installments, on 1st April and 1st October. Interest of 2% was calculated on the nominal value of the bonds, which the state paid to the citizens and the companies annually. Total of EUR 576 million was paid from the Budget of the Republic of Macedonia in 10 years, EUR 512 million out of which as principal and EUR 64 million as interest. EUR 52 million was paid for both installments on annual basis.

 

– Republic of Macedonia is an example for how to resolve a historically inherited problem from Former Yugoslavia, Stavreski pointed out, adding that some of the countries of Former Yugoslavia have not resolved this issue yet.

 

He explained that, after the issue of frozen foreign currency savings occurred when SFRY dissolved, the state tried to resolve this issue by adopting two laws on indemnifying the citizens in 1992 and 1993, which provided for payment of the foreign currency deposits for certain purposes and under set requirements, such as, for instance, privatization of socially-owned flats.

 

However, as he added, only portion of the foreign currency savings were paid. Taking into account the need to permanently regulate the payment of foreign currency deposits and providing funds for their payment, Law on the Manner and the Procedure for Payment of Foreign Currency Deposits of Citizens Guaranteed by the Republic of Macedonia was adopted in 2000. Thus, this long-standing issue, which clearly undermined the confidence of the citizens in saving and in the banking sector in the country, has been finally and permanently resolved.

 

Stavreski said that the Law provided for all foreign currency savings in the amount of EUR 50 to be paid the same year, as well as one-off payment of 3% of each foreign currency deposit of the citizens, while as regards the rest of the foreign currency deposits, republic of Macedonia issued bonds.

 

Bonds are registered and in euros, however, their repayment is executed in Denar equivalent, according to the middle exchange rate of the National bank of the Republic of Macedonia on the payment date through the commercial banks.

 

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