Vice Prime Minister and Minister of Finance, Zoran Stavreski expects increase in credit activity of banks and reduction of interest rates next year, the basis of which, as he pointed out, are the IMF credit line in the amount of EUR 480 million and the recovery and stabilization of Macedonian economy.
 
– I believe the steps undertaken in 2010, those being coordinated and synchronized reduction of interest rates on the Central Bank and on the treasury bills, as well as maintenance of strict fiscal discipline, helped in creating expectations which will provide for intensified credit activity and reduced interest on debit balance at the banks, Stavreski said, when asked at the today’s signing of the Loan Agreement for the Project for Construction of Multi-Storey Car Parks in the City of Skopje.
 
He expects for the banks to take these new events – the credit line and the economic activity stabilization into account in their analyses, thus leading to reduction of interest rates. According to him, these are processes that cannot happen at once in a post-crisis period, although it is obvious that there has already been certain reduction of interest rates for sound customers.
 
– Banks will have more stable credit requirements and more available resources, so I do not see any reason why the credit activity should not increase from 10 to 15 percents next year, as regards in particular sound and profitable projects, Minister Stavreski pointed out.
 
IMF funds and possible issuance of Eurobond are expected to contribute to enhancement of the credit activity, thus making larger amount of funds available from the domestic banks to be invested in projects.
During this year, banks’ credit activity increased by 9 percents, which, according to the Minister, is a solid level, given the circumstances.
 
According to CEO of NLB Tutunska banka and President of Banking Association within the Chamber of Commerce of Macedonia Gorgi Jankevski, banking sector, in line with NBRM signals, in the course of this year, reduced the interest rates and analysis on the average reduction of interest rates is soon expected.
 
– Interests decline although with slower pace than expected by the clients, Jancevski said, adding that the interest rates also depend on both the solvency of clients and the type of security. (MIA)
