4th April 2020, Skopje – Financial regulators strengthen cooperation in monitoring the financial system trends. Financial stability will be preserved by absolute commitment of, and in coordination with, each regulator within its competences amid the Coronavirus crisis. This is the message sent by the Governor of the National Bank, Anita Angelovska-Bezhoska, the Minister of Finance, Nina Angelovska, the President of the Securities and Exchange Commission, Nora Aliti, the President of the Council of Experts of the Insurance Supervision Agency, Krste Shajnoski, the President of the Council of Experts of the Agency for Supervision of Fully Funded Pension Insurance, Maksud Ali, and Director of the Deposit Insurance Fund, Borche Hadziev. They signed new Memorandum of Understanding on maintaining financial stability, prepared in the course of the past few months, as recommended by the International Monetary Fund and the World Bank.
The Memorandum has been concluded for the purpose of timely and efficient identification of the systemic risks through greater mutual coordination, as well as timely and coordinated actions to prevent and reduce their impact on the financial system. The activities envisaged in the Memorandum provide for further strengthening of the resilience of our financial system to shocks, hence the respective institutions will be even more ready to tackle the system’s challenges.
Under the Memorandum provisions, inter alia, role of the Financial Stability Committee is strengthened and its composition is extended, following the example of the European Systemic Risk Board. So far, the Committee comprised only representatives of the National Bank and the Ministry of Finance. From now on, financial system regulators will take part in the Committee, with the Governor of the National Bank, Anita Angelovska-Bezhoska as its national coordinator. Two subcommittees, as operational bodies, will operate within the Committee – Subcommittee on Monitoring Systemic Risks and Proposing Macroprudential Measures and Subcommittee on Preparation for Financial Crisis Management. In order to achieve the set goals, give recommendations and undertake appropriate activities, the Committee will coordinately monitor the analysis of the financial system trends, as well as the regulations, that may have impact on the financial stability.
In the period to come, efforts will be dedicated to strengthening the macroprudential framework, by improving the regulations, at the same time following the recommendations of the Financial Sector Assessment Program of the International Monetary Fund and the World Bank conducted in 2017 and 2018.