- Monday, March 05, 2018 1:57 PM
Skopje, 5 March 2018 (MIA) - The financial system is stable and there are minimum systemic risks. The short-term instability caused by the domestic political turmoil in April and May of last year has been fully overcome, the Financial Stability Committee concluded on Monday.
Finance Minister Dragan Tevdovski said the financial system is stable and functional, securing support towards growth of the Macedonian economy.
"For the first time in eight years there has been a drop in the government and state debt in a relative amount. We have secured the Eurobond in the most optimum period and at the best possible conditions, while VAT return to companies is non-selective and swift. If one glances at the first two months of 2018 the VAT return has increased by MKD 1,4 billion (EUR 22,79 million) or 56 percent. This means that liquidity of firms is quickly restored, contributing to their activities and investments," said Tevdovski.
National Bank of the Republic of Macedonia (NBRM) Governor Dimitar Bogov said risks in the banking sector are minimal, while banks are stable and shock resistant.
"This points to the proper capitalization and high liquidity of the banking sector, as well as its preparedness to support the Macedonian economy," added Bogov.
According to him, it is necessary to bring back the trust among investors.
"The conditions have been stable for a while now, banks are liquid and it is necessary to regain the investors' trust, increase demand for loans, something which requires quality projects and stronger investment activity," said Bogov.
The NBRM Governor stressed that the national monetary policy would depend on the Eurozone moves, but also the fiscal policy, the political stability and the state of the foreign currency market, which trends are currently favorable.
The Financial Stability Committee, a body established by the Finance Ministry and NBRM, is a forum where these institutions discuss key issues related to the financial sector, aimed to improving mutual communication and coordination. ik/13:53
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