Vice Governor Ana Mitreska: The National Bank's monetary policy supports price stability in the economy
The Central Bank of North Macedonia‘s monetary policy stance aims to ensure further sustainable stabilization of inflation and stable inflation expectations. Despite the current uncertainty, monetary policy remains vigilant, and the National Bank stands ready to deploy all available instruments in place to preserve the stability of the denar exchange rate against the euro and to ensure price stability, said Vice Governor Mitreska during a panel discussion at the Central and Eastern European Forum 2026 in Vienna, organized by Financial Times.
"Inflation has significantly decreased, falling to single-digit levels, as a result of the weakening of external price pressures and the prudent monetary policy, underpinned by macroprudential measures. Inflation, however, continues to hover around 4%, which is above its historical average and above the inflation rate in the euro area, but is comparable to the average inflation in the countries of Central and Eastern Europe," noted Vice Governor Mitreska. She further emphasized that such movements indicate that there are common regional factors that determine inflation dynamics, including wage growth and the credit cycle, which makes the disinflation process in our country and in the countries of the region last longer than in the euro area.
"Although the process of policy rate normalization was initiated, it halted in February last year, as a result of which the prudent monetary approach was further strengthened through the reserve requirement instrument and other macroprudential measures, with a view to more effectively determine inflation expectations," said Mitreska, emphasizing that the National Bank will continue to exercise vigilance in monetary decision-making and to ensure sustainable macroeconomic and financial stability. This setup is expected to further reduce domestic inflation.
The Central and Eastern European Forum is one of the most significant and renowned annual events in the field of finance, traditionally attended by senior central bankers, finance ministers, heads of financial institutions and international investors.
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