Denar to remain stable in 2020, says National Bank governor

Jerusalem, 1 January, 2020 (TPS) -- By: MIA

The National Bank guarantees that denar will remain stable in 2020. Macroeconomic projections suggest moderate acceleration of the growth of the Macedonian economy, as it is forecast to reach close to 3.8% in 2020, National Bank Governor Anita Angelovska-Bezhoska has said.

“The central bank has at its disposal an array of mechanisms guaranteeing stability of our currency, maintenance of price stability, also ensuring that we can do our best for a favorable macroeconomic climate. We guarantee indeed that denar is stable in 2020,” Angelovska-Bezhoska tells MIA.

The monetary strategy of maintaining a stable exchange rate of the domestic currency involves the necessity of maintaining an adequate level of foreign currency reserves, according to her.

“In the first hours of the new year, I can confirm that they are being maintained at a high level regularity. By the end of November 2019, they amounted to 3 billion and 241 million euros,” she says.

Domestic currency stability, the governor notes, plays a direct role in maintaining low inflation and a stable financial system. “These are the factors that contribute to making sure there is favorable climate to support the growth of the Macedonian economy,” states Angelovska-Bezhoska.

Commenting on expectations involving key macroeconomic parameters in 2020, the central bank governor says they point out to moderate acceleration of the growth of the Macedonian economy, reaching nearly 3.8% in 2020.

“Growth is likely to be spurred by export activities, new foreign investments and resumption of the cycle of public infrastructural investments,” Angelovska-Bezhoska tells MIA, adding that inflation rate remains low and stable at nearly 1.5%.