The Governor of the National Bank of the Republic of North Macedonia (NBRNM), Anita Angelovska-Bežoska, and the Governor of the Croatian National Bank (CNB), Boris Vujčić, have today in Skopje signed a Memorandum of Understanding concerning the cooperation and exchange of information between the two banks.

Ms Anita Angelovska-Bežoska, the NBRNM Governor, said that “this new Memorandum does not start, but deepens an exceptional and very important interinstitutional and international cooperation”.

“It is also important that the Memorandum is concluded in a period of many pandemic-related challenges for the central banks and other issues on the road to the EU. We will deepen our cooperation with the most topical issues on the agenda of all central banks, such as climate change, green finance and financial innovation. Financial innovation can contribute to greater financial inclusion and brings considerable benefits to economies, which goes hand in hand with the need to protect consumers of financial services, including by increasing financial literacy in the region that lags behind developed European economies. Therefore, our cooperation will be focused on consumer protection", said the Governor of the Macedonian central bank. She expressed great satisfaction with the cooperation with the CNB and thanked the CNB and Governor Vujčić for all the support they had provided to the central bank of the Republic of North Macedonia. "I believe that the new Memorandum will intensify and deepen our cooperation and friendship, which is of interest not only to our institutions, but also our economies as a whole", Governor Anita Angelovska-Bežoska added.

CNB Governor Boris Vujčić emphasised that the CNB is enjoying excellent and constructive cooperation with the Macedonian central bank. “I personally testify to the outstanding contribution of the Governor of the National Bank of the Republic of North Macedonia to all forums we have participated in, such as our joint constituency at the IMF or the Vienna Initiative. The Macedonian economy can be proud of the expertise and capacity of the management and the team of the central bank, which according to the relatively strict central bank standards is considered an excellent institution. This Memorandum adds new value to our cooperation, covering areas that are new and topical on a global scale. I am convinced that the two central banks will always nurture their partnership. The Croatian National Bank will always be a strong supporter of the National Bank of the Republic of North Macedonia on its road to the European System of Central Banks, as its capacity proves that this is the place it belongs to”, said CNB Governor Boris Vujčić, after signing the Memorandum.

Within the framework of the Memorandum, the NBRNM and the CNB will exchange opinions about monetary policy measures and macroprudential measures with the aim of better understanding and further promotion of financial stability and sustainable growth in the two countries. In addition, the two central banks will exchange experience about new activities and emerging risks for the banking system and financial stability (climate risk, financial innovation, etc.) and opinions with regard to the banking supervisory and resolution practices and implementation of international prudential standards in banking. Furthermore, the banks will exchange experience about financial crisis management, the supervisory and oversight practices of payment systems and payment services providers within their competence as well as the practices for consumer protection and financial education. The CNB will also share its knowledge with the NBRNM with regard to the role of the central bank in the EU integration process.