reportage
MACEDONIAN BANKS
ARE FIT & HEALTHY! T
he banking sector withstood well to the covid crisis last year (2020) with banking institutions in Macedonia performing overall good results despite the slump in consumption. Compared to the previous period (2019) the growth last year amounted to 5.9 % on average per bank.
Whether you are a Macedonian citizen or a foreigner, going to a bank is a necessary step in life. The choice of the financial institution and the reasons related to this choice both require information and knowledge. With this article, we are going to help you navigate more safely into this world.
There are currently fifteen banks operating in the country, but the National Bank of the Republic of Macedonia performs very different activities than the other financial institutions. Its role is mainly dedicated to maintaining and achieving price stability. It defines and implements the monetary policy,
designs and conducts the exchange rate policy, and holds and manages foreign reserves. It issues and manages the banknotes and coins of the Republic of Macedonia. It acts as the financial authority of Macedonia by performing licensing and supervision of banks, savings houses, e-money issuers, and other financial institutions. The fourteen other banks offer different services based on retail and corporate banking. Retail banking provides consumers essential banking services such as checking accounts, savings accounts, and loans. Corporate banking encompasses activities such as checking businesses’ accounts and loans for businesses, whether SMEs (Small and mediumsized enterprises) or more prominent firms. They are intended for clients, whatever their location: therefore, a customer situated outside of Macedonia can have access to these services. The account currency is usually the Macedonian Denar, but other currencies, such as the euro, the US dollar, the Swiss franc, or the Australian dollar, are accepted. The products offered by Macedonian banks are varied, even if they
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