The exchange rate has been stable for years and will be stable in the future. The guarantee for that is the high level of foreign reserves, but also many other instruments available to the central bank that it will not hesitate to use in defense of the exchange rate, said the Governor of the National Bank Anita Angelovska-Bezoska in an interview with TV 24. She points out that a stable exchange rate of the denar is the most optimal strategy appropriate for our economy.
– This is not only the position of the National Bank. This is the position of international financial institutions. Recently, the International Monetary Fund made clear its position, stating that the Denar exchange rate is stable, that exchange rate stability is the key anchor to overall macroeconomic stability, and that the central bank has an adequate level of foreign exchange reserves to defend exchange rate stability. , the governor pointed out.
As announced by the Cabinet of the Governor, Angelovska-Bezoska He pointed out that exchange rate stability is a key component of the overall macroeconomic stability in our country and is a public good from which every citizen benefits. She pointed out that one of the challenges faced by the central bank was the speculation, which unfortunately occurred on several occasions. He stressed that every citizen has a social responsibility towards public goods, and spreading speculation is not in anyone’s interest, on the contrary, it is to the detriment of citizens.
Angelovska-Bezoska points out that the main instrument that defends the stability of the exchange rate – foreign exchange reserves, is maintained at a historically high level.
-According to the latest available data, foreign exchange reserves amount to 3,5 billion euros, or about 30 percent of GDP. Just to illustrate, in the period 2008-2009, ie in the global financial crisis, which we also successfully dealt with and when we maintained the stability of the Denar, the level of foreign reserves was 1,4 billion euros, while their relative share in the gross domestic product was about 22 percent. All indicators according to which the adequacy of the level of foreign reserves is assessed point to a completely appropriate level, said Angelovska-Bezoska.
The governor added that in 2020, when the pandemic started, the National Bank managed to launch a regional initiative throughout the Western Balkans, for the first time in history, to provide access to foreign exchange liquidity by the European Central Bank. This means that if we need additional foreign exchange liquidity, we can turn to the European Central Bank and get support. However, there is no need for that, says the governor, because we have the necessary level of foreign exchange reserves.
Source: Sloboden Pecat
