Dynamizing the capital market in Northern Macedonia to the level of the EU average by raising the level of market capitalization, liquidity of capital markets, the structure of project financing sources in companies, the structure of investment portfolios of individual investors, as well as financial education , goals are set with the Capital Market Development Strategy, which was adopted today by the Capital Market Development Council chaired by Minister of Finance Fatmir Besimi.
In addition to encouraging the processes for further development of the capital market, the goal of the Strategy is additionally through modern regulation and proactive supervision to support sustainable development of the financial system to increase the contribution to accelerated GDP growth and protection of financial services users.
– The development of the capital market is an important long-term economic factor that affects key economic developments. In the Republic of Northern Macedonia, so far, activities for promotion of the capital market have taken place, which were primarily at the initiative of a certain market participant and for a specific area. Understandably, such activities give a smaller and short-term effect, due to which the need for a comprehensive and inter-institutional approach has been imposed for a long time. Therefore, through an inclusive process between all participants in the Council, a Capital Market Development Strategy was developed, which aims to present the key areas for development, with the main focus on determining the opportunities for expanding the supply of long-term securities from value and increase in demand, primarily by greater participation of households and domestic and foreign institutional investors, say the Ministry of Finance.
This will mean increasing the opportunities for financing projects of companies, but also a greater offer of instruments for households and for domestic and foreign institutional investors. A more developed national capital market gives companies the opportunity to deal more easily and successfully with each new situation, they will not only depend on bank financing and will strengthen their international competitiveness. Also, the offer for the household sector will increase, which has the most cash available for investment, and which are currently mostly placed in deposits. The opportunities for foreign investors who have an interest are also included, but efforts are being made to bring those investors to the local market.
Financial education and raising awareness of the benefits of the instruments offered will also play a key role. Through clear and precise interpretation of the information offered by the financial markets will contribute to the use of opportunities and development of the capital market.
The strategy contains all the identified specific problems and offers appropriate measures that would address their solution, for which there is a consensus among the members of the Council.
– The document is excellent and now follows a period in which we will actively dedicate ourselves to the implementation of the proposed measures and activities, which I believe will greatly contribute to the further development of financial markets, especially the capital market, said the Minister of Finance. Fatmir Besimi at the session of the Council for development of the capital market.
The working group, which prepared the Strategy, was composed of representatives from the Ministry of Finance, the Ministry of Economy, the National Bank of the Republic of Northern Macedonia, the Securities and Exchange Commission of the Republic of Northern Macedonia, the Macedonian Stock Exchange and the Central Securities Depository.
The Capital Market Development Council has the task to monitor the situation on the capital market and to propose measures to ensure its continuous growth and development. They consist of the Minister of Finance Fatmir Besimi, who is also the President of the Council, and members are the Governor of the National Bank Anita Angelovska-Bezoska, the Minister of Economy Kreshnik Bekteshi, the Chairman of the Securities and Exchange Commission Nora Aliti, the President of the Insurance Supervision Agency Krste јajnoski, President of the Macedonian Stock Exchange AD Skopje Ivan Steriev, the Agency for Supervision of Fully Funded Pension Insurance Maksud Ali, the director of the Central Securities Depository AD Skopje Darinka Damjanovi,, as well as representatives of the Macedonian Banking Association – Skopje, investment funds, from pension companies and a representative of large commercial entities proposed by the Economic Chamber of Macedonia, the Economic Chamber of Northwest Macedonia and the Association of Chambers of Commerce of Macedonia.