Macedonia Interest Rate

The National Bank of the Republic of North Macedonia cut the interest rate on treasury bills by 20bps to 5.35% during its February 2025 meeting, citing favorable trends in inflation and foreign exchange reserves, as well as heightened risks from the external environment. Policymakers voiced concerns about a potential escalation of the US-China trade war, warning it could fuel global inflationary pressures and hamper economic growth. Domestically, officials highlighted risks associated with the pace and execution of infrastructure projects. The central bank also emphasized that any future policy moves will be measured, with prudent macroeconomic management remaining a priority.