National Bank of the Republic of Macedonia

06/07/2023 | Press release | Distributed by Public on 06/08/2023 01:26

National Bank: The Financial Literacy Project with INFE-OECD, the Ministry of Finance of the Netherlands and Money Wise continues

Skopje, 7 June 2023

Building up the capacities of the National Bank and the financial regulators (Ministry of Finance, Security and Exchange Commission, Insurance Supervision Agency and the Agency for Supervision of Fully Funded Pension Insurance) in the field of financial education continues, through cooperation with eminent financial institutions. The second phase of the Financial Literacy Project of the Organization for Economic Cooperation and Development and its International Network for Financial education, carried out with the financial support of the Netherlands' Ministry of Finance and its Money Wise platform[1] begins in the following five-year period from 2023-2027. The main priorities of the second phase are to support countries in their financial literacy levels of their population, by supporting the design and implementation of domestic financial literacy strategies and policies, and by offering analysis, reports and recommendations for capacity building tailored to relevant institutional needs and strategic priorities.

In addition to our country, the Project also includes Armenia, Bosnia and Herzegovina, Bulgaria, Croatia, Georgia, Moldova, Montenegro, Romania, and Ukraine. The project activities will enable access to expertise from the region and beyond on topical financial literacy issues and will foster effective financial education initiatives by drawing on international good practices and experiences.

Within the first phase of the Project (2018-2021), the National Bank, in cooperation with the other financial regulators, developed the first National Strategy for Financial Education and Financial Inclusion 2021-2025. A Code of Good Practices for Financial Education was developed, as well as Core financial education competence frameworks. Moreover, a network of private and civil sector entities involved in the area of financial education and inclusion was established. Within the first phase, among other things, the INFE-OECD collected evidence on adult financial literacy levels, and conducted a survey on financial literacy of micro, small and medium-sized enterprises. These assessments established a basis for further financial literacy activities, which will continue in the second phase of the project.

[1] Money Wise is a platform launched by the Ministry of Finance of the Netherlands, for financial education of the population and cooperation with all involved entities in this area.