Angelovska Bezhoska meets Kammer: High confidence in the National Bank due to prudent monetary policy and transparency

Skopje, 15 March 2024

World Bank survey indicates that National bank enjoys the highest public trust among domestic institutions in the country. The confidence in the National Bank in the past four years, despite the permanent shocks, has further increased. This reflects prudent monetary policy, which helped maintaining stable inflationary expectations and stable exchange rate. Strengthened transparency and communication also contributed to maintain credibility. This was highlighted at a meeting between the Governor, Anita Angelovska Bezhoska, and Alfred Kammer, Director of the European Department, IMF, at the Regional Meeting of Central Bank Governors, held in Split, Croatia.

Governor Angelovska Bezhoska pointed out that the prompt and bold measures taken by the National Bank have stabilized inflation expectations, which is of particular significance for the future wage formation and pricing by companies, and thus for inflation. Monetary policy measures coupled with interventions on the foreign exchange market stabilized the denar exchange rate and enhanced the confidence in the domestic currency.

"Confidence depends not only on prudent central bank policies, but also on proper communication and transparency. Comprehensive and clear communication is a building block of trust and successful address of challenges in these times of crisis, when central banks had to respond to the greatest inflationary crisis in decades", emphasized Governor Angelovska Bezhoska. She pointed out that since the outbreak of the COVID-19 crisis, the National Bank has further strengthened communication with the public, by increasing the number of press releases by 25% and the public appearances of the Bank's management by 40% in comparison with the prepandmeic period. Targeted messages to different audiences have been introduced, and the professional language has been simplified, while emphasizing visualization, increasing the use of social media, and enhancing financial education activities.