FX.co ★ North Macedonia Holds Key Rate at 5.35%

The National Bank of North Macedonia has opted to keep its key interest rate steady at 5.35% for the sixth straight meeting in November 2025. This decision reflects the institution's belief that the current monetary policy remains suitable given the current economic landscape. The central bank highlighted its prudent approach, reinforced by recent modifications to reserve requirements, stricter macroprudential regulations, and measures aimed at reducing systemic risks. These strategies are designed to maintain exchange rate and price stability, with the bank poised to further adjust policies should inflation continue to decline and wage pressures remain low. Notably, the annual inflation rate in North Macedonia decreased to 4% in September 2025 from 4.4% in August, reaching its lowest level in four months. Concurrently, the nation's GDP rose by 3.4% year-on-year in the second quarter of 2025, marking the most robust economic growth in three years.