FX.co ★ CB Macedonia Adopts New Monetary Policy Framework

The National Bank of the Republic of North Macedonia upheld its current monetary policy in December 2025, continuing to exercise caution due to the ongoing need to stabilize inflation more effectively, robust credit activity, and persistent external risks. Concurrently, the central bank initiated a new operational framework for monetary policy, as previously outlined. In the updated system, central bank bills continue to serve as the principal policy tool to convey the stance of monetary policy. However, their maturity period has been reduced to seven days, with the interest rate now set at 4%. This marks a change from the earlier approach, where a seven-week maturity period was employed at a rate of 5.35%.