Macedonia Interest Rate

The National Bank of the Republic of North Macedonia held its benchmark interest rate steady at 5.35% during its June meeting, maintaining a cautious policy stance amid continued external and domestic risks. The country’s annual consumer inflation rose to 3.3% in May 2025 from 2.6% in the previous month, marking the fastest pace in three months, driven largely by rising food prices and ongoing uncertainty in global commodity markets fueled by geopolitical and climate-related factors. Meanwhile, the economy grew by 3.0% year-on-year in the first quarter of 2025, easing slightly from a 3.2% expansion in the previous quarter. The central bank underscored robust credit growth and stable foreign exchange reserves, reaffirming its readiness to intervene as needed to safeguard price stability and the denar’s exchange rate.