Macedonia Interest Rate

The National Bank of North Macedonia maintained its benchmark interest rate at 5.35% for the sixth consecutive meeting in November 2025, stating that the current policy stance remains appropriate given prevailing economic conditions. The central bank emphasized its cautious monetary policy approach, supported by recent adjustments to reserve requirements, tighter macroprudential measures, and steps to mitigate systemic risks. These actions aim to safeguard exchange rate and price stability, while the bank remains prepared to further normalize policy if inflation continues to ease and wage pressures remain subdued. North Macedonia’s annual inflation rate slowed to 4% in September 2025 from 4.4% in the previous month, marking the lowest reading in four months. Meanwhile, the country's GDP grew by 3.4% year-on-year in the second quarter of 2025, the fastest economic expansion in three years.