Macedonia Interest Rate

The National Bank of the Republic of North Macedonia kept its monetary policy stance unchanged at its December 2025 meeting, maintaining a prudent approach amid the need for a more durable stabilization of inflation, strong credit dynamics, and lingering risks from the external environment. At the same time, the central bank began implementing a new operational monetary framework, as previously announced. Under the revised setup, central bank bills will remain the key policy instrument used to signal the monetary policy stance, but their maturity has been shortened to seven days and the interest rate set at 4%. Previously, policymakers used a seven-week tenor with a rate of 5.35%.