The National Bank of North Macedonia kept its key interest rate unchanged at 4.25% at its July 2026 meeting, citing persistent uncertainty over foreign prices and ongoing geopolitical tensions. Headline inflation slowed to 3.4% in June from 4.8% in May, largely due to lower food prices. However, policymakers noted that more time is needed to fully assess price stability, as inflation remains elevated and foreign prices are still high and volatile amid geopolitical risks and potential spillover effects.
Economic activity remains resilient, though growth eased to 3.1% in the first quarter of 2026, down from 3.8% in the previous quarter. Looking ahead, the NBNM reaffirmed its commitment to maintaining the denar’s stability against the euro as a key anchor for medium-term price stability. The Bank also emphasized that it will continue to closely monitor domestic and international economic and financial developments.
