The National Bank of North Macedonia kept its key interest rate unchanged at 4.25% at its November 2026 meeting, pointing to elevated uncertainty and unpredictability in the external environment. Policymakers noted that additional time is needed to gauge the durability of the stable exchange rate, especially in light of the conflict in the Middle East and the ongoing war in Ukraine, both of which have driven energy prices higher.
Headline inflation inched up to 2.7% in September from 2.6% in August, reflecting rising global energy prices that pushed up the energy component, while food prices also increased. Despite these pressures, the domestic economy has remained resilient, with real GDP expanding by 3.7% in the first half of 2026.
Looking ahead, the National Bank reaffirmed its commitment to maintaining the stability of the denar against the euro as a key anchor for medium-term price stability, while continuing to closely monitor economic and financial developments at both the domestic and international levels.
