The National Bank of the Republic of North Macedonia left its key interest rate unchanged at 4.25% at its September 2026 meeting, pointing to a stable denar exchange rate and resilient economic activity. Policymakers noted that it remains too early to fully evaluate the inflation trajectory, particularly given ongoing uncertainty related to the conflicts in the Middle East and between Russia and Ukraine.
Headline inflation picked up in August, rising to 2.6%, driven by persistent price pressures stemming from higher global energy costs. At the same time, the domestic economy continued to demonstrate resilience: GDP growth accelerated to 4.3% in the second quarter of 2026, despite the challenging external backdrop.
Looking ahead, the NBRNM reaffirmed its commitment to maintaining the stability of the denar against the euro as a key anchor for medium-term price stability, while closely monitoring economic and financial developments at home and abroad.
