FX.co ★ North Macedonia Holds Key Rate at 5.35%

The National Bank of the Republic of North Macedonia decided to maintain its benchmark interest rate at 5.35% during its April meeting. This decision reflects the bank's view that the current monetary policy is well-suited to the existing economic landscape. In March, the nation's annual consumer inflation reduced to 2.7%, down from February's 5%, achieving the lowest level since last September. Concurrently, the economy experienced a 3.2% growth year-on-year in the fourth quarter of 2024, an increase from the prior quarter's 3% and the most robust growth since the second quarter of 2022. Despite these positive indicators, the central bank highlighted that external risks have intensified, and it is vigilantly observing domestic elements that impact demand and pricing trends. Additionally, the committee decided to keep the overnight deposit rate at 3.95% and the seven-day deposit rate at 4%.