The National Bank of North Macedonia kept its key interest rate unchanged at 4% at its March 2026 meeting, maintaining a cautious policy stance in light of risks stemming from the conflict in the Middle East. Policymakers highlighted that inflation is easing in line with expectations, slowing to 2.9% in February, though they warned that rising global energy prices could renew upward pressure on prices.
The domestic economy has remained resilient, growing by 3.5% in 2025, with fourth-quarter growth accelerating to 3.8%, supported by robust investment and export activity. At the same time, external risks have increased sharply due to the recent escalation of conflict in the Middle East, which has disrupted global energy supplies and heightened uncertainty over the global growth outlook.
The central bank reiterated its readiness to deploy all available instruments to preserve the stability of the denar against the euro and to safeguard overall price stability.
