Dimitar Bogov Vice Governor

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Dimitar Bogov Vice Governor

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Presentation transcript:

Dimitar Bogov Vice Governor Macroeconomic Indicators and Financial Sector Developments in the Recent Crisis Environment -The Case of the Republic of Macedonia- Dimitar Bogov Vice Governor April, 2010

Content Macedonian economy before Lehman bankruptcy Transmission channels of the world economic crisis Policy responses Banking sector developments The latest developments

Before “Lehman”, Macedonian economy was booming, but, imbalances were building up

Then, it happened “Lehman”

Policy responses - monetary Prudential measures (December 2008) Policy rate increase from 7% to 9% (March 2009) Increase of reserve requirements for f/x deposits from 10% to 13% (May 2009)

Policy responses - fiscal Cut of discretionary expenditures in order to meet the deficit target of 2.8% (June and September 2009) Issue of external debt (July 2009)

Financial stability indicators

Latest developments Export is picking up Import is still declining Weak domestic demand Industrial production is volatile Fiscal revenues are still weak Stable foreign exchange market Deposits growth rate is improving Credit growth rate still weak but positive

Thank you for the attention