Monetary aggregates in Macedonia – Operational definition of funds available by non-bank entities at a given moment. Monetary aggregates are first defined in 1953, and then suffer a series of changes in accordance with the reforms of the economic system. Immediately after the monetary independence, the NBRM continued to apply the methodology for calculating monetary aggregates inherited from SFRY until May 1994, when it began to apply its own methodology. The narrowest monetary aggregate (M1) represents the narrower money supply, which consists of ready money in circulation and deposit money (current accounts of the population and the giro accounts of the legal entities). A wider monetary aggregate is M1.1, and make up the monetary aggregate M1 and Denar sight deposits. A wider monetary aggregate is M2, which includes the monetary aggregate M1 and the quasides (Denar deposits of up to one year, foreign currency deposits and foreign currency deposits durable up to one year). The monetary aggregate M3 consists of the monetary aggregate M2 and the limited deposits (deposits that can be used only for a certain purpose). The widest monetary aggregate is M4, which represents the total deposit potential of the monetary system and is obtained as a set of monetary aggregate M3 and non-monetary deposits (Denar and foreign currency deposits that are over one year). Lit.: Lyupco Trpeski, money and banking, Economic Press, Skopje, 2003, 64-70. D. P.
Original article in Macedonian language Cyrillic alphabet
Кириличен напис МОНЕТАРНИ АГРЕГАТИ ВО МАКЕДОНИЈА