The policy of exchange rate of the Republic of Macedonia

The policy of the exchange rate of the Republic of Macedonia – a set of measures and instruments for the formation and maintenance of the interval value of the denar. In the period after the proclamation of political independence, the Republic of Macedonia is still part of the monetary system of SFRY, so there is no possibility of running an autonomous exchange rate policy. However, since the beginning of December 1991. The Macedonian government is a decision by which the NBM starts to establish foreign reserves and determine the exchange rate of the Dinar of the territory of Macedonia. Later, in the proclamation of monetary autonomy, 27. 1992. It introduces a fixed exchange rate regimen at the level of 360 value units (bonons) for a German mark. The fixed exchange rate is an instrument of the stabilization program, which should stabilize inflation expectations and allow reducing inflation. However, during this period, the Central Bank has no impact on the exchange rate for several reasons: the absence of a foreign exchange market, modest foreign currency reserves and lack of coordination between the exchange rate policy and other macroeconomic policies. Hence, for a short time it shows the regime of the fixed exchange rate regime and during 1992. Two devaluations were carried out. At the same time, modification of the exchange rate regime is performed as allowed to fluctuate in the interval of ± 10% in relation to the currencies. During this period in Macedonia, several foreign exchange ribs operate in Macedonia: An official exchange rate published by the NBRM, Forex, which is the sale of foreign currency between enterprises and exchange rate on the black market. In doing so, most of the trade in foreign currency is done after both courses different from the official exchange rate, which is behind the black exchange rate behind. In May 1993, an official foreign exchange market is established, whose organization $ is entrusted to the NBRM, which becomes responsible for the formation of the Denar exchange rate, although the formal assembly is still responsible for formulating the goals and tasks of foreign exchange policy. There is another devaluation of the denar and it is switched to a flexible exchange rate regime. However, the Central Bank still does not conduct an active exchange rate policy, which continues freely to fluctuate, following the Black Forex. Twist in exchange rate policy occurs at the beginning of 1994, when the Central Bank starts to maintain the exchange rate at a stable level of 27 denars per German mark. Since then, the central bank begins to lead a policy of de Fixed exchange rate, as a basic nominal anchor for stabilizing prices, and in October 1995. The exchange rate and Ren Target of the monetary policy. The impressive stability of the brand exchange rate continues until June 1997, when the devaluation of the denar of 16% was made. Subsequently, the Central Bank continues to maintain the exchange rate in tight frames around the new targeted level of 31 denars for one brand, and this policy is retained after the introduction of the euro. Throughout this period, the Central Bank is demonstrated as extremely effective in the control of the exchange rate, successfully neutralizing all pressures for depreciation or appreciation of the denar. Moreover, more than one decade, the targeting of the exchange rate is confirmed as an effective means of maintaining the stability of prices. Lit.: Goran Petrevski, monetary policy – Theory and experience of Macedonia, Skopje, 2005, 278-286; Kiki Mangova Ponjvic, Vanco Kargov, 60 years Central Banking in the Republic of Macedonia, National Bank of the Republic of Macedonia, Skopje, 2006. Mr. P. “Political Svoboda”, the body of the Macedonian revolutionaries – Socialists “Political Svoboda”


Original article in Macedonian language Cyrillic alphabet
Кириличен напис ПОЛИТИКАТА НА ДЕВИЗНИОТ КУРС НА РМ

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