North Macedonia's National Bank Keeps Base Rate at 4.25% Amid Slowing Inflation
The National Bank of North Macedonia (NBM) decided to keep its base interest rate unchanged at 4.25 percent. The decision follows a quarterly report showing that average inflation slowed to 4.6 percent in the second quarter and further to 3.4 percent in June. Foreign‑exchange reserves were reported at €4.936 billion at the end of June, comfortably within the safe zone. The current‑account deficit narrowed to 1.6 percent of GDP in the first quarter, while the financial account registered net inflows of 2.9 percent of GDP. Real economic activity grew by 3.1 percent year‑on‑year in Q1 2026, and GDP growth is projected at 3.5 percent for the full year. The NBM highlighted external risks such as geopolitical tensions and commodity price volatility, but judged the monetary stance appropriate to preserve the stability of the denar against the euro.
Entities: Euro · European Central Bank · Macedonia · Macedonian denar · Macedonian government · National Bank of North Macedonia · National Bank of the Republic of North Macedonia
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 4 SOURCES] The base interest rate was kept unchanged at 4.25 percent. (National Bank of North Macedonia)
- [● 4 SOURCES] Foreign‑exchange reserves stood at €4.936 billion at the end of June. (National Bank of North Macedonia)
- [● 4 SOURCES] Average inflation was 4.6% in the second quarter and fell to 3.4% in June. (National Bank of North Macedonia)
- [● 4 SOURCES] The financial account recorded net inflows of 2.9% of GDP. (National Bank of North Macedonia)
- [● 3 SOURCES] The Council of the National Bank of North Macedonia approved its quarterly report. (National Bank of North Macedonia)
- [● 4 SOURCES] GDP growth is projected at 3.5% for 2026. (National Bank of North Macedonia)
- [● 4 SOURCES] Real annual economic activity grew by 3.1% in the first quarter of 2026. (National Bank of North Macedonia)
- [● 4 SOURCES] The current‑account deficit was 1.6% of GDP in the first quarter. (National Bank of North Macedonia)