# North Macedonia monetary policy and reserves

> Live situation record from CLSTR: https://clstr.news/situations/north-macedonia-monetary-policy-and-reserves
> Updated: 2026-10-08T06:01:00.000Z. Sources: 6. Developments: 2.

Trajko Slaveski, Governor of the National Bank, has maintained the key interest rate at 4.25%, stating the current monetary stance remains appropriate. Slaveski noted that the central bank has the necessary tools to react to changing economic conditions.

Foreign exchange reserves have grown to approximately 5.1 billion euros, nearly doubling pre-pandemic levels from 2019. This increase is attributed to favorable movements in exports, imports, foreign direct investment, and portfolio investments, which assist in maintaining nominal exchange rate stability. 

Annual inflation rates showed moderate movement, increasing from 2.3% in July to 2.6% in August. Slaveski indicated that August data suggests energy and crude oil price fluctuations have had a limited impact on domestic prices.

## Timeline

### 2026-10-08: National Bank of Serbia maintains reference interest rate at 5.75%

The National Bank of Serbia has kept its reference interest rate at 5.75%, citing inflation risks and global energy price volatility.

4 sources. https://clstr.news/cluster/national-bank-of-serbia-maintains-reference-interest-rate-at-575

### 2026-09-17: National Bank Governor Slaveski maintains 4.25% interest rate

National Bank Governor Trajko Slaveski confirmed the interest rate remains at 4.25% and noted that foreign exchange reserves have grown to approximately 5.1 billion euros.

2 sources. https://clstr.news/cluster/national-bank-governor-slaveski-maintains-425-interest-rate

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Cite as: North Macedonia monetary policy and reserves. CLSTR, https://clstr.news/situations/north-macedonia-monetary-policy-and-reserves