# North Macedonia monetary policy stability

> Live situation record from CLSTR: https://clstr.news/situations/north-macedonia-monetary-policy-stability
> Updated: 2026-09-25T05:09:51.000Z. Sources: 11. Developments: 2.

The National Bank of North Macedonia has decided to maintain its base interest rate at 4.25%. The decision follows an assessment of macroeconomic indicators and risks, including high demand for foreign currency from the corporate sector due to elevated energy prices.

While the foreign exchange market is stable and reserves provide 4.5 months of import coverage, the Bank is maintaining a cautious approach. This caution is driven by uncertainty regarding global energy price volatility and supply chain disruptions stemming from conflicts in the Middle East and the war between Russia and Ukraine.

## Timeline

### 2026-09-25: Norges Bank raises interest rate to 4.5 percent

Norges Bank has raised the policy rate to 4.5 percent to combat persistent inflation, reversing previous cuts as international price pressures and energy costs continue to impact the Norwegian economy.

4 sources. https://clstr.news/cluster/norges-bank-raises-interest-rate-to-45-percent

### 2026-09-15: National Bank maintains base interest rate at 4.25%

The National Bank has kept its base interest rate at 4.25%, citing macroeconomic stability and a cautious approach due to global energy price volatility and geopolitical uncertainty.

7 sources. https://clstr.news/cluster/national-bank-maintains-base-interest-rate-at-425

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