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Dimitar Bogov Vice Governor

Macroeconomic Indicators and Financial Sector Developments in the Recent Crisis Environment -The Case of the Republic of Macedonia-. Dimitar Bogov Vice Governor. April, 2010. Content. Macedonian economy before Lehman bankruptcy Transmission channels of the world economic crisis

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Dimitar Bogov Vice Governor

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  1. Macroeconomic Indicators and Financial Sector Developments in the Recent Crisis Environment-The Case of the Republic of Macedonia- Dimitar Bogov Vice Governor April, 2010

  2. Content • Macedonian economy before Lehman bankruptcy • Transmission channels of the world economic crisis • Policy responses • Banking sector developments • The latest developments

  3. Before “Lehman”, Macedonian economy was booming,but,imbalances were building up

  4. Then, it happened “Lehman”

  5. Policy responses - monetary • Prudential measures (December 2008) • Policy rate increase from 7% to 9% (March 2009) • Increase of reserve requirements for f/x deposits from 10% to 13% (May 2009)

  6. Policy responses - fiscal • Cut of discretionary expenditures in order to meet the deficit target of 2.8% (June and September 2009) • Issue of external debt (July 2009)

  7. Financial stability indicators

  8. Latest developments • Export is picking up • Import is still declining • Weak domestic demand • Industrial production is volatile • Fiscal revenues are still weak • Stable foreign exchange market • Deposits growth rate is improving • Credit growth rate still weak but positive

  9. Thank you for the attention

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