Abstract
2018 Article IV Consultation; Press Release; Staff Report; and Statement by the Executive Director for Former Yugoslav Republic of Macedonia
Fund Relations
(As of November 26, 2018)
Missions. Article IV, Skopje, November 8–16, 2018. Concluding statement is available at: https://www.imf.org/en/News/Articles/2018/11/19/The-Former-Yugoslav-Republic-of-Macedonia-Staff-Concluding-Statement-2018-Article-IV-Mission
Staff team. Jesmin Rahman (head), Jean-Guillaume Poulain and Ahmed El Ashram (both EUR), Janne Hukka (FIN), Sebastian Sosa (Resident Representative), and Gjorgji Nacevski (local economist).
Discussions. The staff team met Prime Minister Zaev, Deputy Prime Minister Angjushev, Minister of Finance Tevdovski, National Bank Governor Angelovska Bezhoska, other senior officials, and representatives of the banking, business, political and international communities.
Publication. The Macedonian authorities have indicated that they agree with publication of this staff report.
Membership Status: Joined 12/14/92; Article VIII
| General Resources Account: | SDR Million | Percent of Quota |
|---|---|---|
| Quota | 140.30 | 100.00 |
| Fund holdings of currency | 140.30 | 100.00 |
| Reserve position | 0.00 | 0.00 |
| General Resources Account: | SDR Million | Percent of Quota |
|---|---|---|
| Quota | 140.30 | 100.00 |
| Fund holdings of currency | 140.30 | 100.00 |
| Reserve position | 0.00 | 0.00 |
| SDR Department: | SDR Million | Percent of Allocation |
|---|---|---|
| Net cumulative allocation | 65.62 | 100.00 |
| Holdings | 3.07 | 4.68 |
| SDR Department: | SDR Million | Percent of Allocation |
|---|---|---|
| Net cumulative allocation | 65.62 | 100.00 |
| Holdings | 3.07 | 4.68 |
Outstanding Purchases and Loans: None
Latest Financial Arrangements:
Formerly PCL.
| Type | Approval Date | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| PLL 1/ | 01/19/2011 | 01/18/2013 | 413.40 | 197.00 |
| Stand-By | 08/31/2005 | 08/30/2008 | 51.68 | 10.50 |
| Stand-By | 04/30/2003 | 08/15/2004 | 20.00 | 20.00 |
Formerly PCL.
| Type | Approval Date | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| PLL 1/ | 01/19/2011 | 01/18/2013 | 413.40 | 197.00 |
| Stand-By | 08/31/2005 | 08/30/2008 | 51.68 | 10.50 |
| Stand-By | 04/30/2003 | 08/15/2004 | 20.00 | 20.00 |
Formerly PCL.
Projected Payments to the Fund (Expectation Basis)1
(SDR million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | |
| Principal | |||||
| Charges/Interest | 0.15 | 0.65 | 0.65 | 0.65 | 0.65 |
| Total | 0.15 | 0.65 | 0.65 | 0.65 | 0.65 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | |
| Principal | |||||
| Charges/Interest | 0.15 | 0.65 | 0.65 | 0.65 | 0.65 |
| Total | 0.15 | 0.65 | 0.65 | 0.65 | 0.65 |
Exchange Arrangement:
FYR Macedonia has accepted the obligations of Article VIII, Sections 2, 3 and 4 and currently maintains an exchange system free of restrictions on payments and transfers for current international transactions.
Article IV Consultations:
The first consultation with the FYR of Macedonia was concluded in August 1993. The last consultation was concluded on November 13, 2017 (IMF Country Report 17/354). The FYR Macedonia is on the standard 12-month Article IV consultation cycle.
Technical Assistance Since 2006
Technical Assistance Since 2006
| Purpose | Department | Date | |
|---|---|---|---|
| Banking Law | LEG/MCM | June 2006 | |
| Central Bank Law | LEG/MCM | July 2007 | |
| FX Reserves Modeling | RES/MCM | February 2012 February 2013 | |
| Macroeconomic Modeling at NBRM | MCM | May 2007 November 2009 September 2010 November 2010 May 2011 November 2011 February 2012 November 2012 March 2013 November 2013 March 2014 | |
| Liquidity, Cash and Debt Management | MCM | April 2007 | |
| Contingency Planning and Crisis Preparedness | MCM | February 2009 | |
| Stress Testing | MCM | February 2011 | |
| Domestic Debt Market Development | MCM | October 2011 | |
| Provisioning Regulation | MCM | November 2012 | |
| Public Debt Management | MCM/WB | January 2017 | |
| Expenditure Rationalization | FAD | November 2007 | |
| Public Financial Management | FAD | September 2009 November 2012 | |
| Cash management in the context of Broader PFM Reforms | FAD | October 2017 | |
| Medium-Term Budgeting | FAD | May 2011 | |
| Organic Budget Law developing | FAD | December 2017 | |
| Budgeting Framework/Payment Arrears | FAD | March 2012 | |
| Developing the fiscal rule and introducing a fiscal council | FAD | February 2018 | |
| Fiscal Transparency Evaluation | FAD | March 2018 April 2018 | |
| Tax Policy | FAD | September 2006 July 2007 January 2017 September 2017 | |
| Tax Administration | FAD | April 2007 July 2009 April 2010 June 2011 September 2013 December 2014 April 2016 May 2016 July 2016 May 2017 September 2017 March 2018 | |
| Tax IT System Improvement | FAD | May 2017 September 2017 | |
| Taxpayer Registration | FAD | November 2018 | |
| Tax Audit Function | FAD | February 2016 November 2016 March 2017 February 2018 | |
| Tax Arrears Management | FAD | March 2013 October 2014 September 2018 | |
| Large Taxpayers Office | FAD | March 2016 | |
| Property Tax System | FAD | September 2017 April 2018 | |
| Transfer Pricing and Related International Issues | FAD | September 2017 | |
| Tax Compliance Management | FAD | November 2013 March 2014 October 2014 February 2015 October 2015 October 2016 November 2016 October 2018 | |
| National Accounts Statistics | STA | April 2007 June 2007 January 2008 May 2008 September 2008 December 2008 June 2009 August 2011 September 2012 March 2013 October 2013 | |
| Export and Import Deflators | STA | December 2007 | |
| Government Finance Statistics | STA | June 2006 December 2007 October 2008 January 2015 June 2016 November 2016 February 2017 July 2017 November 2017 March 2018 June 2018 | |
| Balance of Payments Statistics | STA | October 2006 October 2008 | |
| External Sector Statistics | STA | April 2017 | |
| SDDS Subscription | STA | December 2010 | |
| STA TA Evaluation | STA | September 2012 | |
| Monetary and Financial Statistics (MFS) | STA | January 2015 | |
| Safeguards Assessment | FIN | February 2011 | |
| Sectoral Financial Accounts and Balance Sheet Statistics | STA | October 2018 | |
| Regional Advisors | |||
| Revenue Administration | FAD | 2015- | |
| Public Financial Management | FAD | 2015- | |
| National Accounts | STA | 2012–2014 | |
| Resident Experts | |||
| Tax Administration | FAD | October 2006–August 2011 | |
| Banking Supervision | MCM | May 2006–May 2008 | |
| FSAP Participation and ROSCs (since 2003) | |||
| FSAP | MCM/WB | May-June 2003 | |
| FSAP update | MCM/WB | March 2008 April 2018 July 2018 September 2018 | |
| Data ROSC | STA | February 2004 | |
| Fiscal ROSC | FAD | February 2005 |
Technical Assistance Since 2006
| Purpose | Department | Date | |
|---|---|---|---|
| Banking Law | LEG/MCM | June 2006 | |
| Central Bank Law | LEG/MCM | July 2007 | |
| FX Reserves Modeling | RES/MCM | February 2012 February 2013 | |
| Macroeconomic Modeling at NBRM | MCM | May 2007 November 2009 September 2010 November 2010 May 2011 November 2011 February 2012 November 2012 March 2013 November 2013 March 2014 | |
| Liquidity, Cash and Debt Management | MCM | April 2007 | |
| Contingency Planning and Crisis Preparedness | MCM | February 2009 | |
| Stress Testing | MCM | February 2011 | |
| Domestic Debt Market Development | MCM | October 2011 | |
| Provisioning Regulation | MCM | November 2012 | |
| Public Debt Management | MCM/WB | January 2017 | |
| Expenditure Rationalization | FAD | November 2007 | |
| Public Financial Management | FAD | September 2009 November 2012 | |
| Cash management in the context of Broader PFM Reforms | FAD | October 2017 | |
| Medium-Term Budgeting | FAD | May 2011 | |
| Organic Budget Law developing | FAD | December 2017 | |
| Budgeting Framework/Payment Arrears | FAD | March 2012 | |
| Developing the fiscal rule and introducing a fiscal council | FAD | February 2018 | |
| Fiscal Transparency Evaluation | FAD | March 2018 April 2018 | |
| Tax Policy | FAD | September 2006 July 2007 January 2017 September 2017 | |
| Tax Administration | FAD | April 2007 July 2009 April 2010 June 2011 September 2013 December 2014 April 2016 May 2016 July 2016 May 2017 September 2017 March 2018 | |
| Tax IT System Improvement | FAD | May 2017 September 2017 | |
| Taxpayer Registration | FAD | November 2018 | |
| Tax Audit Function | FAD | February 2016 November 2016 March 2017 February 2018 | |
| Tax Arrears Management | FAD | March 2013 October 2014 September 2018 | |
| Large Taxpayers Office | FAD | March 2016 | |
| Property Tax System | FAD | September 2017 April 2018 | |
| Transfer Pricing and Related International Issues | FAD | September 2017 | |
| Tax Compliance Management | FAD | November 2013 March 2014 October 2014 February 2015 October 2015 October 2016 November 2016 October 2018 | |
| National Accounts Statistics | STA | April 2007 June 2007 January 2008 May 2008 September 2008 December 2008 June 2009 August 2011 September 2012 March 2013 October 2013 | |
| Export and Import Deflators | STA | December 2007 | |
| Government Finance Statistics | STA | June 2006 December 2007 October 2008 January 2015 June 2016 November 2016 February 2017 July 2017 November 2017 March 2018 June 2018 | |
| Balance of Payments Statistics | STA | October 2006 October 2008 | |
| External Sector Statistics | STA | April 2017 | |
| SDDS Subscription | STA | December 2010 | |
| STA TA Evaluation | STA | September 2012 | |
| Monetary and Financial Statistics (MFS) | STA | January 2015 | |
| Safeguards Assessment | FIN | February 2011 | |
| Sectoral Financial Accounts and Balance Sheet Statistics | STA | October 2018 | |
| Regional Advisors | |||
| Revenue Administration | FAD | 2015- | |
| Public Financial Management | FAD | 2015- | |
| National Accounts | STA | 2012–2014 | |
| Resident Experts | |||
| Tax Administration | FAD | October 2006–August 2011 | |
| Banking Supervision | MCM | May 2006–May 2008 | |
| FSAP Participation and ROSCs (since 2003) | |||
| FSAP | MCM/WB | May-June 2003 | |
| FSAP update | MCM/WB | March 2008 April 2018 July 2018 September 2018 | |
| Data ROSC | STA | February 2004 | |
| Fiscal ROSC | FAD | February 2005 |
IMF–World Bank Collaboration
Background
The Bank and the Fund country teams on the Former Yugoslav Republic of Macedonia maintained close collaboration, seeking synergies and harmonizing policy recommendations. Close coordination has resulted in largely shared views of the economic situation in the country.
Key Areas of World Bank Involvement
The World Bank Country Partnership Framework (CPF) in FYR Macedonia focuses on two interrelated themes: i) Growth and Competitiveness; and ii) Skills and Inclusion. For Growth and Competitiveness, successful poverty reduction would need sustained private sector led growth, making FYR Macedonia more attractive as a destination for investments and as a country whose private companies can compete at the regional and global level. For Skills and Inclusion, the fruits of growth can be shared broadly if more Macedonians have access to better jobs and if public services are of good quality and delivered efficiently. Since FYR Macedonia’s future is clearly linked to the European integration, the Bank’s Country Partnership Strategy (CPS) actively promotes the EU accession agenda and this represents a cross-cutting theme of the strategy. As the current CPF expires at the end of 2018, the Bank is currently in the preparation of a new CPF with a Board date scheduled for 26th of March 2019.
The Bank continues to be engaged in the transport sector through two projects. The National and Regional Roads Rehabilitation Project (US$ 71 million) is helping enhance the connectivity of selected national and regional roads, primarily to Corridors X and VIII, and to improve the Public Enterprise for State Roads’ capacity for road safety and climate resilience. The new Road Upgrading and Development Project’s objective (US$90.95 million) is to improve transport connectivity for road users along Corridor VIII between Kriva Palanka and Rankovce, and to improve the asset management and planning functions of the Public Enterprise for State Roads. There are two investments in the area of local government development. The first is the Municipal Services Improvement Project (MSIP) (US$75 million), which is helping to improve transparency, financial sustainability and delivery of targeted municipal services in selected municipalities. In addition to this, the EU has provided additional financing of US$17.72 million, to complement MSIP activities in rural municipalities. The high demand from the municipalities has led to a second Municipal Services Improvement Project (US$28.04 million), approved in January 2016, and effective as of July 2016. The World Bank is also active in the human development sector through the Social Services improvement project (US$33.4 millions) and the Skills Development and Innovation Support Project (US$24 million).
The Local and Regional Competitiveness Project is financed by an EU Trust Fund of US$19.36 million, with the objective of enhancing the contribution of tourism to local economic development and improving the capacity of the government and public entities to foster tourism growth.
Macedonia–Bank and Fund Planned Activities in Macro Critical Structural Reform Areas June 2017–May 2018
Macedonia–Bank and Fund Planned Activities in Macro Critical Structural Reform Areas June 2017–May 2018
| Title | Products | Provisional Timing of Missions | Expected Delivery Date |
|---|---|---|---|
| 1. Fund work program | Article IV Report | September 2017 | November 2017 |
| Technical assistance on Revenue Administration Reforms (Tax Compliance and Risk Management, Arrears Management, Large Taxpayers Office) | Short-term expert visits FY18 | TA report after the mission | |
| Technical assistance on Revenue Administration Reforms | Regular short-term visits of region-based long-term expert FY2018 | ||
| Technical assistance on Government Finance Statistics | Short-term expert visits FY2018 | TA report after the mission | |
| Financial Sector Assessment Program (FSAP) | FY2018–19 | FY2019 | |
| 2. Bank work program | Southeastern Europe Regular Economic Update | Continuous and periodic missions | November 2019 and April 2019 |
| Skills Development and Innovation Support Project | Continuous | Project closing May 2019 | |
| Social Services improvement project | Continuous | Project closing June 2024 | |
| Municipal Services Improvement Project | Continuous | Project closing March 2019 | |
| Municipal Services Improvement Project 2 | Continuous | Project closing March 2021 | |
| Local and Regional Competitiveness Project | Continuous | Project closing December 2019 | |
| National and Regional Road Rehabilitation Project | Continuous | Project closing September 2019 | |
| Road Upgrading and Development Project | Continuous | Project closing December 2020 |
Macedonia–Bank and Fund Planned Activities in Macro Critical Structural Reform Areas June 2017–May 2018
| Title | Products | Provisional Timing of Missions | Expected Delivery Date |
|---|---|---|---|
| 1. Fund work program | Article IV Report | September 2017 | November 2017 |
| Technical assistance on Revenue Administration Reforms (Tax Compliance and Risk Management, Arrears Management, Large Taxpayers Office) | Short-term expert visits FY18 | TA report after the mission | |
| Technical assistance on Revenue Administration Reforms | Regular short-term visits of region-based long-term expert FY2018 | ||
| Technical assistance on Government Finance Statistics | Short-term expert visits FY2018 | TA report after the mission | |
| Financial Sector Assessment Program (FSAP) | FY2018–19 | FY2019 | |
| 2. Bank work program | Southeastern Europe Regular Economic Update | Continuous and periodic missions | November 2019 and April 2019 |
| Skills Development and Innovation Support Project | Continuous | Project closing May 2019 | |
| Social Services improvement project | Continuous | Project closing June 2024 | |
| Municipal Services Improvement Project | Continuous | Project closing March 2019 | |
| Municipal Services Improvement Project 2 | Continuous | Project closing March 2021 | |
| Local and Regional Competitiveness Project | Continuous | Project closing December 2019 | |
| National and Regional Road Rehabilitation Project | Continuous | Project closing September 2019 | |
| Road Upgrading and Development Project | Continuous | Project closing December 2020 |
Statistical Issues
(As of November 26, 2018)
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. Areas that would benefit most from further improvement are national accounts and government finance statistics. | |
| National accounts: Quality of national account measurement need to be improved. In 2013, by Decision of the Government of the Republic of Macedonia, amendments were made to the National Classification of Activities—NKD Rev.2 and entailed significant changes in the decomposition of historical data. The primary objective of the Classification of Activities is to provide a basis for comparing statistical data of the Republic of Macedonia on European and world level, i.e. in its content and structure is completely harmonized with the European Classification of Activities NACE Rev.2. Financial accounts and balance sheets statistics are now being compiled. The NBRM has an objective to publish annual balance sheet data in 2020. Price statistics: Improvements to the CPI have been introduced in accordance with international standards and EU regulations to align the Classification of Individual Consumption According to Purpose (COICOP). | |
| Government finance statistics: Macedonia’s GFS data has been improving over recent years, assisted by ongoing GFS Technical Assistance. The authorities disseminate both monthly central government operations, and quarterly general government operations, as well as quarterly debt data on their own website and on their SDDS National Summary Data Page. While this data is disseminated in a national presentation, on a cash basis, and does not cover the whole of general government as defined in GFSM 2001/14, the data is of generally good quality. The authorities report detailed data on revenues and expenditures of general government and its subsectors for inclusion in the Annual GFS database (formerly the Government Finance Statistics Yearbook) and are taking steps toward publishing quarterly GG data in the GFSM 2014 presentation for inclusion in International Finance Statistics, expected to be in place in early 2019. The authorities report central government debt data to the IMF / World Bank Quarterly Public Sector Debt Database and are expected to expand reporting to general government debt in 2019. | |
| Monetary and financial statistics: Macedonia regularly reports to the IMF’s Statistics Department monetary data for the central bank, other depository corporations, and other financial corporations using the standardized report forms. Financial sector surveillance: Macedonia reports to the IMF’s Statistics Department, on a quarterly frequency and with one quarter timeliness, all core FSIs for deposit takers as well as sixteen encouraged FSIs for deposit takers and other sectors. | |
| External sector: External sector statistics meet international standards. In additional to quarterly balance of payments data, the authorities compile and disseminate international investment position (IIP) data, reserve assets and foreign currency liquidity data, and external debt statistics. | |
| II. Data Standards and Quality | |
| FYR Macedonia has subscribed to the Special Data Dissemination Standard (SDDS) since November 2011 and is currently in a process to adhere to SDDS plus. | Data ROSC published on September 29, 2004. |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. Areas that would benefit most from further improvement are national accounts and government finance statistics. | |
| National accounts: Quality of national account measurement need to be improved. In 2013, by Decision of the Government of the Republic of Macedonia, amendments were made to the National Classification of Activities—NKD Rev.2 and entailed significant changes in the decomposition of historical data. The primary objective of the Classification of Activities is to provide a basis for comparing statistical data of the Republic of Macedonia on European and world level, i.e. in its content and structure is completely harmonized with the European Classification of Activities NACE Rev.2. Financial accounts and balance sheets statistics are now being compiled. The NBRM has an objective to publish annual balance sheet data in 2020. Price statistics: Improvements to the CPI have been introduced in accordance with international standards and EU regulations to align the Classification of Individual Consumption According to Purpose (COICOP). | |
| Government finance statistics: Macedonia’s GFS data has been improving over recent years, assisted by ongoing GFS Technical Assistance. The authorities disseminate both monthly central government operations, and quarterly general government operations, as well as quarterly debt data on their own website and on their SDDS National Summary Data Page. While this data is disseminated in a national presentation, on a cash basis, and does not cover the whole of general government as defined in GFSM 2001/14, the data is of generally good quality. The authorities report detailed data on revenues and expenditures of general government and its subsectors for inclusion in the Annual GFS database (formerly the Government Finance Statistics Yearbook) and are taking steps toward publishing quarterly GG data in the GFSM 2014 presentation for inclusion in International Finance Statistics, expected to be in place in early 2019. The authorities report central government debt data to the IMF / World Bank Quarterly Public Sector Debt Database and are expected to expand reporting to general government debt in 2019. | |
| Monetary and financial statistics: Macedonia regularly reports to the IMF’s Statistics Department monetary data for the central bank, other depository corporations, and other financial corporations using the standardized report forms. Financial sector surveillance: Macedonia reports to the IMF’s Statistics Department, on a quarterly frequency and with one quarter timeliness, all core FSIs for deposit takers as well as sixteen encouraged FSIs for deposit takers and other sectors. | |
| External sector: External sector statistics meet international standards. In additional to quarterly balance of payments data, the authorities compile and disseminate international investment position (IIP) data, reserve assets and foreign currency liquidity data, and external debt statistics. | |
| II. Data Standards and Quality | |
| FYR Macedonia has subscribed to the Special Data Dissemination Standard (SDDS) since November 2011 and is currently in a process to adhere to SDDS plus. | Data ROSC published on September 29, 2004. |
Former Yugoslav Republic of Macedonia: Table of Common Indicators Required Surveillance
(As of November 26, 2018)
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Weighted interest rates on loans and deposits in domestic banks. Separately, data is submitted on the rates on central bank bills (policy rate) and treasury bills, notes, and bonds.
Foreign, domestic bank and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Data including local governments is normally published quarterly but is also received on an ad-hoc basis during missions.
Currency and maturity composition is reported only on request.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Former Yugoslav Republic of Macedonia: Table of Common Indicators Required Surveillance
(As of November 26, 2018)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | 11/23/18 | 11/23/18 | D | W | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Oct,18 | 11/14/18 | D | M | M |
| Reserve/Base Money | Oct. 18 | 11/22/18 | D | W | M |
| Broad Money | Oct. 18 | 11/21/18 | M | M | M |
| Central Bank Balance Sheet | Oct. 18 | 11/21/18 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Oct. 18 | 11/21/18 | M | M | M |
| Interest Rates2 | Sep. 18 | 10/31/18 | M | M | M |
| Consumer Price Index | Oct. 18 | 11/07/18 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | Sep. 18 | 11/15/18 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing3 – Central Government | Oct. 18 | 11/26/18 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Sep. 18 | 10/31/18 | Q | Q | Q |
| External Current Account Balance | Sep. 18 | 11/30/18 | M | Q | Q |
| Exports and Imports of Goods and Services | Sep. 18 | 11/30/18 | M | Q | Q |
| GDP/GNP | Jun. 18 | 09/06/18 | Q | Q | Q |
| Gross External Debt | Jun. 18 | Sep. 18 | Q | Q | Q |
| International Investment Position6 | Jun, 18 | Sep. 18 | Q | Q | Q |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Weighted interest rates on loans and deposits in domestic banks. Separately, data is submitted on the rates on central bank bills (policy rate) and treasury bills, notes, and bonds.
Foreign, domestic bank and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Data including local governments is normally published quarterly but is also received on an ad-hoc basis during missions.
Currency and maturity composition is reported only on request.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Former Yugoslav Republic of Macedonia: Table of Common Indicators Required Surveillance
(As of November 26, 2018)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | 11/23/18 | 11/23/18 | D | W | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Oct,18 | 11/14/18 | D | M | M |
| Reserve/Base Money | Oct. 18 | 11/22/18 | D | W | M |
| Broad Money | Oct. 18 | 11/21/18 | M | M | M |
| Central Bank Balance Sheet | Oct. 18 | 11/21/18 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Oct. 18 | 11/21/18 | M | M | M |
| Interest Rates2 | Sep. 18 | 10/31/18 | M | M | M |
| Consumer Price Index | Oct. 18 | 11/07/18 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | Sep. 18 | 11/15/18 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing3 – Central Government | Oct. 18 | 11/26/18 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Sep. 18 | 10/31/18 | Q | Q | Q |
| External Current Account Balance | Sep. 18 | 11/30/18 | M | Q | Q |
| Exports and Imports of Goods and Services | Sep. 18 | 11/30/18 | M | Q | Q |
| GDP/GNP | Jun. 18 | 09/06/18 | Q | Q | Q |
| Gross External Debt | Jun. 18 | Sep. 18 | Q | Q | Q |
| International Investment Position6 | Jun, 18 | Sep. 18 | Q | Q | Q |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Weighted interest rates on loans and deposits in domestic banks. Separately, data is submitted on the rates on central bank bills (policy rate) and treasury bills, notes, and bonds.
Foreign, domestic bank and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Data including local governments is normally published quarterly but is also received on an ad-hoc basis during missions.
Currency and maturity composition is reported only on request.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.