The National Bank of North Macedonia kept its key interest rate unchanged at 4% at its May 2026 meeting, citing elevated global uncertainty and the need for more data to assess the impact on the domestic economy. Ongoing tensions in the Middle East have disrupted oil supply and kept energy prices high. The central bank warned it may raise rates if inflation remains elevated, affects expectations, or if FX market demand increases. Inflation slowed to an average of 3.7% in Q1 2026 from 4.2% in the previous quarter, mainly due to easing core pressures, which fell to 3.3%. However, inflation remains slightly above projections, and higher import prices point to upside risks. Despite expectations that the conflict may be temporary, projections for commodity prices, especially energy and food, have been revised significantly higher, reinforcing the need for a cautious policy stance. source: National Bank of the Republic of North Macedonia

The benchmark interest rate in Macedonia was last recorded at 4 percent. Interest Rate in Macedonia averaged 5.06 percent from 2002 until 2026, reaching an all time high of 15.21 percent in December of 2002 and a record low of 1.25 percent in March of 2021. This page provides the latest reported value for - Macedonia Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. North Macedonia Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2026.

The benchmark interest rate in Macedonia was last recorded at 4 percent. Interest Rate in Macedonia is expected to be 4.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the North Macedonia Interest Rate is projected to trend around 4.00 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-02-10 12:00 PM Interest Rate Decision 4% 4% 4.0%
2026-03-24 11:40 AM Interest Rate Decision 4% 4% 4.0%
2026-05-05 12:00 PM Interest Rate Decision 4% 4% 4%
2026-06-16 12:00 PM Interest Rate Decision 4%
2026-07-28 12:00 PM Interest Rate Decision
2026-09-15 12:00 PM Interest Rate Decision


Related Last Previous Unit Reference
Banks Balance Sheet 1098326.00 1078256.00 MKD Million Mar 2026
Central Bank Balance Sheet 357208.09 371323.84 MKD Million Mar 2026
Deposit Interest Rate 3.50 3.50 percent Apr 2026
Foreign Exchange Reserves 5207.36 5249.39 EUR Million Apr 2026
Interest Rate 4.00 4.00 percent May 2026
Lending Rate 4.50 4.50 percent Apr 2026
Money Supply M0 61663.24 62547.37 MKD Million Mar 2026
Money Supply M1 325266.50 326208.94 MKD Million Mar 2026
Money Supply M2 571847.00 562380.00 MKD Million Mar 2026


North Macedonia Interest Rate
In Macedonia, interest rates decisions are taken by the National Bank of the Republic of Macedonia. The National Bank of the Republic of Macedonia official interest rate is the Central Bank bills rate.
Actual Previous Highest Lowest Dates Unit Frequency
4.00 4.00 15.21 1.25 2002 - 2026 percent Daily

News Stream
North Macedonia Holds Rates Amid Heightened Uncertainty
The National Bank of North Macedonia kept its key interest rate unchanged at 4% at its May 2026 meeting, citing elevated global uncertainty and the need for more data to assess the impact on the domestic economy. Ongoing tensions in the Middle East have disrupted oil supply and kept energy prices high. The central bank warned it may raise rates if inflation remains elevated, affects expectations, or if FX market demand increases. Inflation slowed to an average of 3.7% in Q1 2026 from 4.2% in the previous quarter, mainly due to easing core pressures, which fell to 3.3%. However, inflation remains slightly above projections, and higher import prices point to upside risks. Despite expectations that the conflict may be temporary, projections for commodity prices, especially energy and food, have been revised significantly higher, reinforcing the need for a cautious policy stance.
2026-05-05
North Macedonia Keeps Policy Rate at 4%
The National Bank of North Macedonia left the main interest rate unchanged at 4% at its March 2026 meeting, maintaining a cautious policy stance, citing challenges posed by the Middle East conflict. Policymakers noted that inflation continued to slow as expected, reaching 2.9% in February, although rising global energy prices could exert upward pressure. The domestic economy remained resilient, expanding 3.5% in 2025, with Q4 growth at 3.8%, supported by strong investment and export performance. However, external risks have increased sharply, due to the recent outbreak of the Middle East conflict, which has disrupted global energy supplies and added uncertainty to global growth prospects. The central bank signaled readiness to use all tools to maintain the denar's stability against the euro and ensure price stability.
2026-03-24
North Macedonia Maintains Key Interest Rate at 4%
The National Bank of North Macedonia decided to keep the main interest rate unchanged at 4% to maintain a cautious approach and control inflation. Inflation averaged 4.1% in 2025, slightly above the historical average, so stabilizing prices remains a priority. Global uncertainty, rising commodity prices, and domestic demand still pose risks to future inflation. Economic growth is steady, with GDP growing 3.8% in late 2025 and expected to improve slightly, supported by infrastructure projects and strong bank lending. Foreign exchange reserves reached €5.6 billion, considered sufficient to maintain currency stability. Bank deposits and loans are growing, showing a healthy banking sector. However, external risks such as global trade tensions and geopolitical issues remain.
2026-02-10