The National Bank of North Macedonia kept its interest rate unchanged at 4.25% at its September 2026 meeting, citing stability in the denar exchange rate and resilient economic growth. Policymakers stated that it was still too early to fully assess the inflation trend, particularly given the uncertainty surrounding the conflict in the Middle East and the conflict between Ukraine and Russia. Headline inflation rebounded in August, accelerating to 2.6%, amid persistent inflationary pressures from higher global energy prices. Meanwhile, the domestic economy remained resilient, with economic growth accelerating to 4.3% in the second quarter of 2026 despite the broader adverse environment. Looking ahead, the NBNM stated that it would continue to aim for stability of the denar against the euro to ensure price stability in the medium term, while closely monitoring domestic and international economic and financial developments. source: National Bank of the Republic of North Macedonia

The benchmark interest rate in Macedonia was last recorded at 4.25 percent. Interest Rate in Macedonia averaged 5.05 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 October of 2026.

The benchmark interest rate in Macedonia was last recorded at 4.25 percent. Interest Rate in Macedonia is expected to be 4.25 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 4.50 percent in 2027 and 4.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-06-16 11:00 AM Interest Rate Decision 4.25% 4% 4.0%
2026-07-28 12:00 PM Interest Rate Decision 4.25% 4.25% 4.25%
2026-09-15 12:00 PM Interest Rate Decision 4.25% 4.25% 4.5%
2026-11-03 12:00 PM Interest Rate Decision 4.25% 4.5%
2026-12-22 12:00 PM Interest Rate Decision


Related Last Previous Unit Reference
Banks Balance Sheet 1123442.00 1112342.00 MKD Million Aug 2026
Central Bank Balance Sheet 356151.88 349107.84 MKD Million Aug 2026
Deposit Interest Rate 3.75 3.75 percent Sep 2026
Foreign Exchange Reserves 5101.00 5011.00 EUR Million Aug 2026
Interest Rate 4.25 4.25 percent Sep 2026
Lending Rate 4.75 4.75 percent Sep 2026
Money Supply M0 66183.88 66961.32 MKD Million Aug 2026
Money Supply M1 344541.66 340113.56 MKD Million Aug 2026
Money Supply M2 585091.00 576824.00 MKD Million Aug 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
4.25 4.25 15.21 1.25 2002 - 2026 percent Daily

News Stream
North Macedonia Leaves Key Rate Unchanged
The National Bank of North Macedonia kept its interest rate unchanged at 4.25% at its September 2026 meeting, citing stability in the denar exchange rate and resilient economic growth. Policymakers stated that it was still too early to fully assess the inflation trend, particularly given the uncertainty surrounding the conflict in the Middle East and the conflict between Ukraine and Russia. Headline inflation rebounded in August, accelerating to 2.6%, amid persistent inflationary pressures from higher global energy prices. Meanwhile, the domestic economy remained resilient, with economic growth accelerating to 4.3% in the second quarter of 2026 despite the broader adverse environment. Looking ahead, the NBNM stated that it would continue to aim for stability of the denar against the euro to ensure price stability in the medium term, while closely monitoring domestic and international economic and financial developments.
2026-09-15
North Macedonia Holds Key Policy Rate at 4.25%
The National Bank of North Macedonia left its interest rate unchanged at 4.25% at its July 2026 meeting, citing uncertainty surrounding foreign prices and geopolitical tensions. Although headline inflation slowed in June to 3.4% from 4.8%, driven by lower food prices, policymakers stated more time was needing to assess price stability considering that inflation remains elevated, as foreign prices are still high and unstable due to geopolitical tensions and possible spill-over effects. Economic activity continues to show resilience, although growth slowed to 3.1% in the first quarter of 2026 from 3.8% in the prior quarter. Looking ahead, the NBNM stated it will continue to aim for stability of the denar against the euro, in order to ensur price stability in the medium term, and will closely monitor domestic and international economic and financial development.
2026-07-28
North Macedonia Lifts Key Policy Rate to 4.25%
The National Bank of North Macedonia raised its key interest rate by 25 bps to 4.25% at its June 2026 meeting, the first hike since September 2023, citing lingering risks from geopolitical tensions. Policymakers said the current stance together with previous adjustments to other instruments including reserve requirements and macroprudential measures will help maintain exchange rate stability and anchor inflation expectations They noted that the annual inflation rate slowed to 4.8% in May from 5.7% in April, but remains elevated, indicating persistent inflationary pressures and a slower return to historical averages. Meanwhile, the central bank said the domestic economy remains resilient despite an uncertain external environment. Real GDP increased by 3.1% in Q1 2026, close to early projections, while available high-frequency indicators for Q2 remain scarce, though April data point to stronger industrial output and softer trade turnover.
2026-06-16