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. 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 5.07 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 February 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 3.75 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-11-06 07:45 AM Interest Rate Decision 5.35% 5.35% 5.35%
2025-12-24 02:00 PM Interest Rate Decision 4% 5.35% 5.35%
2026-02-10 12:00 PM Interest Rate Decision 4% 4% 4.0%
2026-03-24 12:00 PM Interest Rate Decision 4%
2026-05-05 12:00 PM Interest Rate Decision
2026-06-16 12:00 PM Interest Rate Decision


Related Last Previous Unit Reference
Banks Balance Sheet 1077952.00 1038562.00 MKD Million Dec 2025
Central Bank Balance Sheet 373572.03 333794.78 MKD Million Jan 2026
Deposit Interest Rate 3.50 3.50 percent Jan 2026
Foreign Exchange Reserves 5600.50 4112.98 EUR Million Jan 2026
Interest Rate 4.00 4.00 percent Feb 2026
Lending Rate 4.50 4.50 percent Jan 2026
Money Supply M0 63149.23 59708.64 MKD Million Dec 2025
Money Supply M1 331500.00 308495.66 MKD Million Dec 2025
Money Supply M2 573100.00 542083.00 MKD Million Dec 2025


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 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
CB Macedonia Adopts New Monetary Policy Framework
The National Bank of the Republic of North Macedonia kept its monetary policy stance unchanged at its December 2025 meeting, maintaining a prudent approach amid the need for a more durable stabilization of inflation, strong credit dynamics, and lingering risks from the external environment. At the same time, the central bank began implementing a new operational monetary framework, as previously announced. Under the revised setup, central bank bills will remain the key policy instrument used to signal the monetary policy stance, but their maturity has been shortened to seven days and the interest rate set at 4%. Previously, policymakers used a seven-week tenor with a rate of 5.35%.
2025-12-24
North Macedonia Holds Key Rate at 5.35%
The National Bank of North Macedonia maintained its benchmark interest rate at 5.35% for the sixth consecutive meeting in November 2025, stating that the current policy stance remains appropriate given prevailing economic conditions. The central bank emphasized its cautious monetary policy approach, supported by recent adjustments to reserve requirements, tighter macroprudential measures, and steps to mitigate systemic risks. These actions aim to safeguard exchange rate and price stability, while the bank remains prepared to further normalize policy if inflation continues to ease and wage pressures remain subdued. North Macedonia’s annual inflation rate slowed to 4% in September 2025 from 4.4% in the previous month, marking the lowest reading in four months. Meanwhile, the country's GDP grew by 3.4% year-on-year in the second quarter of 2025, the fastest economic expansion in three years.
2025-11-06