During an address to the Macedonian Banking Association (MBA), Vice Governor Igor Velichkovski emphasized that modern central banking rests upon two fundamental pillars: monetary policy and payment systems. He highlighted the intrinsic link between the efficacy of monetary policy and the development of robust financial markets. According to Velichkovski, ongoing reforms aimed at advancing these markets are crucial for ensuring overall financial stability and fostering economic growth.
In his discussion, Velichkovski detailed the initiatives undertaken by the National Bank (NBPM) recently. These activities were designed with the explicit goal of strengthening the transmission mechanisms through which monetary policy operates within the economy. Furthermore, he addressed the critical role of payment systems, which constitute a vital segment of the modern financial infrastructure.
The importance of these interconnected components was stressed throughout the address. The stability of the financial system, therefore, depends not only on the directives of monetary policy but also on the efficiency and modernization of the payment rails. Velichkovski’s remarks underscored that the NBPM’s efforts are multifaceted, focusing equally on refining policy transmission channels and enhancing the operational capabilities of the payment infrastructure.
The overall message conveyed was that continuous institutional development across both monetary and payment domains is essential for sustained national financial health.
Topics: #velichkovski #monetary #policy
