According to World Economic Forum's Global Competitiveness Report 2016-2017, financial market development in Macedonia is scored 4.2 out of maximum 7.0 and ranked 57th out of 138 analysed economies, trustworthiness and confidence of financial market is scored 4.5 (46th place).
Chart 1. Financial Market Development in Macedonia. Source: WEF.
Soundness of banks is scored 5.3 bringing Macedonia into the 52nd place.
Chart 2. Soundness of Banks in Macedonia. Source: WEF.
Banks in Macedonia are mainly focused on the following areas:
National Bank of the Republic of Macedonia
Currently there are 16 credit institutions operating in Macedonia.
All the credit institutions operating in Macedonia can be classified into several categories. Table 1 summarises the number of banks in each category.
|Category||Number of Banks|
Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Macedonia are summarised in Table 2.
Table 2. Deposit guarantee scheme in Macedonia.