According to World Economic Forum's Global Competitiveness Report 2019, financial market development in Macedonia is scored 57.3 out of maximum 100.0 and ranked 83rd out of 144 analysed economies.
Chart 1. Financial Market Development in Macedonia. Source: WEF.
Soundness of banks is scored 4.7 bringing Macedonia into the 87th 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.
Recent structural changes (2013 - 2018) of the banking sector of Macedonia are summarised in Table 1.
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|Number of Closed Banks||0||0||0||0||0||0|
Table 1. Recent structural changes in the banking sector of Macedonia.
All the credit institutions operating in Macedonia can be classified into several categories. Table 2 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 3.
Table 3. Deposit guarantee scheme in Macedonia.