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Economy and Banking Sector of Macedonia

Financial System Development

Financial System
57.3, 83rd out of 144 countries
Banks' Soundness
61.7, 87th out of 144 countries

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.

Financial Market Development in Macedonia.

Chart 1. Financial Market Development in Macedonia. Source: WEF.


Soundness of banks is scored 4.7 bringing Macedonia into the 87th place.

Soundness of Banks in Macedonia.

Chart 2. Soundness of Banks in Macedonia. Source: WEF.

Further Information

Banking Focus

Banks in Macedonia are mainly focused on the following areas:

  • retail banking
  • business banking
  • securities trading

Banking Supervision

National Bank of the Republic of Macedonia

National Bank of the Republic of Macedonia

Banking Sector Structure

Number of Banks
16
Recent Changes (2018)
new banks: 0, closed banks: 0

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.

201320142015201620172018
Number of Opened Banks000000
Number of Closed Banks000000

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.

CategoryNumber of Banks
Banks15
Central banks1

Table 2. Number of banks by category in Macedonia.

Deposit Guarantee Scheme

Maximum Protected Amount
30,000 EUR

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:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

All these details about deposit guarantee scheme in Macedonia are summarised in Table 3.

Maximum Protected Amount
30,000 EUR
Scheme Participants
all credit institutions operating in Macedonia (including branches of foreign banks)
branches of Macedonian banks abroad
Eligible Depositors
natural persons
  • residents of Macedonia
  • citizens of Macedonia
  • foreign residents
  • foreign citizens
Non-Eligible Depositors
small- and medium-size enterprises
companies
banks
financial institutions
government bodies
local authorities
Covered Accounts
all deposit accounts, for example
  • current accounts
  • savings accounts
  • time deposit accounts
  • deposits related to payment cards
Covered Currencies
all currencies, namely
  • MKD (Macedonian denar)
  • foreign currencies
Paid In Currency
MKD

Table 3. Deposit guarantee scheme in Macedonia.

Further Information