National Bank of the Republic of Macedonia

The bank's mandate is defined by the Law on the National Bank of the Republic of Macedonia. Its reserve management strategy is strictly limited to preserving capital and maintaining liquidity to support the denar's de facto peg to the euro. The investment guidelines explicitly prioritize safety and liquidity over return, restricting its portfolio to sovereign-grade fixed income, deposits with highly rated international banks, and monetary gold (public record).

Ultimate oversight rests with the Governor, Anita Angelovska Bezhoska, and the Council of the National Bank. Day-to-day reserve management is conducted by specialized internal treasury and portfolio management teams. By law, these teams operate under a strict, publicly disclosed set of rules that constrain asset classes, credit ratings, and duration limits.

No. The National Bank's investment charter excludes equity, real estate, private credit, and all alternative asset classes. Its reserve portfolio is limited to instruments suitable for a central bank requiring immediate fiscal transfer or currency intervention capacity, which precludes illiquid or long-duration assets.

The National Bank operates as an independent institution under the constitution of North Macedonia. Its Governor and Council are appointed by and report to the Assembly of the Republic. The bank publishes annual financial statements, monetary policy reviews, and external audit reports to ensure public accountability.

The portfolio is bound by a three-tier hierarchy: safety of principal, liquidity for balance-of-payments needs, and return optimization as a residual goal. Credit exposure is limited to AA-rated or better sovereigns and supranationals, with tightly controlled duration matching the intervention horizon for the currency peg.