The National Bank of North Macedonia left its key interest rate unchanged at 4.25% at its November 2026 meeting, citing high uncertainty and unpredictability in the external environment. Policymakers stated that more time was needed to assess the sustainability of the stable exchange rate, particularly given the conflict in the Middle East and the war in Ukraine, which pushed energy prices higher. Headline inflation edged up to 2.7% in September from 2.6% in August, amid higher global energy prices that accelerated the energy component, while food prices also picked up. Meanwhile, the domestic economy remained resilient, with real GDP growth reaching 3.7% in the first half of 2026. Looking ahead, the NBNM stated it would continue to aim for stability of the denar against the euro to ensure price stability in the medium term, while closely monitoring domestic and international economic and financial developments. source: National Bank of the Republic of North Macedonia

The benchmark interest rate in Macedonia was last recorded at 4.25 percent. Interest Rate in Macedonia averaged 5.05 percent from 2002 until 2026, reaching an all time high of 15.21 percent in December of 2002 and a record low of 1.25 percent in March of 2021. This page provides the latest reported value for - Macedonia Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. North Macedonia Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2026.

The benchmark interest rate in Macedonia was last recorded at 4.25 percent. Interest Rate in Macedonia is expected to be 4.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the North Macedonia Interest Rate is projected to trend around 4.50 percent in 2027 and 4.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-07-28 12:00 PM Interest Rate Decision 4.25% 4.25% 4.25%
2026-09-15 12:00 PM Interest Rate Decision 4.25% 4.25% 4.5%
2026-11-03 12:30 PM Interest Rate Decision 4.25% 4.25% 4.5%
2026-12-22 12:00 PM Interest Rate Decision 4.25%


Related Last Previous Unit Reference
Banks Balance Sheet 1131646.00 1123442.00 MKD Million Sep 2026
Central Bank Balance Sheet 355466.16 356151.88 MKD Million Sep 2026
Deposit Interest Rate 3.75 3.75 percent Oct 2026
Foreign Exchange Reserves 5024.00 5101.00 EUR Million Sep 2026
Interest Rate 4.25 4.25 percent Nov 2026
Lending Rate 4.75 4.75 percent Oct 2026
Money Supply M0 65363.58 66183.89 MKD Million Sep 2026
Money Supply M1 344708.25 344541.66 MKD Million Sep 2026
Money Supply M2 585520.00 585091.00 MKD Million Sep 2026


North Macedonia Interest Rate
In Macedonia, interest rates decisions are taken by the National Bank of the Republic of Macedonia. The National Bank of the Republic of Macedonia official interest rate is the Central Bank bills rate.
Actual Previous Highest Lowest Dates Unit Frequency
4.25 4.25 15.21 1.25 2002 - 2026 percent Daily

News Stream
North Macedonia Holds Key Rate at 4.25%
The National Bank of North Macedonia left its key interest rate unchanged at 4.25% at its November 2026 meeting, citing high uncertainty and unpredictability in the external environment. Policymakers stated that more time was needed to assess the sustainability of the stable exchange rate, particularly given the conflict in the Middle East and the war in Ukraine, which pushed energy prices higher. Headline inflation edged up to 2.7% in September from 2.6% in August, amid higher global energy prices that accelerated the energy component, while food prices also picked up. Meanwhile, the domestic economy remained resilient, with real GDP growth reaching 3.7% in the first half of 2026. Looking ahead, the NBNM stated it would continue to aim for stability of the denar against the euro to ensure price stability in the medium term, while closely monitoring domestic and international economic and financial developments.
2026-11-03
North Macedonia Leaves Key Rate Unchanged
The National Bank of North Macedonia kept its interest rate unchanged at 4.25% at its September 2026 meeting, citing stability in the denar exchange rate and resilient economic growth. Policymakers stated that it was still too early to fully assess the inflation trend, particularly given the uncertainty surrounding the conflict in the Middle East and the conflict between Ukraine and Russia. Headline inflation rebounded in August, accelerating to 2.6%, amid persistent inflationary pressures from higher global energy prices. Meanwhile, the domestic economy remained resilient, with economic growth accelerating to 4.3% in the second quarter of 2026 despite the broader adverse environment. Looking ahead, the NBNM stated that it would continue to aim for stability of the denar against the euro to ensure price stability in the medium term, while closely monitoring domestic and international economic and financial developments.
2026-09-15
North Macedonia Holds Key Policy Rate at 4.25%
The National Bank of North Macedonia left its interest rate unchanged at 4.25% at its July 2026 meeting, citing uncertainty surrounding foreign prices and geopolitical tensions. Although headline inflation slowed in June to 3.4% from 4.8%, driven by lower food prices, policymakers stated more time was needing to assess price stability considering that inflation remains elevated, as foreign prices are still high and unstable due to geopolitical tensions and possible spill-over effects. Economic activity continues to show resilience, although growth slowed to 3.1% in the first quarter of 2026 from 3.8% in the prior quarter. Looking ahead, the NBNM stated it will continue to aim for stability of the denar against the euro, in order to ensur price stability in the medium term, and will closely monitor domestic and international economic and financial development.
2026-07-28