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Macedonian gov't committed to boosting savings in banking system: minister

Xinhua, November 1, 2016 Adjust font size:

The Macedonian government will take necessary measures to provide better conditions for doing business and higher living standards for the citizens as a way to give a boost to bank savings, Macedonian Finance Minister Kiril Minoski said Monday.

Speaking at the event organized by the Macedonia Banking Association to mark World Savings Day, Minoski noted he considered savings the key pillar of the financial system's stability.

According to Minoski, deposits of Macedonia's population amounted to over 213 billion denars (3.79 billion U.S. dollars) in September, recording an average annual growth of 1.3 percent.

However, he said the growth rate of deposits had lowered, mainly due to the impact of the political crisis, speculation about possible devaluation of the denar, and the effect of the refugee crisis.

On the other hand, head of the banking association Kosta Mitrovski said the banks were ready to offer loans to Macedonia's citizens, and especially companies.

Both the finance minister and the banking association head highlighted that Macedonia's banking sector was stable, secure and liquid, and therefore savings deposits in the banks were safe. Endit