🇲🇰 North Macedonia Holds Rate Steady as Central Bank Signals Confidence in Electricity Export Push

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Key Takeaways

• Central bank held key policy rate at 4.25% on July 28, 2026, according to TradingView.
• Government sold 51.6 million euros of one-year T-bills on July 28, 2026, per SeeNews.
• Government also sold 2 million euros worth of three-year T-notes on July 28, 2026, per SeeNews.
• Prime minister announced on July 27, 2026 that North Macedonia will become an electricity exporter, as reported by fDi Intelligence.
• Central bank data shows interest rates on bank deposits have been increasing since the beginning of 2026, according to БТА on July 27, 2026.

The Data

SKOPJE — North Macedonia’s central bank kept its key policy rate unchanged at 4.25% on July 28, 2026, according to TradingView, as the government pushes to transform the country into a net electricity exporter. The prime minister stated on July 27, 2026 that the nation will become an electricity exporter, per fDi Intelligence, signaling a major shift in energy policy.

Detailed inflation data for North Macedonia is not available in this report. The State Statistical Office typically releases consumer price index data, but no specific figures are provided here.

The National Bank of the Republic of North Macedonia held the policy rate at 4.25% on July 28, 2026, per TradingView. The next decision date has not been announced. The central bank’s stance suggests it sees current borrowing costs as appropriate for the economic outlook.

GDP growth data for North Macedonia is not available in this report. The State Statistical Office normally publishes quarterly growth figures, but no specific numbers are provided here.

Labour market data for North Macedonia is not available in this report.

Central Bank Holds Rates as Deposit Costs Rise

The National Bank of the Republic of North Macedonia held its key policy rate at 4.25% on July 28, 2026, according to TradingView, even as data from the central bank shows interest rates on bank deposits have been rising since the start of 2026, as reported by БТА on July 27, 2026. This suggests banks are competing harder for customer deposits, which could make saving more attractive for households.

The government also raised 51.6 million euros from one-year T-bills and 2 million euros from three-year T-notes on July 28, 2026, per SeeNews. These debt sales show the government is managing its borrowing needs while keeping an eye on market conditions. The prime minister’s July 27, 2026 announcement about becoming an electricity exporter, per fDi Intelligence, could boost economic growth and reduce energy import costs over time.

What This Means

For households, rising deposit rates mean better returns on savings accounts, but borrowing costs remain unchanged with the policy rate held at 4.25%. The prime minister’s electricity export goal could eventually lower energy bills if domestic production increases and reduces reliance on imports.

For businesses, the stable policy rate at 4.25% provides predictable borrowing costs for investment. The government’s debt sales show steady access to funding, and the energy export plan could open new revenue streams for companies in the power sector.

Outlook

The central bank’s next rate decision will be closely watched, especially as deposit rates continue to climb. The government’s energy export ambition, announced July 27, 2026, will require significant investment in generation capacity to become reality.

Analysts will be watching for the next inflation and GDP data from the State Statistical Office to gauge whether the economy can support the prime minister’s export goals while keeping prices stable.

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Data sourced from State Statistical Office and National Bank of the Republic of North Macedonia. Analysis by Economic Pulse Data Team.

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Edited by Editorial Desk. Fact-checked by Editorial Desk. This is analysis, not financial advice.