Dimitar Bogov: Seventy years of central banking activities in the
Republic of Macedonia
Speech by Mr Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, at the
ceremony of marking 70 years of central banking activities in the Republic of Macedonia and
order award by his excellency Dr Gjorge Ivanov, President of the Republic of Macedonia, Skopje,
19 October 2016.
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Honorable President of the Republic of Macedonia, Your Excellency,
Dr. Gjorge Ivanov,
Distinguished Members of Parliament and representatives of the Government,
Honored Excellencies,
Esteemed guests, ladies and gentlemen,
It is my pleasure and honor, on behalf of the National Bank of the Republic of Macedonia and on
my own behalf, to express my sincere gratitude to His Excellency, the President Dr. Gjorge
Ivanov for the high recognition he has awarded to the National Bank tonight. I would also like to
thank all of you for being present at the celebration that marks this great anniversary.
It is a great honor to be awarded the "Order of Merits for Macedonia" by the head of state, in the
year when the National Bank celebrates 70 years of central banking activities in the Republic of
Macedonia. This award is a great recognition for the overall work of the National Bank. It is strong
confirmation of the enormous contribution of the Bank to the state all these decades - as a
central institution of the monetary system and a key pillar of macroeconomic stability.
These 70 years, the National Bank has gone through various stages of transformation and
evolutionary development. It has operated in various systems of social and political order. Over
the years, it changed both its name and address. It has gradually acquired competencies and
built its functions. With the constitution of independent Macedonia and the declaration of
monetary autonomy, it established itself as an institution - carrier of the functions of a modern
central bank. Today, I can proudly say that the National Bank has grown into a modern and highly
professional institution, enjoying credibility domestically, and appreciated and recognized
internationally.
The National Bank has been maintaining price stability in the Macedonian economy for 20 years
through a stable exchange rate. The inflation rate in the past 20 years has averaged about 2%,
which is a level comparable to developed countries, placing us among the most successful
economies in transition. The financial stability has been successfully maintained by promoting
sound, safe and competitive banking sector that successfully defy risks and delivers robust
credit growth. By achieving these two legally delegated objectives, the National Bank creates the
best conditions for sustainable economic growth and therewith, serve the well-being of the
Macedonian society.
Yet, besides its primary activity, the National Bank has vigorously built capacities in other areas.
As a result, today, the Bank has a modern foreign reserves management system in place;
effective risk-based supervision; plays an active role in the financial market development;
operational, oversight and catalyst role of the payment systems; enjoys a strong analytical
capacity which is continually being upgraded and carry out active scientific research. Eventually,
the way we decided to mark the anniversary confirms that the National Bank has always known
to go beyond its specialty and focus on broader social interests, such as educating the public.
Therefore, we have focused many of the activities of this anniversary to the financial education,
with the school children being our primary target group. We believe that our task, which is the
same for many central banks worldwide, is to educate the public and to disseminate financial
literacy as a general public good.
The National Bank has thus far repeatedly shown that it is serious, sound and mature institution
that knows how to deal with challenges, to respond to internal and external shocks, speculative
attacks on the domestic currency. It has demonstrated capacity to deliver price stability,
exchange rate stability and soundness of the banking sector in difficult times. It has justified the
confidence of citizens, which is the largest asset for a central bank.
Distinguished quests,
For me it is a great honor and privilege that the National Bank is honored with high award by His
Excellency, the President during my term as a governor. I feel the need at this ceremony to pay
tribute to all deserving persons of history, who left inerasable trace in the development and
building of the institution and in the establishment of the monetary system of the country. Here I
would mention Dr. Todor Mirovski, as the first director of the Regional Office of the National Bank
of FNRY of the then National Republic of Macedonia. Then, Mr. Aleksandar Bogoev who
succeeded him in office shortly afterwards, and his successor, Mr. Trajan Ivanovski. I would also
pay tribute to Mr. Bozidar Dare-Dzambaz who served as a finance minister at the time of
establishing the central banking in the Republic of Macedonia. To Mr. Vladimir Polezhinoski -
Polezhina as a Macedonian representative of the body that adopted the Decision that made the
dinar a Yugoslav currency. To academician Ksente Bogoev, who also served as a governor of
the National Bank of Yugoslavia. To the Governors of the National Bank in the Socialist Republic
of Macedonia, Mr. Stojan Kjosev, Andon Makraduli and Risto Filipovski. I would pay special tribute
to the first prime minister of independent Macedonia, academician Nikola Kljusev, who was one
of the main protagonists not only of the monetary independence, but also as a maker of other
decisions of that time, which meant completion of statehood. There is also the academician
Petar Hristo Ilievski, known as the man who gave the name of the Macedonian denar. I also pay
tribute to my predecessors in office in the independent Macedonia, governors Borko Stanoevski,
Ljube Trpeski and Petar Goshev and to all management structures of the Bank, both current and
former, largely present here tonight. I extend special thanks and recognition to all generations of
employees of the National Bank, that dedicated their work life to the institution, and have
contributed with maximum commitment and professionalism to the continuous growth and
development of the National Bank. This order is your merit, but also a responsibility to continue
delivering great results. To continue investing in constant upgrade and to protect the reputation of
the institution, thus helping it to come closer to the family of the central banks of the Member
States of the European Union.
I am convinced that in the next period the National Bank will continue to build and develop itself,
and will successfully accomplish its mandate!
May we celebrate this great event for many years!