Dimitar Bogov: What could SEPA bring for the banking and the real
sector in the Republic of Macedonia
Speech by Mr Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia,
at the event "What could SEPA bring for the banking and the real sector in the Republic of
Macedonia", organized by The Banking Association at the Economic Chamber of Macedonia,
in cooperation with the European Banking Federation (EBF), Skopje, 13 May 2014.
* * *
Honorable Mr. Stavreski, Vice President of the Government of the Republic of Macedonia
and Minister of Finance,
Honorable Mr. Janchevski, Chairman of the Banking Association of the Macedonian
Economic Chamber
Distinguished guests from the banking sector in the Czech Republic
Dear representatives of the banking and the real sector in Macedonia
Ladies and Gentlemen,
One of the primary functions of each central bank is to create conditions for stable, reliable
and efficient operation of the payment systems. To achieve this function, and according to
the best practices of central banks of the EU Member States, the National Bank performs
four basic roles in the payment systems: operational, supervisory, development and catalyst
role.
The successful performing of these functions is closely related to the importance of payment
systems for a national economy. The proper functioning of the systems for large payments,
which are owned and managed by central banks, is important for the effective monetary
policy conduct. In circumstances of permanent changes in the infrastructure of financial
markets, the supervisory role of the central bank regarding the payment system contributes
to the maintenance of financial stability. Additionally, the systems for large payments
contribute to the coordination of the direct participants in the national payment system, such
as the Treasury of the Ministry of Finance, banks and clearing institutions, ensuring finality of
all payments in the national economy. In this way, the National Bank maintains the vitality of
the payment systems as one of the most important components of the financial and
economic infrastructure.
In terms of achieving the development and catalyst role, allow me to affirm the strategic
approach of the National Bank, the Ministry of Finance and the Banking Association in the
development of the national payment system of the Republic of Macedonia through the
adoption and implementation of the Strategy for the development of the payment system of
the Republic of Macedonia for the period 2013-2017. Our shared vision for the development
of the payment systems of the Republic of Macedonia until 2017 is the modernization and
improvement of the operations of payment systems through the application of high-tech
achievements and gradual harmonization with the standards and rules of operation of
payment systems in the European Union. In this way, we expect to increase the reliability
and efficiency of payments and the acceptance of non-cash payment instruments,
simultaneously ensuring gradual compliance with the requirements for integration into the
Single European Payment Area - SEPA.
Finally, let me once again welcome our guests, the experts from the Czech Republic, who
will pass on the Czech experience in the realization of the decade-long EU project - the
establishment of the Single European Payment Area - SEPA. I believe that today's panel
discussions will encourage all stakeholders in the national payment system of Macedonia in
creating realistically achievable integration initiatives in the area of cross-border payments in
euros, which would open new opportunities for Macedonian companies and citizens for
effective and cheap payments in the economic exchanges with the European Union.