The currency is stable because of externally imposed constraints and an artificial manipulation of the money supply. Moreover, a strong currency makes goods produced in Macedonia relatively expensive in outside, export markets. Thus, it is difficult for Macedonian growers and manufacturers to export. Thus, the end result is a growing preference for imports and a decline in exports. In the long term, this increases unemployment.
Export is the biggest driving force in creating jobs in modern economies.
In its absence, economies stagnate and dwindle and people lose their jobs. If they expect the local currency to be devalued - they will refrain from taking long term credits denominated in hard currencies. They will prefer credits in local currency or short term credits in hard currencies. Their lenders will also be afraid to lend them money, because these lenders cannot be sure that the borrowers will have the necessary additional Denars to pay back the credits in case of such a devaluation. Naturally, a devaluation increases the amounts of Denars needed to pay back a loan in foreign currency.