not borrowing much on the domestic market, because it has accumulated enough funds on their accounts with the bis central bankers ’ speeches national bank. also, the funds it borrowed from abroad in the beginning of the year are still disposable on their account, because of which there was no need for additional debiting on the domestic market. however, some of the economists fear that exactly the foreign debiting is unfavorable, saying that it was made for unprofitable, unproductive purposes. how do you see this situation, is there a risk? well, macedonia has a lack of domestic savings, and as a country, we will need foreign savings for a long time, and that is the situation with most of the developing countries, if i may say. it means, the foreign savings is necessary, and part of it will pour through the foreign direct investments, while part through debiting. of course, speaking from the viewpoint of the monetary policy, we would like to see the state to borrow also from abroad, not only on the domestic market, because it gives additional security and stabilization to the macedonian economy. the level of debt is still moderate and causes no other unfavorable implications. so, whether like it or not, we must borrow, better abroad, in order to, if not else, cover also the current expenditures? well, the state budget is structured in such a manner that it has a deficit, meaning a need of funding, but whether that funding is used for current or capital needs, it is hard to say, because it is one account of the government from which all those needs are covered. if a problem regarding the repayment emerges, hypothetically, does it mean that the monetary policy can feel the consequences as well? the fiscal and the monetary policy are, of course, interleaving and the monetary policy is always adjusted in order to maintain the balance in the macedonian economy. if we come to a situation when this balance is disturbed, the monetary policy will adequately react in order to restore the balance. the foreign reserves for a month " melted " by approximately euro 80 million. has these reserves been spent for maintaining the stability of the denar, or for other purposes? no, the foreign reserves reduced in the first half of the year. the decrease amounted about euro 150 million. the largest part was due to the changes in the gold prices and the us dollar – euro exchange rates. you know that that the gold was

, information and data that the nbrm uses, and which we feel obliged to supply you with through our communication. among other things, guided by our firm commitment to social responsibility, for several years now we have hosted this workshop, which becomes a tradition. this year ’ s workshop has a different format, which is the result of our attempt to follow your interest, as well as your recommendations expressed during the successful cooperation so far. it will be focused on two very important, but so far insufficiently covered topics – the lending survey and the profitability of the banking sector. i am sure that in the period ahead, we will raise the level of transparency, by promoting the way, the form and the channels of communication, and we will always make sure that we are socially responsible institution whose communication with the media representatives will be at the highest professional level and will be an example for others. i believe that we will succeed in this by mutual correctness, respect and professionalism. i wish you a pleasant, successful and fruitful workshop. 3 / 3 bis central bankers'speeches