dimitar bogov : world savings day - the importance of savings in macedonia speech by mr dimitar bogov, governor of the national bank of the republic of macedonia, in front of the banking association of the economic chamber of macedonia, marking 31 october the world savings day, skopje, 31 october 2017. * * * ladies and gentlemen, dear bankers and guests, it is a great pleasure to address you on the occasion of marking the world savings day. this is the day when we emphasize the important role of savings, not only in terms of its role as a source of funding for the banks, but also its immediate importance for the economy as a whole and for maintaining financial stability. all of us, you as bankers and we in the national bank, as regulators, have many times been convinced in the truth of the saying that maintaining bank stability reflects the depositors ’ confidence. this year, the banks enjoyed the trust of the population, regardless of the unfavorable influence of the domestic political developments on the ordinary citizen and the depositor. this is also confirmed by the latest available data on the movement of household deposits. as of september, household deposits show a very solid growth rate of 5. 8 %, which is an important indicator for stabilizing depositors ’ expectations and perceptions amid unstable environment and restraint of economic agents from investment in the first half of this year. the positive movements in household savings contributed to the growth of the lending activity, so according to the latest available data as of september 2017, loans increased by 4. 3 % on an annual basis, with a solvency that is almost twice as high as the statutory levels and volume of liquidity that enables optimal day - to - day operation. it is also worth noting that in spite of the political environment, the deposit growth and the trust in banks have been achieved in the environment of historically lowest interest rates, both on the financial markets in the euro area and on the domestic interbank market. also, allow me to mention that in the forthcoming medium - term period, the deposit market will urge banks to make even greater efforts to modernize and increase their offer. we live in times of global digitalization, great advancements in information technology and its daily use in the financial sector. innovation and application of modern technologies globally put competitive pressure on the traditional forms of banking, and encourage banks to constantly adapt, be proactive and inventive, and by changing their business models to new phenomena and conditions, ensure

labour force. at the same time, improved terms of trade will led to higher activity in the norwegian economy. capacity utilisation is expected to revert to a normal level in the second half of 2011. in the coming years, output in the mainland economy is expected to increase at an annual rate of 3 – 4 per cent. a strong krone and low external price impulses will continue to have a dampening impact on inflation, and inflation will remain below target for some time. further ahead, higher capacity utilisation and profitability in the business sector point to a pickup in wage growth. at the same time, the fall in import prices will slow. to conclude : norway has weathered the financial crisis better than most countries, and the economic recovery in norway is now on a firm footing. currently, interest rates are low, with the key policy rate at 2 per cent. in the years ahead, there are prospects for fairly strong growth in the norwegian economy, driven by solid income growth, rising investment and high population growth. on balance, the consideration of stabilising inflation, as well as developments in output and employment, imply a gradual increase in the key policy rate towards a more normal level. thank you for your attention. bis central bankers ’ speeches