a period of significant credit expansion. it should be underlined that according to the supervisory examinations of the nbrm, the newly extended credits are granted to good clients. in december 2000, compared to the same month of 1999, the banks ’ foreign currency placements to the nongovernment sector decreased by denar 1, 421 million, or by 17. 2 %. the fall was primarily due to the higher attractiveness of the banks ’ denar credits due to the higher interest rates. at the end of march 2000, the nbrm continued with further reforms of the monetary policy instruments, where the abolishment of the credit ceilings being the most significant one. hence, the transition to indirect market - oriented instruments for monetary regulation has entirely been completed. moreover, the existing monetary instruments have been improved in order to be modern and closer to those used in developed market economies. within the framework of continuous and intensive efforts to lower the banks ’ interest rates, the nbrm, in april 2000, decreased the discount rate and the lombard credit interest rate by one percentage points, thus reducing them to 7. 9 % and 17. 5 % p. a. respectively. on december 30, 2000, according to the new methodology, the nbrm gross foreign exchange reserves equaled usd 478. 1 million. domestic and international payments liquidity in the republic of macedonia in 2000, the liquidity of the banking system considerably improved. in january – december 2000, compared to the same period of 1999, the average daily liquidity of the banking system was by 42. 1 % higher. this resulted in decrement of the demand for liquid funds by the banks, which was reflected upon the movement of the interest rate on the money market. in december 2000, the average weighted interest rate on the money market amounted to 7. 1 % and was by 4. 5 percentage points lower compared to the same month of 1999. the international liquidity in the payments is visible through the ability of servicing the external debt. on september 30, 2000, the external debt of the republic of macedonia, based on disbursed medium - term and long term foreign credits, amounted to usd 1, 400. 8 million. compared to the end of 1999, the external debt of the republic of macedonia was reduced by usd 37. 7 million, as a result of the repayment of the regular liabilities, as well as the exchange rate differentials. according to the payment schedule, lia

( b ) is committed to conducting its fx market activities in a manner that is consistent with the principles of the code ; and ( c ) considers that it has taken appropriate steps, based on the size and complexity of its activities, and the nature of its engagement in the fx market, to align its activities with the principles of the code. 3 the assessment would take into account issues such as the breadth of adoption of the code, the effectiveness of adherence mechanisms, the extent to which behaviour in the market has changed and the effect of the code on market functioning. 4 bis press release, 25 may 2017, “ central bank governors welcome global code of conduct for currency markets ” 5 source : 2016 bis triennial fx survey. 6 / 6 bis central bankers'speeches