direct electronic communication on all issues related to statistics and undertaking financial education activities. in 2016, we started with a regular publication of press releases on statistics, as well as a project, which is in the final phase, for establishing a statistical internet portal for external data users. in doing so, in the basis of all these new statistical requirements, lies the need for providing granular, rather than aggregate data. the crisis has not called into question the traditional aggregate economic statistics, but has shown that it is not enough. for example, in order to understand why the huge liquidity that the ecb brought into the banking system did not lead to stronger credit growth, granular data were needed, which will enable to better understand what drives the aggregates, and thus enabling the monetary policy to be more effective. all the statistical points indicated so far in one way or another are links within the g - 20 statistical initiative, which, although not a formal framework for us, is a guideline we adhere to. in addition, this initiative is in synergy with other important international statistical standards, as well as european statistical requirements, which we, as a central bank, strive to follow. one such initiative is sdds plus, as the third and highest pillar of the imf ’ s statistical standards. i can proudly say that we, as a state, have shown a willingness to join this initiative, which is currently involving only 14 countries, actively working together with the sso and the mof to prepare all the requested data, thus preparing for accession to this highest standard are in the final stage. an additional aspect that brings new challenges to statisticians is the digitization process, which is also gaining momentum in the financial industry. digitization and innovation of financial services imposes new challenges for their statistical monitoring and measurement. at the same time, in the statistical world, the number of initiatives for active use of the so - called “ big data ” is rising, a new paradigm that changes profiles and statistics makers, statistical processes, as well as the overall economic and financial analysis. ladies and gentlemen, finally, we, like other statistics makers in rm, in recent years have made great step forward in improving the existing statistical surveys and introducing new one for the purpose of filling in the identified staistical gaps in global terms. however, statistics is not an aim by itself. by providing rich, high - quality, timely and internationally harmonized set of statistics, we contribute to higher 2 / 3 bis

dimitar bogov : when pressures on prices are relieved, we will stimulate economic growth interview with mr dimitar bogov, governor of the national bank of the republic of macedonia, in “ kapital ” weekly magazine, published on 8 november 2012. * * * bank affairs are always possible in the countries in the region banking affairs have erupted, in connection with criminal activities of some banks in conjunction with politicians. what is the situation in macedonia? is everything under control in the banking sector? nbrm controls the banks in terms of their compliance with the regulations, the quality of corporate governance, and assesses the risks that banks undertake in their operations. banking supervision is a strong prevention against criminal operation. but that does not mean that as anywhere in the world, banking affairs could not take place also in the banking sector in macedonia. spasijka jovanova the national bank of the republic of macedonia lowered the forecasts for the economic growth this year to 1 percent and raised the concerns of inflation. the condition when no growth is registered, i. e. there is a downturn, and there is higher inflation, is called stagflation, which is the worst stage of an economic crisis. is the macedonian economy in such a stage? i would not agree that the macedonian economy is entering stagflation. however, there were unusual movements in the world economy. on the one hand, european economies are in recession, the us economy has been struggling to return to the path of growth, and more recently, fast - growing economies such as brazil, india, china, turkey have also slowed down. in such circumstances, it would be logical for the prices on the commodity exchanges worldwide to fall. but it is not happening. prices of oil and basic agricultural products are not falling, but maintain the previously achieved high level or even continue to rise. in part, this is due to the overly relaxed monetary policy of the fed, the ecb and the bank of england, as well as the debt crisis in the euro area, which “ urge ” investors to invest in real goods on the commodity exchanges. the rest is a consequence of the so - called supply shocks, i. e. political tensions in the arab world and the middle east, as well as the drought in the countries that are the largest producers of grain. in such conditions, despite the slowdown of economic growth, macedonia is facing a higher imported inflation. in conditions of such an emphasized economic crisis