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Former Yugoslav Republic of Macedonia; Recent Economic Developments


  • International Monetary Fund


This paper reviews economic developments in the Former Yugoslav Republic of Macedonia during 1990–95. The financial stabilization in 1994 was a result of three key policy changes. The National Bank abolished its system of passively rediscounting selective commercial bank credits and the emphasis of monetary policy was switched to inflation control. A broad range of fiscal measures ensured a decline in the public sector deficit from 11 percentage points of gross social product in 1993 to 3 percentage points in 1994. There was a 50 percent drop in measured industrial production between 1990 and 1994.

Suggested Citation

  • International Monetary Fund, 1995. "Former Yugoslav Republic of Macedonia; Recent Economic Developments," IMF Staff Country Reports 95/50, International Monetary Fund.
  • Handle: RePEc:imf:imfscr:95/50

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