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Monetary policy strategy of the NBRM: experiences and options

Author

Listed:
  • Aneta Krstevska

    (National Bank of the Republic of Macedonia)

Abstract

National Bank of the Republic of Macedonia (NBRM) has been implementing an exchange rate targeting strategy for a more then a decade and so far it proved to be very successful. The aim of this paper is shortly to explain the advantages of this strategy and moreover to put more focus on the analysis for peg sustainability. Also, the paper discusses the effectiveness of the interest rate transmission channel in Macedonian economy. Based on the analysis for peg sustainability and still existing problems in the functioning of the interest rate transmission channel, the main findings are that current monetary policy strategy is still valid and regular monitoring of the environment that is changing dynamically is more then necessary.

Suggested Citation

  • Aneta Krstevska, 2007. "Monetary policy strategy of the NBRM: experiences and options," Working Papers 2007-05, National Bank of the Republic of North Macedonia.
    • Handle: RePEc:mae:wpaper:2007-05
    as

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    File URL: http://www.nbrm.mk/WBStorage/Files/WebBuilder_MonetaryPolicyStrategyofNBRM_experiancesandoptions.pdf
    File Function: First version, 2007
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    References listed on IDEAS

    as
    1. Mr. Aasim M. Husain, 2006. "To Peg or Not to Peg: A Template for Assessing the Nobler," IMF Working Papers 2006/054, International Monetary Fund.
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