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element, the goal and also hard task of the monetary policy is to keep stability between the denar and the Euro rates. If there are tendencies to the depreciation or appreciation of the denar, the National Bank interacts by selling or buying respectively, foreign currencies, after what the monetary strategy becomes respectively more restrictive or more expansive in relation to the projected targets.

Relationship between the monetary and the currency policy

There is a huge dependence between the monetary and the currency policy. It is important for the Macedonian economy to keep a stable exchange rate with the euro, in order to keep price stability in the country, which element will lead to a better life for all its citizens.

In October 1995 the monetary targeting strategy was overturned, and a new strategy was embraced, called the targeted nominal denar rate strategy. With this new strategy, the rising of the money supply is transformed into an instrument that helps, directly, on the stability of the currency rate, and indirectly, on the price stability.

Currency reserves

When the Macedonian National Bank became independent, it had no currency reserves at all. It all began in 1992, when the National Bank began creating its own reserves. The amount of foreign currency reserves is rising permanently. While in 1992, there were around US $60 million, it became US $803 million in 2003, which represents the amount of four months of import.

According to article 25 from the Law on the National Bank of Republic of Macedonia, the management of the National Reserve is in the hands of the National Bank itself. It has also to duty to prepare and consolidate reports every 6 months.

On behalf of the management of the National Reserve, the National Bank, according to article 28, is loyal to the principles of awareness, liquidity and profitability.

The exchangeability concept

The Macedonian currency has a present exchangeability. In June 1998, Macedonia has accepted article nr. 8 of the International Monetary Funds' Statute, which stated that all currents transactions between residents and non-residents can be completed freely, without restrictions. As part of this agreement between the National Bank of Macedonia and the IMF, was also the liberalization of capital transactions.

The direct investments of residents abroad, and of non-residents in Macedonia, are now free, except of a taxation fee in order to register by the ministry of economy. Non-residents can now invest into any Macedonian company, to start their own companies, and to buy shares so that they can become shareholders of all enterprises listed on the Macedonian Stock Exchange (MSE 10). The profit and all the capital investments can be taken back to the non-residents' place, if there are no more liabilities towards the government.

Non-residents, on behalf of diplomats, and other embassy representatives, have the right to buy real estate, but under certain conditions of demand and registration at the Central Registry of Macedonia.

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