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National Bank takes measures for cheaper credits.

The National Bank of the Republic of Macedonia reduced the base for the mandatory reserve of banks for the newly approved credits for net exporters and home producers of electricity, as well as for investments in debt securities in the home currency without a foreign exchange clause issued by these companies.

"This measure gives banks an opportunity to cut interests rates on credits for net exporters and producers of electricity by 0.5-1 percent," said National Bank Governor Dimitar Bogov.

The measure, as Bogov said, applies solely to net-exporting companies and producers of electricity that repay credits on time and will stay in force until 2014.

For the first time in history, the National Bank has introduced a non-standard mea-sure. However, according to Bogov, this is what all central banks have been doing since the outbreak of the crisis.

"The measure should stimulate the balance of payments and the stock exchange market, which should reflect on the economic growth, considering the companies that should be approved these credits are crucial for the economic growth," Governor Bogov explained.
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Title Annotation:EMPLOYMENT
Publication:Macedonian Business Monthly
Date:Nov 1, 2012
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