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North Macedonia Interest Rate

The National Bank of North Macedonia held its key policy rate steady at 5.35% in September 2025. This rate is unchanged from July 2025. The central bank cited moderating inflation which decreased to 4.4% in August 2025 from 4.8% in July 2025 and steady domestic growth, evidenced by a 3.4% GDP expansion in Q2 2025 as reasons for its cautious monetary policy. The bank's goals are to maintain medium-term price stability and the stability of the denar against the euro. North Macedonia's record low interest rate was 1.25% in March 2021 and record high was 6.3% in September 2023.

Historical Data (2015-2025)

(in %)
Date Interest Rate
Sep 17, 2025 5.35%
Jul 30, 2025 5.35%
Jun 11, 2025 5.35%
Apr 23, 2025 5.35%
Mar 12, 2025 5.35%
Feb 05, 2025 5.35%
Dec 18, 2024 5.55%
Oct 24, 2024 5.8%
Sep 18, 2024 6.05%
Jul 24, 2024 6.3%
Jun 12, 2024 6.3%
Apr 17, 2024 6.3%
Mar 13, 2024 6.3%
Jan 31, 2024 6.3%
Dec 20, 2023 6.3%
Oct 31, 2023 6.3%
Sep 20, 2023 6.3%
Aug 16, 2023 6.15%
Jun 21, 2023 6%
May 10, 2023 5.75%
Mar 15, 2023 5.5%
Feb 08, 2023 5.25%
Jan 18, 2023 4.75%
Dec 14, 2022 4.75%
Nov 17, 2022 4.25%
Oct 13, 2022 3.5%
Aug 31, 2022 2.5%
Jul 13, 2022 2.5%
Jun 15, 2022 2%
May 11, 2022 1.75%
May 31, 2021 1.25%
Apr 14, 2021 1.25%
Mar 10, 2021 1.25%
Jan 13, 2021 1.5%
Jun 30, 2020 1.5%
May 13, 2020 1.5%
Mar 16, 2020 1.75%
Jan 15, 2020 2%
Sep 30, 2019 2.25%
Aug 13, 2019 2.25%
Apr 30, 2019 2.25%
Mar 12, 2019 2.25%
Jan 31, 2019 2.5%
Dec 11, 2018 2.5%
Sep 30, 2015 3.25%

Recent Events

datetime event actual previous consensus
2025-09-17 05:00 AM Interest Rate Decision 5.35% 5.35% -

Next Release Date :

North Macedonia Interest Rate : Definition
The Interest Rate set by the National Bank of the Republic of North Macedonia is the benchmark cost of borrowing in the economy. It influences lending, spending, investment, inflation, and overall financial stability.
Indicator Last Value Prior Value Period
Private Credit (% GDP) 54.79% 52.34% 2024