Celebrated the World Savings Day

29/10/2021

Celebrated the World Savings Day

The celebration of the World Savings Day, October 31, the day when we are reminded of the importance of having financial security in the form of savings and long-term savings to achieve the set goals, the Macedonian Banking Association this year organized it in a hybrid format. The celebration with a limited number of attendees was held at the Marriott Hotel, Skopje and was livestreamed on the YouTube channel of the Association.

The event was addressed by the President of the Macedonian Banking Association, Maja Stevkova Sterieva PhD, the Minister of Finance, Fatmir Besimi PhD, the Vice Governor of the National Bank, Ana Mitreska MSc, and the Director of the Insurance Fund deposits, Amir Shabani.

The President of the Macedonian Banking Association, Maja Stevkova Sterieva PhD, greet the attendees, congratulated the holiday and said:

„Being a bank employee working with retail today is very different from the same activity thirty years ago. Why exactly 30 years? I chose this number because it is associated with the number of years of independence of the Republic of North Macedonia, which was celebrated this year. I take this opportunity to indirectly point out how much the banks have improved their operations in the area of working with households, which has greatly contributed to the continuous increase in deposits and increased confidence in banks.“

She also noted that:

„Today, the Macedonian Banking Association operates through twelve commissions in various fields, which include more than 200 top professionals from the banking sector.
This strong professional human potential possessed by the Macedonian Banking Association, works daily to promote the interests of the entire banking sector, but is also available to all institutions within the scope of our operations, in the interest of our customers, and thus to the citizens of our country.“

Mentioning the specific economic trends in the country in conditions of a pandemic, the Minister of Finance, Fatmir Besimi PhD, said that this year a higher level of growth can be achieved than the projected 4.1 percent GDP growth. Besimi announced the development of the financial market.

„We will develop a financial market where citizens will have the opportunity to invest their funds in various instruments, because competition is healthy for the economy, healthy for growth and development, which in turn will mean better economic positions for our economy“, said Besimi.

By August 31, total deposits accounted for 63 percent of Gross Domestic Product.

Besimi said that it is important for the citizens to invest their free funds in the banks because in that way they do not lose their value, and at the same time they mean new investments and employments because the banks allocate those funds in the businesses.

Speaking about the importance of investments, Besimi referred to the Plan for accelerated economic growth, where investments are a key component in terms of the growth model.

The main goal of the Plan, as Besimi said, is “gross investments from the current 30 percent of GDP to reach a level of 36.2 percent, which means that only public investments will reach one billion euros during 2026“.

The pandemic has increased savings and this process is a global phenomenon, which is due to three reasons, said the Vice Governor of the National Bank, Ana Mitreska MSc.

„First, despite the recession, disposable income has not declined, partly because of the financial impulse to support wages and jobs. Furthermore, given the nature of the crisis, restrictive measures and movement restrictions, part of the population faced a forced reduction in consumption, primarily consumption of various services, which is characteristic of people with higher incomes and greater capacity and propensity to save. Thirdly, given that all future economic trends are conditioned by an extremely uncertain epidemiological curve, in such an environment, the precautionary motive plays a major role in the behavior of depositors“, Mitreska pointed out and stated that in our country the deposit potential is increasing with a relatively solid intensity of over 8% on an annual basis, so the dynamics of increase is very similar to that of the period 2018-2019.

The director of the Deposit Insurance Fund, Amir Shabani stated that:

„The Deposit Insurance Fund retains the role of guarantor of the deposits of the citizens in the Republic of North Macedonia and successfully contributes to build trust in the banking system. As one of the three pillars of the financial stability, the institution continuously and successfully cooperates with the Macedonian Banking Association, as well as with all its members, banks, and savings houses. Confirmation of that is the fast and successful payment of the last case of payment of compensation to the depositors of Eurostandard Bank AD Skopje in bankruptcy, which took place through 4 paying banks.“

Recognition for achieved special results in their work this year received 33 officer from 13 banks, 2 savings houses, the Clearing House KIBS and the Macedonian Credit Bureau.

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