Interest rate growth of loans for residents and companies may be expected, after the National Bank decided to increase the base interest rate by 0.75 percent, i.e. from 3.25 percent to 4 percent.
This decision comes in times of political turbulence and growth of exchange currency demand, as well as the interest to withdraw deposits from banks.
"This is a result of the aggravated expectations of economic entities, caused by the unstable political situation in the country. By that, the change of the interest rate is an answer to the effects of non-economical factors," the press release of National Bank read.
Analysts say that this is a logical reaction of the National Bank, a sign of precaution, and an answer to the speculations for devaluation.
"This is a sign of precaution in order not the crush the stability of the denar. However, the measure may mean that interest rates of loans will grow, or that the crediting will slow down. Still, at this moment, this is a way to stop greater inflation, as well as devaluation," said Tome Nenovski.
Bankers say that they are conducting analysis, if and when the interest rates would raise. They do not have a concrete answer at the moment, since the decisions are affected by the moves of the other rivaling banks. Finance Think organization, on the other hand, believes that should be expected.
"Finance Think remains on its position that there is no economic justification to devaluate the denar. The continual speculations and conversion of denars for other foreign currencies can only push the basic interest rate up, and can make the banking interest rates increase very soon. We already witnessed that in Macedonia in 2009," Finance Think elaborated.
The National Bank of the Republic of Macedonia, however, claims that the economic fundaments are solid, and there is no major imbalance in our economy.