Almost EUR 4 million is the total loss of Macedonian citizens in April as a result of the panic withdrawal of deposits from banks, as well as converting denars to foreign currency, which occurred because of the false rumors that there will be serious devaluation of the MKD. The appeals of NBRM that there is no room for panic and that the exchange rate is stable were futile. NBRM has already officially announced on the loss of domestic savers in April.
"Losses of economic entities on the basis of unrealized charges for premature withdrawal of term Denar savings in April 2016 reach over MKD 217 million. Citizens will mark and expense from exchange rate differences, when they will once again turn the purchased foreign currency into denars, which is estimated at about MKD 23 million", the National Bank said on their Facebook page.
Macedonian citizens were withdrawing their deposits, due to the panic created in the public, because of the devaluation of the denar. But almost before every election from 2006 onwards, and particularly the parliamentary elections, speculations for devaluation are spread in the public. A panic that the value of the denar would reduce was created in 2008, 2011 and 2014.
Speculation about devaluation was rejected by both the representatives of banks and NBRM, but also other financial organizations that analyze the domestic financial market. The head of the Banking Association said that banks have excess liquidity and are ready to service all the needs of citizens who can freely dispose of their money, whether they want to change into euros or vice versa, to withdraw or deposit.
Speculations were dismissed by the Governor, adding that the economic fundamentals of the country are healthy, and the rumors orchestrated.
There is almost a complete halt of the withdrawal of deposits from banks in speculation about the political crisis in Macedonia, the Governor of NBRM Dimitar Bogov said in an interview for Reuters. Bogov points out that during April, 1.8 percent of deposits in banks are withdrawn which is the first such case after several years of steady growth of the deposits.
"In the past two weeks we see a stabilization of the situation and the withdrawal of deposits almost stopped. There are indications that citizens are returning their deposits in the banks, therefore we believe that the worst is over", Bogov noted.
After rising the interest rates on the treasury bills from 3.25 to 4 percent, Bogov says that there is no need for further increase.
"So far the situation has stabilized, the necessary signals are sent and already we see a response from the banks which increase interest rates on deposits. We believe that there will be no need for further increase, but we remain alerted and ready to use monetary policy measures if needed to safeguard the macroeconomic stability", Bogov said.
Governor of the Central Bank says it is possible NBRM to cut interest rates if the political crisis is resolved soon and if there will no longer be speculative attacks on the stability of the Denar.