Macedonias central bank governor Bogov rules out devaluation.

By bne IntelliNews October 7, 2012
Central bank governor Dimitar Bogov rejected the rumours for a devaluation of the Macedonian currency in an interview for Radio Free Europe. He pointed out that the foreign reserves are at an all-time high and the demand for and supply of foreign exchange are normal. Bogov noted that the institution is even a net buyer of foreign exchange. The governor also mentioned that local currency savings are increasing, and that there are no imbalances in the external and banking sectors. Bogov also commented that the monetary policy is facing a challenge, since currently there is both a slowdown of economic growth and an acceleration of inflation, which require opposite monetary policy responses. He noted that while the August and September inflation was above their expectations, it was due to oil and food prices on the world markets. We remind that annual consumer price inflation was 3.7% in August and 5.3% in September. GDP dropped by a real 1.3% y/y in Q1 and a real 0.9% y/y in Q2.

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