OREANDA-NEWS. The National Bank of the Republic of Macedonia Council held its second session and reviewed and approved the Financial Statements of the National Bank of the Republic of Macedonia and the Annual Account for 2014, which were audited by an independent audit company.

In the opinion of the independent auditor, the Financial Statements of the National Bank of the Republic of Macedonia present fairly, in all material aspects, the financial position of the National Bank of the Republic of Macedonia as at 31 December 2014, and the results of its operations and cash flows for the year than ended, in accordance with the International Financial Reporting Standards (IFRS).

At today's session, the Council reviewed and adopted the Decision amending the Decision on reserve requirement and the Decision amending the Decision on CB bills. When limited amount tender was applied at CB bill auctions, in the last quarter of 2014 and early 2015, it was noticeable that commercial banks regularly began the period with low fulfillment of the reserve requirement, while participating in the auction with high amounts over their liquidity potential. The amendments to the decisions require that the commercial banks start the reserve requirement period with the balances on their accounts with the National Bank of at least the amount of the reserve requirement. Additionally, a second measure is proposed that restricts the use of the reserve requirement during the entire maintenance period, so that banks will be required to maintain daily liquidity of at least 50% of the reserve requirement. These measures do not reduce banks' flexibility in liquidity management, and are expected to decrease the reliance on reserve requirement when establishing the demand for CB bills.

At today's session, the National Bank of the Republic of Macedonia Council, based on the planned schedule and pace of activities, also adopted the decision on issuing and the decision on putting into circulation the collector coin "Taurus" from the "Zodiac signs" series. The "Taurus" coin will be issued in a denomination of 10 denars, in 7000 pieces.