Wednesday, 1 April 2020 | News today: 0

Trpevski: Political crisis must be resolved, otherwise the economy will suffer

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Third bank panic is happening to Macedonia, said former governor Ljube Trpevski for TV Nova on Thursday.

“The first was in 1999 during the NATO bombing of former Yugoslavia, when there was a large influx of refugees from Kosovo. The second was in 2001, when there was internal conflict. This is the third panic, which is already being overcome and it is the mildest. The undertaken measures are expected and are defending the Denar as the national currency. Unlike the crises in the past, now the National Bank is much more prepared and has good staff as well, and also the banks are much healthier, well-capitalized with ample liquidity, so there is no need for panic. In terms of the current developments, only those who have taken out their savings and replaced them with foreign currencies have lost, while the banks have benefited from that”, he said.

According to him, there are enough tools and measures at the Central Bank’s disposal to defend itself from such cases and situations. He urged that this political crisis must be resolved, otherwise everybody will sink and the economy will suffer.