The Alternative Financial Services Association of North Macedonia
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Meeting of the representatives of the financial companies and the Governor of the NBRNM and the Minister of Finance

On September 6, the National Bank of Republic North Macedonia hosted the first joint meeting with the Governor Anita Angelovska-Bezoska and the Minister of Finance Nina Angelovska with representatives of the Association of Financial Organizations of the Economic Chamber of Macedonia and the Association of Financial Companies. The meeting focused on the situation, movements and trends in the financial sector, which is a small but dynamic segment of the financial system. The challenges that the development of financial technology and the areas in which it should be expected to be applied in the future will also be discussed separately.

The interlocutors also referred to the recently adopted amendments to the Decision on the methodology for calculating the annual rate of total costs, which prescribes the manner of calculating the APR of consumer credit granted by all creditors, including financial companies. It was clarified that the amendments specified the list of costs not included in the calculation of the APR. Namely, this list excludes the costs of insurance or guarantee of the loan, which do not represent compulsory additional services, as well as other costs that are not directly related and which do not require the approval of the loan. The changes made to the regulation are expected to provide greater transparency in consumer credit pricing and provide borrowers with more complete information on their annual costs in a timely manner.

At the end of the meeting, it was expressed a wish to continue the joint communication between the two institutions with the Association and the Association, in order to keep up-to-date on the state of affairs, trends and news in the sector of financial companies. The Governor of the National Bank and the Minister of Finance estimated that such a joint communication could be particularly important and useful in recognizing the further challenges of our financial system and in assessing its stability.

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