1) successful maintaining of price stability by conducting
TRANSCRIPT
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
1)
Su
cc 1)
Su
cc
es
sf
1.
Pr
ovi
di
ng
1 Preparation and revision of
the macroeconomic
projections for the
Macedonian economy
Continuous activities During the
year.
1)
Su
cc 1)
Su
cc
es
sf
ul
2.
Co
ns
ta
nt
m
2 Updating the assessment of
the sustainability of external
and public debt in
accordance with the
methodology of the IMF.
The infrastructure is set, updates
are being made, and improvement
of the existing infrastructure is
envisaged.
Updating the assessment of the sustainability of
external and public debt in accordance with the
methodology of the International Monetary Fund
(IMF).
Fourth
quarter of
2015
1)
Su
cc
es
sf
2.
Co
ns
ta
nt
3 Assessments of public debt
by using a macroeconomic
model with a fiscal block.
Analysis of the model and the codes
available.
Additional assessments of public debt by using the
macroeconomic model with a fiscal block for
simulations of fiscal consolidation or expansion.
Second
quarter of
2015
1)
Su
cc
es
sf
ul
2.
Co
ns
ta
nt
m
4 Development of vulnerability
indicators.
Development of vulnerability indicators of the
Macedonian economy and individual countries in the
region, which allows taking early action and timely
prevention of crises.
During the
year.
1)
Su
cc
es
sf
ul
m
ai
nt
ai
ni
ng
2.
Co
ns
ta
nt
m
on
ito
rin
g
an
d
5 Updating and improving the
analyses of the basic
indicators on which the
current monetary strategy is
based.
The infrastructure for econometric
evaluation is established, updates
are being made, and expansion and
upgrading of the current analyzes is
envisaged.
Updating of the analyses of the basic indicators on
which the current monetary strategy is based. In
2015 it is planned to upgrade the monetary
transmission analyzes, assessing the effects of the
changes in the policy rate by sector. The two
approaches (BEER and FEER) for assessment of the
compliance of the real effective exchange rate with
its core values, will also be updated.
Second
quarter of
2015
1)
Su
cc
es
sf
2.
Co
ns
ta
nt
6 Preparation of occasional
analytical papers in the field
of macroeconomics.
Reviewing the needed reference materials, creating
databases and their analysis and writing of papers.
During the
year.
1)
Su
cc
es
sf
ul
m
ai
2.
Co
ns
ta
nt
m
on
ito
7 Introduction of
monthly/quarterly reporting,
on the expectations of
market participants from the
Survey of market
participants.
Development of an interactive
software solution for conducting the
Survey of market participants is
underway.
Systematization and analysis of the expectations of
market participants (banks) regarding the future
monetary policy stance and economic prospects, in
order to improve the process of liquidity planning.
First quarter
of 2015
1)
Su
cc
es
sf
ul
m
ai
nt
ai
ni
ng
of
pri
ce
st
ab
ilit
y
by
co
2.
Co
ns
ta
nt
m
on
ito
rin
g
an
d
an
aly
sis
of
th
e
m
ac
ro
8 Constant monitoring and
analysis of the
macroeconomic trends in the
country and abroad due to
timely undertaking of
activities aimed at effective
and efficient monetary policy
conduct.
(1) Managing the liquidity of the banking system by
planning and analyzing liquidity; interventions with
monetary instruments; producing daily, weekly,
monthly reports and annual reports on liquidity and
financial markets, preparation of reading materials
for the meetings of the COMP; analysis of the
macroeconomic and financial developments and
providing suggestions for improving the monetary
framework; preparation of the section of the Annual
Report pertaining to the monetary instruments. (2)
Running the fiscal agent function by organizing and
conducting auctions of government securities;
upgrading the Electronic System for auctions of
government securities, according to the needs and
requirements of the Ministry of Finance (3) Regular
review of the scope and evaluation of the security
instruments.
During the
year.
2)
Co
ntr
1) Successful maintaining of price stability by conducting the selected monetary strategy of maintaining a stable exchange rate of
the denar against the euro.
1. Providing adequate infrastructure for quality monetary decisions and monetary policy conduct, and thus successful achievement of the
primary monetary objective.
2. Constant monitoring and analysis of the macroeconomic trends in the country and abroad due to timely undertaking of activities aimed at
effective and efficient monetary policy conduct.
2) Contribution to the maintaining of a stable and safe banking system, as a basic prerequisite for financial stability.
3. Producing regular reports and analyses of the banking and the financial system.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
2)
Co
ntr
ib
uti
on
to
th
e
m
3.
Pr
od
uci
ng
re
gu
lar
re
po
9 Regular off-site activities Conducting a continuous off-site supervision of
banks and savings houses;
Preparation of corrective measures based on
identified points of non-compliance and irregularities
in the operations of banks and savings houses and
monitoring their implementation
Regular activities for licensing of banks, savings
houses, exchange offices and providers of fast
money transfer services
During the
year.
2)
Co
ntr
ib
uti
on
to
3.
Pr
od
uci
ng
re
gu
10 Participation in regional
supervisory colleges.
Producing a supervisory report on the risk profile of
domestic banks, members of the groups: "NBG",
"Alfa Bank" AC Athens and "NLB" and participation
in the supervisory colleges organized by the
supervisory authorities of parent banks.
Fourth
quarter of
2015
3)
Su
pp3)
Su
pp
ort
in
g
th
e
ge
4.
Ke
ep
in
g
lo
w
inf
lat
11 Regular monitoring of
economic and financial
developments, preparation
of regular reports and
drafting and revising the
macroeconomic projections.
During the
year
4)
Ma
ki4)
Ma
ki
ng
ti
m
ely
5.
Fu
rth
er
de
vel
op
12 Improving short-term
forecasting of GDP, inflation
and the more significant
categories of the balance of
payments.
Regular activities related to the
current models for GDP and
inflation are performed continually.
Data analysis, adoption and application of new
econometric techniques, construction and testing of
models. Special emphasis will be placed on the
design of individual variables in the balance of
payments.
During the
year
4)
Ma
ki
ng
ti
m
ely
5.
Fu
rth
er
de
vel
op
13 Preparing regular surveys. Regular surveys for the purpose of obtaining
information on certain economic variables directly
from economic agents as an important input
element in forecasting the future macroeconomic
trends.
During the
year
4)
Ma
ki4)
Ma
ki
ng
ti
m
ely
an
d
hi
6.
Fu
rth
er
im
pr
ov
e
m
en
14 Improvement of the the
characteristics of the
MAKPAM model and initial
activities associated with the
development of a new DSGE
model.
Continuous activities Technical
assistance for DSGE models is being
requested.
Finalization of the new version of the MAKPAM
model, and producing a so-called shadow
projection. Constant checks of the model
calibration, the gaps and the values of trends, as
well as analysis of shocks and forecasting
capabilities. Production of a working paper
describing the main features of the MAKPAM model
in the first quarter of the year.
During the
year
5)
Ad
jus
tin
g
th
e
7.
Re
gu
lar
re
vis
io
15 Revision of the mechanism
for compensation of public
deposits with the central
bank.
An analysis of the method of
payment of interest on government
deposits with a group of central
banks has been prepared, with draft-
changes to the current setup in the
RM.
Presentation of the analyzed experiences before the
COMP members, with draft-changes to the current
setup in the RM.
Second
quarter of
2015
4. Keeping low inflation and stable banking system as main prerequisites for achieving sustainable economic growth.
5. Further development of the decision-making infrastructure by continuing the process of simplification and improvement of the analytical
framework for projections.
6. Further improvement of the current model for projections and initiating the development of a new more sophisticated model for the
monetary policy, based on microfundamentals, i.e. the so-called DSGE (Dynamic Stochastic General Equilibrium) model.
7. Regular revision of the process of liquidity management and improved planning of autonomous factors.
5) Adjusting the operational framework of the monetary policy in accordance with market conditions and economic trends;
3) Supporting the general economic policy without jeopardizing the accomplishment of the primary goal of achieving and
maintaining price stability, in line with the principle of an open market economy with free competition.
4) Making timely and high-quality macroeconomic projections and analyses in support of the monetary policy decision-making
process;
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
5)
Ad
jus
tin
g
th
e
op
er
7.
Re
gu
lar
re
vis
io
n
of
16 Establishing an analytical
basis for assessment of the
potential and preferences of
institutional investors.
In order to assess the expected participation of
institutional investors in the auctions of government
securities, information bases will be established
providing data on the size of the assets and the
dynamics of change, and the development of the
structure of invested assets, which will be analyzed
on a regular basis.
Second
quarter of
2015
5)
Ad
jus5)
Ad
jus
tin
g
th
e
op
er
8.
Re
vis
io
n
of
th
e
m
17 Analysis of market behavior
within the period of reserve
requirement in the context
of the revision of the need
for change in the reserve
requirement.
Analysis and evaluation of the banks' behavior and
considering the possibilities of possible changes in
the system of maintenance of the reserve
requirement.
First quarter
of 2015
6)
Su
pp6)
Su
pp
ort
of
fin
an
cia
l
m
9.
In
tro
du
cin
g
ne
w
de
riv
18 Introducing a benchmark
interest rate on the
derivatives market.
Information has been prepared for
the purpose of introducing the new
benchmark interest rate and held a
presentation has been given at the
19th Annual Assembly of ACI
Macedonia Financial Markets
Association.
Preparation of a Questionnaire for banks regarding
their views and opinions about active participation
in the calculation of the benchmark interest rate on
the derivatives market by setting listings. Based on
banks' perceptions, as well as the previously
analyzed experiences of other countries, legislation
will be prepared on the introduction of the
benchmark interest rate.
Medium-
term activity
7)
Inf
lu7)
Inf
lu
en
ce
on
ec
10
.
Fu
rth
er
co
m
19 Drafting press releases and
presentations to the public
related to the adoption of
the monetary decisions.
Drafting press releases and presentations to the
public related to the adoption of the monetary
decisions, which give a detailed overview of the
expectations about the period ahead and their
effects on the monetary decision.
During the
year
7)
Inf
lu7)
Inf
lu
en
ce
on
ec
11
.
Fu
rth
er
inc
re
20 Producing regular reports. Producing regular reports in order to review the
latest developments in the Macedonian economy as
a whole and in individual sectors of the domestic
economy, as well as to evaluate their impact on
monetary policy.
During the
year
8)
Im
pr8)
Im
pr
ov
e
m
en
t
of
th
e
12
.
Ma
int
ai
ni
ng
hi
gh
fle
xi
21 Improving the process of
credit risk monitoring.
In the first quarter of 2014 a
scoreboard has been developed, for
the movements and estimates of
economic indicators and financial
markets of the analyzed countries.
In the second quarter the
scoreboard was complemented by a
technical analysis of financial
markets.
Setting a database for a predefined set of
parameters for monitoring the performance of
financial instruments, as well as their issuers. It is
also planned to conduct a factor-analysis of the
parameters included within the quarterly
scoreboards, in order to define the contribution of
each individual macroeconomic factors (GDP,
inflation, unemployment) to the changes in the yield
curve.
First quarter
of 2015
11. Further increasing of the transparency and improving the communication with the public, redesigning the regular reports in parallel with the
development of the analytical framework.
8) Improvement of the foreign reserves management process and maintaining high flexibility in the management, starting from
the principles of safety, liquidity and profitability.
12. Maintaining high flexibility and improving the foreign reserves management by actively selecting and investing in various financial
instruments.
8. Revision of the monetary instruments and their adjustment in order to maintain the stability of the denar exchange rate.
6) Support of financial market development aimed at efficient monetary policy transmission and increased financial
intermediation;
9. Introducing new derivative financial instruments on the money markets in order to enrich the spectrum of instruments for managing market
risks and increasing the scope of information on market expectations.
7) Influence on economic agents' expectations aimed at effective monetary policy transmission by publishing regular reports of
the NBRM presenting clear views on future economic trends and information;
10. Further communication with the public on the changes in the analytical infrastructure, through transparent disclosure of the estimates,
projections and decisions that are based on it.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
8)
Im
pr
ov
e
m
en
t
of
12
.
Ma
int
ai
ni
ng
hi
gh
22 Improving the process of
selection of financial
institutions and issuers.
Producing an internal assessment of the credit
position of banks, financial institutions and issuers
and developing a so-called Credit Notebook as a
reference manual covering all banks, issuers and
other contracting parties with permitted individual
quantitative exposure limits.
Medium-
term activity
8)
Im
pr
ov
e
12
.
Ma
int
ai
23 Decision on simulation of pre-
trade compliance risks.
Development of a methodology for simulation of the
effects of investment decisions before trading in
financial instruments
Medium-
term activity
8)
Im
pr
ov
e
m
en
t
of
th
12
.
Ma
int
ai
ni
ng
hi
gh
fle
24 Organizing an international
workshop on topics related
to the exercise of the back-
office activities in the
management of foreign
reserves.
World Bank has submitted a
proposal for organizing an
international workshop in the area
of the settlement of transactions,
collateral management and other
back-office activities in the foreign
reserves management.
Third quarter
of 2015
8)
Im
pr
ov
e
m
en
t
of
th
e
for
ei
gn
re
se
12
.
Ma
int
ai
ni
ng
hi
gh
fle
xi
bil
ity
an
d
im
25 Maintaining high flexibility
and improving the foreign
reserves management by
actively selecting and
investing in various financial
instruments.
(1) Placement of reserves within the established
limits of exposure to currency, credit, liquidity and
interest rate risk;(2) Monitoring of the international
and domestic foreign exchange market, cross-
currency relations, interest rates, prices of precious
metals, prices of securities and other financial
instruments;(3) Drafting reports on the risks and
the realized rate of return in the foreign reserves
investment; and(4) Preparation of the section of the
Annual Report of the Central Bank, in the area of
foreign reserves management.
During the
year
9)
Di
ve9)
Di
ve
rsi
fic
ati
on
of
for
ei
gn
re
se
rv
13
.
Im
pr
ov
e
m
en
t
of
th
e
ris
ks
26 Increasing the efficiency in
the strategic allocation of
funds in accordance with
defined levels of acceptable
risk.
Upon recommendation of RAMP, revision of the
investment framework for managing foreign
reserves by improving the process of strategic
allocation of assets, revision of the reference
portfolios and changes in the system and
methodologies for managing credit risks.
Additionally, it is envisaged to revise the process
setup and the decision-making levels when
investing foreign reserves and to adjust the role of
the Investment Committee.
Medium-
term activity
9)
Di
ve9)
Di
ve
rsi
fic
ati
on
of
for
ei
gn
re
14
.
De
vel
op
m
en
t
of
ap
pli
ca
27 Improving the system of
evaluation of the results of
the foreign reserves
management.
On the basis of the submitted
request and the methodology of the
Risks Unit, DIT prepared a trial
version of the application for
decomposition of the return of
investment portfolios.
Upgrading of the primary applicative solution for
decomposition of the results for the investment
portfolios with identical procedure for the reference
portfolio and comparative evaluation of the results
of the investment with the reference portfolio
according to the predefined risk factors. Medium-
term activity related to the continuing activities for
the realization of the project for using futures in
foreign reserves management.
Fourth
quarter of
2015
9) Diversification of foreign reserves by issuer, currency and instrument for the purpose of managing credit risk, liquidity risk,
currency risk and interest rate risk;
13. Improvement of the risks management process when investing foreign reserves and valuation of investment results.
14. Development of application solutions for greater efficiency in the risk management.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
9)
Di
ve
rsi
fic
ati
on
of
14
.
De
vel
op
m
en
t
28 Consolidated daily reporting
of the evaluation of results.
Developed modules in the
application Risk Management for
regular monitoring of the results of
individual investment portfolios.
It is envisaged to make technical adjustments to the
valuation procedures for daily monitoring and
reporting on the performance of the investment
relative to the reference portfolios, due to higher
efficiency of the portfolio management and reducing
the exposure to operational risk.
Second
quarter of
2015
10
)
Fu10
)
Fu
rth
er
15
.
Str
en
gt
29 Assessment of the PIC of
banks based on the
developed internal
guidelines.
Internal guidelines for assessing the
PIC of banks has been developed;
Applying the guidelines in the implementation of off-
site supervision of banks.
During the
year
10
)
Fu10
)
Fu
rth
er
im
16
.
In
cr
ea
sin
30 Development of an
application for generating
reports and indicators that
will be used for on-site
supervision.
The modules that need to be
integrated into the new application
have been defined.
In cooperation with ITD representatives to define
more precisely the input of data from the existing
applications, data that would be entered manually
and output information that should be provided.
Fourth
quarter of
2015
10
)
Fu
rth
16
.
In
cr
31 Conducting regular on-site
controls
An annual plan for on-site controls
for the period September 2014 -
August 2015 has been developed.
Implementation of the planned controls in
accordance with the annual plan.
During the
year
10
)
Fu10
)
Fu
rth
er
im
pr
ov
e
m
17
.
In
cr
ea
sin
g
th
e
eff
32 Creating time series and
preparing monthly tabular
and graphic reports.
Part of the necessary forms have
been submitted to the IT
Department, other will be
developed and submitted in
accordance with the changes in
legislation.
Application of databases intended for processing of
the trends and movements (time series);Linking the
data from the application "Electronic reports
receipt" with the application "Christina";Application
of new and modification of current reports in
accordance with the changes in legislation.
Medium-
term activity
10
)
Fu
rth
er
im
pr
ov
e
m
en
t
of
th
17
.
In
cr
ea
sin
g
th
e
eff
ici
en
cy
of
33 Further improvement of the
internal methodology for
assessing the individual risks
and the aggregate risk
profile of banks.
The available professional literature
on the methodologies for
determining the aggregate risk
profile of banks has been consulted;
Defining the basic principles for assessment of
individual risks in the aggregate risk profile of
banks;
Defining the principles for determining the
significance (weight) of individual risks in the
formation of the aggregate risk profile of banks;
Implementing the methodology through the
creation of internal guidelines for determining and
assessing the aggregate risk profile of banks;
Applying the guidelines in the implementation of off-
site supervision of banks.
Medium-
term activity
10
)
Fu
rth
er
im
17
.
In
cr
ea
sin
34 Preparing and implementing
the contingency plans.
Technical assistance from the World
Bank has been requested
Development of a Standardized test of viability for
banks and savings houses, as part of the
preparation and implementation of the contingency
plans.
Fourth
quarter of
2015
10
)
Fu10
)
Fu
rth
er
im
pr
18
.
Fu
rth
er
im
pr
35 Changes and upgrading of
the possibilities for using the
data from the Credit Registry
Application of new and modification of existing
reports in line with the changes in the legislation
Connecting the current database from the
application "Credit Registry" with the application
"Electronic Receipt" of reports.
Third quarter
of 2015
11
)
De
17. Increasing the efficiency of the off-site supervision of banks and savings houses by producing new regulatory reports, in line with the
additional requirements for amendments to the legislation; strengthening the capacity of the supervision for assessment of the overall risk
profile of the banks, as well as the process of internal determination of the required capital adequacy of banks.
18. Further improvement of the Credit Registry of the National Bank.
11) Deepening of the financial stability analyses
19. Further monitoring of the results obtained under the procedure for determining the systemically important banks and revision of the
regulations in terms of the international standards for these banks.
10) Further improvement of the supervision of banks and savings houses;
15. Strengthening the capacity of supervision in the area of assessment of the internal models of banks for managing certain risks, and for
evaluation of the process of internal determination of the required capital adequacy of banks.
16. Increasing the efficiency in the process of planning and conducting on-site supervision by improving the databases and staff's access to the
databases.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
11
)
De
ep
en
in
g
19
.
Fu
rth
er
m
on
36 Monitoring the results of the
calculations for determining
the systemically important
banks.
In the procedure for determining
the systemically important banks
the changes in methodology
introduced by the BIS in the middle
of last year were applied.
Further monitoring of the results of the calculations
for the systemically important banks.
First quarter
of 2015
11
)
De
ep
en
19
.
Fu
rth
er
37 Amendments to the Banking
Law (regarding the
systemically important
banks).
A procedure for determining the
significant systemic banks was
developed, according to the BIS
methodology.
Amendment to the Banking Law for the needs of
the systemically important banks
Fourth
quarter of
2015
11
)
De11
)
De
ep
en
in
g
of
th
e
fin
an
20
.
Fu
rth
er
de
vel
op
m
en
t
of
38 Regular activities for
monitoring the developments
in the banking and financial
system.
The indicators for the banking
system which are published on the
website of the NBRM have been
revised and supplemented.
The regular analyses of the banking
system include analyses of the
changes in the foreclosures, as well
as the competitiveness in the
banking system.
Regular reports and reviews for the banking
system.
During the
year
11
)
De
ep
en
in
g
20
.
Fu
rth
er
de
vel
39 Analysis of the movements
in the banking system and
the overall financial system
by developing a financial
contagion matrix.
Activities for developing the
contagion matrix are underway, but
a need for technical assistance
emerged.
Developing a financial contagion matrix. Fourth
quarter of
2015
11
)
De
ep
en
20
.
Fu
rth
er
40 Analysis of the banking
system competitiveness.
Several analyses of competitiveness
were performed by using indicators
accepted for this purpose (Lerner
index etc.).
Monitoring the indices for measuring
competitiveness.
During the
year
11
)
De
ep
en
in
g
of
20
.
Fu
rth
er
de
vel
op
41 Financial stability indicators. The indicators for the banking
system which are published on the
website of the NBRM have been
revised and supplemented.
To make an effort to publish certain FSI for other
segments of the financial system. To explore the
possibility for their calculation on the basis of the
data that are collected in the Statistics Department
at the NBRM or to obtain them as given data from
the respective supervisory authorities.
Medium-
term activity
11
)
De
ep
en
20
.
Fu
rth
er
42 stress testing - testing the
sensitivity.
Stress-testing aimed at assessing
the resilience of the banking system
is conducted on a regular basis.
Regular activities for monitoring of the banking
system resilience should continue through the
conduct of regular, quarterly tests of sensitivity.
Fourth
quarter of
2015
11
)
De
ep
en
in
g
of
th
e
fin
an
20
.
Fu
rth
er
de
vel
op
m
en
t
of
43 Macro stress testing Stress tests are being regularly
conducted. A model was developed
for testing the effects of the
negative macro scenario in the EU,
the second-round effects on
domestic macroeconomic variables
and consequently on non-
performing loans, return on assets
and capital adequacy of the
domestic banking system.
Performing stress testing on a regular, annual basis
and further improvement of macro stress-testing.
Medium-
term activity
11
)
De
ep
en
in
g
20
.
Fu
rth
er
de
vel
44 Stress-testing procedure Stress-testing for assessment of the
banking system resilience is
conducted on a regular and periodic
basis, but no written procedure is
being developed.
Development of a methodology (internal
procedures) for stress testing.
Fourth
quarter of
2015
12
)
Co12
)
Co
nti
nu
ou
s
21
.
Pa
rti
cip
ati
on
45 Revision of by-laws A working group of the three
Departments in Sector has been
established, which prepared a
report on the general guidelines for
amending the by-laws under the
Law on the Foreign Exchange
Operations.
Revising and amending all by-laws developed under
the Law on the Foreign Exchange Operations.
Medium-
term activity
21. Participation in the drafting of laws and drafting, revising and improving the by-laws.
20. Further development of the indicators for the stability of the banking system, the stability of the entire financial system, as well as
monitoring the banking system resilience.
12) Continuous improvement of the banking regulations, taking into account the new Basel principles for effective banking
supervision and the new European Directive and regulations from the banking area;
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
12
)
Co
nti
nu
ou
s
im
pr
ov
21
.
Pa
rti
cip
ati
on
in
th
e
46 Draft amendments to the
Banking Law.
There is an ongoing self-assessment
of the banking regulation and
supervisory practices with the Basel
Principles for Effective Banking
Supervision, outlining proposals for
amending the bylaws and legislation
in order to raise the level of
compliance.
Preparation of draft amendments to the Banking
Law in order to comply with the European Directive
2013/36 and the European Regulation 575/2013
and to comply with the Basel Principles for Effective
supervision (depending on the results of the self-
assessment of the compliance of banking regulation
and supervision with the enhanced Basel Principles).
During the
year
12
)
Co
nti
nu
ou
s
im
pr
21
.
Pa
rti
cip
ati
on
in
th
47 Revising the corporate
governance standards.
Within the self-assessment of
banking regulation and supervisory
practices under the enhanced Basel
Principles for Effective Banking
Supervision, an analysis was made
of the documents related to the
corporate governance in a bank.
Improving the regulation on corporate governance. Second
quarter of
2015
12
)
Co12
)
Co
nti
nu
ou
s
im
pr
ov
e
m
en
22
.
Dr
aft
in
g
a
re
gu
lat
io
ns
for
48 Analysis and application of
the liquidity standards from
Basel 3.
The analysis of the liquidity
indicator LCR from Basel 3 was
completed
Prescribing LCR.
Analyses of the NSFR, after definitive rules of the
BIS are issued.
Monitoring the changes to this regulation constantly
performed by EBA. The completion of this activity
will depend on the issuance of final rules by the BIS
and EBA.
The deadline for the short-term rate is the fourth
quarter of 2015, while the long-term rate should be
achieved in the medium term.
Medium-
term activity
12
)
Co
nti
22
.
Dr
aft
49 Analysis and application of
the capital standards from
Basel 3.
Analysis of the standards from Basel 3 regarding
capital and indebtedness.
First quarter
of 2015
12
)
Co12
)
Co
nti
nu
ou
s
23
.
Co
m
pl
eti
on
50 Self-assessment. In January 2014, the self-
assessment of banking regulation
and supervisory practices under the
renewed Basel Core Principles for
Effective Banking Supervision
started.
Changes in the procedures, regulations, etc., will be
based on the findings from the self-assessment and
will be made if necessary.
Medium-
term activity
12
)
Co
nti
nu
ou
s
im
23
.
Co
m
pl
eti
on
of
51 Further improvement of the
internal regulations on off-
site supervision in order to
comply with the enhanced
Basel Principles for Effective
Banking Supervision.
The self-assessment of the
compliance of the banking
regulations and banking supervision
with part of the enhanced Basel
Principles for Effective Banking
Supervision has been conducted.
Based on the self-assessment of the compliance
with the enhanced Basel Principles for Effective
Banking Supervision, actions will be undertaken
toward amending the current and developing new
internal regulations for off-site supervision, in order
to fully comply with these principles.
Fourth
quarter of
2015
12
)
Co
nti
nu
23
.
Co
m
pl
52 Improving the by-laws that
prescribes the IT security
standards.
There is an ongoing analysis of
information security standards that
are set out in the EU countries.
Amendments to the by-laws in the field of IT in
terms of prescribing standards for information
security in the part of business continuity.
Third quarter
of 2015
12
)
Co
nti
nu
ou
s
im
pr
ov
e
23
.
Co
m
pl
eti
on
of
th
e
sel
53 Revising internal procedures
for assessments of different
types of risks considering the
changes in the Basel
principles.
There is an ongoing process of self-
assessment of the compliance of
banking regulations and banking
supervision with the enhanced Basel
Principles for Effective Banking
Supervision and definition of
activities to be implemented in
order to ensure full compliance.
Modification of internal regulations that are used in
the process of evaluating individual types of risks.
Third quarter
of 2015
13
)
Ex
22. Drafting a regulations for the application of Basel 3 and completion of the implementation of Basel 2, according to the conditions in the
banking system and banking supervision in the Republic of Macedonia.
23. Completion of the self-assessment of the compliance of banking regulation and banking supervision with the enhanced Basel Principles for
Effective Banking Supervision and, in accordance with the result of the self-assessment, taking action to overcome the identified deficiencies
(change in procedures, regulations, etc.).
24. Exchange of information on individual segments of the financial system and cooperation in outlining the regulations.
13) Expanding the cooperation with other supervisory authorities, the Deposit Insurance Fund and the Ministry of Finance
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
13
)
Ex
pa
nd
in
24
.
Ex
ch
an
ge
54 Participation in the
development of the National
Strategy for assessing the
risk of money laundering and
financing of terrorism.
Working meetings of the Anti-
Money Laundering Council have
been held.
Participation in the development of the medium-
term National Strategy for assessing the risk of
money laundering and financing of terrorism.
During the
year
13
)
Ex
pa
nd
24
.
Ex
ch
an
55 Regular exchange of
information and cooperation
with other supervisory
authorities.
Information and data in accordance
with the signed memorandums with
the SEC, ASO MAPAS, MF, etc. have
been regularly exchanged.
These regular activities should continue. During the
year
13
)
Ex13
)
Ex
pa
nd
in
g
th
e
25
.
Ac
tiv
e
pa
rti
cip
ati
56 Harmonization of the
supervisory practices with
the European requirements
for establishing appropriate
cooperation and exchange of
information with the relevant
European bodies.
In 2014, self-assessment was made
of the provisions of confidentiality
based on the EBA methodology for
assessment of these standards in
third countries under "CRD IV" for
the purposes of the supervisory
colleges.
Amendments to the Law on the NBRM and the
Banking Law if necessary.
Further meetings of the regional group of
supervisors.
During the
year
14
)
In14
)
In
cr
ea
sin
g
th
e
eff
ici
en
cy
of
th
e
sy
ste
m
26
.
Fu
rth
er
de
vel
op
m
en
t
an
d
im
pr
ov
e
m
en
57 Continuing the activities for
strengthening the control of
the quality of money in
circulation, accelerating the
frequency of circulation of
banknotes and reducing the
amount of substandard and
counterfeit banknotes in
circulation.
By-laws were adopted, a Decision
on checking the authenticity and
fitness, the conditions and manner
of returning banknotes and coins in
circulation, which defines the
standards and criteria for
processing of cash by banks and
controlling the suitability of the
machines for processing of cash.
Guidelines for the implementation of
the Decision were prepared,
presenting in detail the method of
implementation of the adopted
bylaws and submission of data by
banks.
Follow up on the implementation of by-laws.
Monitoring the dynamics of banks' compliance with
the prescribed standards and criteria for cash
processing. Control of the method of processing of
cash in banks. Testing the cash processing
machines and making a list of successfully tested
machines available on the web site of the National
Bank.
Second
quarter of
2015
14
)
In
cr
ea
sin
g
th
e
eff
ici
en
cy
of
th
e
sy
26
.
Fu
rth
er
de
vel
op
m
en
t
an
d
im
pr
ov
e
58 Continuing the activities of
the center for detecting
counterfeit banknotes
toward achieving easy, fast,
accurate and precise
detection of suspicious
banknotes submitted.
Training for the employees was
provided in Budva, organized by the
European Commission (OLAF) in
cooperation with the Central Bank
of Montenegro. Part was taken in
the Balkan conference in Zagreb on
the "Balkan network for protection
of the euro." Within the technical
assistance by the Central Bank of
the Netherlands training for the
employees was provided on how to
determine counterfeits, familiarizing
employees with the emergence of
new types of counterfeits.
Training and seminars in order to continually train
employees to recognize suspicious banknotes and
developing expertise on the identified counterfeits.
Using technical assistance from the Central Bank of
the Netherlands, participation in projects organized
within the TAIEX program, cooperation and
participation in projects of the European
Commission.
During the
year
14
)
In
cr
ea
sin
g
th
e
eff
ici
en
cy
of
th
26
.
Fu
rth
er
de
vel
op
m
en
t
an
d
im
pr
59 Continuing the training for
the staff of commercial
banks on the detection of
counterfeit banknotes.
According to the Decision on
checking the authenticity and
fitness, the conditions and manner
of returning banknotes and coins in
circulation, a preliminary training for
employees of banks was conducted,
which actually marked the launching
of the project - a Training program
for the employees of banks,
financial institutions and other
entities on checking the authenticity
of banknotes and coins.
Continuing the activities within the Training
program for the employees of banks. Updating the
plan for the training dynamics, developing and
defining the content of the training program,
adapting the presentations in accordance with the
defined content, implementing the lessons learned
from other central banks and taking actions to
further improve the quality of the organization of
trainings.
During the
year
14) Increasing the efficiency of the system for supply and processing of banknotes and coins
26. Further development and improvement of the process of cash processing in line with the established standards.
25. Active participation in the work of the so-called Vienna 2 Initiative, especially in the work of the group of supervisory authorities from the
region toward harmonization of supervisory practices with the European requirements and establishing appropriate cooperation and exchange
of information with the relevant European bodies.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
14
)
In
cr
ea
sin
g
th
e
eff
ici
en
cy
of
th
26
.
Fu
rth
er
de
vel
op
m
en
t
an
d
im
pr
60 Establishing a center for
reception and processing of
cash with the possibility of
involving the private sector
in carrying out that function
under constant supervision
and control of the National
Bank.
In the period ahead activities will be undertaken
toward examining the possibility of relocation of the
processing of currency in circulation by creating a
center for receiving, processing and distribution of
currency in circulation. For this purpose a research
will be conducted including an analysis of the
experiences in the process of processing cash in a
few neighboring countries and beyond. The
research will focus on achieving greater efficiency,
operability and functionality in this segment of the
cash processing. Supervision and control will
remain within the competence of the National Bank.
Medium-
term activity
14
)
In
cr
ea
sin
g
th
e
eff
ici
en
cy
of
th
e
sy
ste
26
.
Fu
rth
er
de
vel
op
m
en
t
an
d
im
pr
ov
e
m
61 Considering the possibility of
introducing a new
standardized method of
packaging banknotes and
defining the technical
characteristics of the new
method of packaging.
Research will be conducted on the method of
packaging banknotes in central banks, as well as
the model applied within the Eurosystem. It will
include an analysis of the security and safety
aspects, the manner of closing the package,
efficiency when handling with the applied model of
packaging, packaging transparency. Reviewing the
system of recording and examining the possibility of
introducing electronic records by creating software
for recording currency in circulation. The effects of
the modernization will be multiple, in particular
regarding the receipt and issuance of banknotes
and simplification of the regular monitoring of the
compliance of the stock of currency in circulation.
Medium-
term activity
15
)
In15
)
In
cr
ea
sin
g
th
e
qu
ali
ty
an
d
fu
nc
27
.
Im
pr
ovi
ng
th
e
de
sig
n
an
d
se
cu
rit
62 Introducing new security
features in the new
denominations of banknotes
(200 and 2000 denars).
The design of the new
denominations of paper money was
selected by announcing a design
contest. Proposals were evaluated
by a Committee composed of
renowned members, experts in their
area, who performed qualitative
evaluation of the received designs.
The NBRM Council adopted the
report of the Committee and
decided on the selection of the
design for both denominations.
Activities for introducing security features for the
new denominations. Conducting a procedure for
selection of the most appropriate security features
and their inclusion in the selected design of the new
denominations of banknotes. Producing a sample -
specimen, its approval, and conducting a procedure
for selection of a company to print the new
denominations. Adopting appropriate legislation for
the issuing of the new denominations and their
putting into circulation.
Fourth
quarter of
2015
27. Improving the design and security features of the banknotes in circulation by introducing new denominations and introducing a new design
and altered composition of the alloy of the coins in circulation.
15) Increasing the quality and functionality of the currency in circulation
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
15
)
In
cr
ea
sin
g
th
e
qu
ali
ty
an
d
fu
nc
tio
na
lit
y
of
th
e
cu
rre
nc
y
in
cir
cul
ati
27
.
Im
pr
ovi
ng
th
e
de
sig
n
an
d
se
cu
rit
y
fe
at
ur
es
of
th
e
ba
nk
no
tes
in
cir
cul
63 Research and preparations
for a new design and
defining the specifications of
the coins.
Research was conducted on the
coins that circulate in several
countries of the neighborhood and
beyond, their appearance,
dimensions and composition of
alloys. Contacts have been
established with several reputable
mints in order to exchange
information and understand the
current market conditions. In the
context of the business and
technical cooperation with the
Central Bank of the Netherlands, a
visit has been paid to the Dutch
Royal Mint. Basic knowledge was
gained of the development new
technologies in the process of
making coins, developing the design
and the alternatives for the
selection of materials in the coins
production. Within the project
"TAIEX" a visit was paid to the Bank
of Slovenia. The acquired
experiences will be appropriately
applied in the further
implementation and finalization of
the project.
Continuation of the activities to complete the
project for considering the possibility of introducing
a new design of coins and defining the specification
of the composition of alloys from which they will be
produced in cooperation with renowned companies
and mints.
During the
year
16
)
Ma16
)
Ma
int
ai
ni
ng
th
28
.
Ov
er
se
ei
ng
pa
64 Monitoring the
implementation of
recommendations from the
oversight of MIPS.
An assessment report on the
compliance of the MIPS-system with
the basic principle No. 7 of BIS was
drafted, which summarizes the
results of the oversight and contains
recommendations to the operator of
MIPS.
Monitoring the implementation of the
recommendations from the oversight of MIPS in
order to comply with the basic principle no. 7 of
BIS.
During the
year
16
)
Ma
int
ai
ni
ng
th
e
hi
gh
28
.
Ov
er
se
ei
ng
pa
y
m
en
65 Testing of the disaster
recovery location of MIPS at
the industry level.
On a non-working day the primary operation of
MIPS is transmitted to a disaster recovery location,
connecting all participants in MIPS from their
primary location and their secondary location (if
they are required to have one) with MIPS on the
disaster recovery location and send a payment
message to another participant. After the testing is
completed, the primary operation of the MIPS is
transferred to the primary location and all
participants check their balance.
Third quarter
of 2015
16
)
Ma16
)
Ma
int
ai
ni
ng
th
e
29
.
Pa
rti
cip
ati
on
in
th
66 Participation in the process
of implementation of the
PSD in the legislation of the
Republic of Macedonia.
In the past period an analysis of the
PSD was made. There is an ongoing
procedure for selection of experts
through a project funded by the
European Union for the
implementation of the Directive.
Participation in relevant working groups in
coordination with the Ministry of Finance in order to
implement the Directive into the legislation of the
Republic of Macedonia.
Medium-
term activity
16
)
Ma16
)
Ma
int
ai
ni
ng
th
e
hi
30
.
Im
pr
ovi
ng
th
e
po
ssi
67 Cross-border payments in
euro in TARGET2 for bank
customers.
Possibilities were explored for
performing cross-border payments
in euro for bank customers in
TARGET2 through a Central Bank
from the Euro area. Written
information was drafted, containing
a concept for setting a payment
system in euros.
Connecting with a Central Bank from the Euro area,
amending laws and bylaws and setting a system for
cross-border payments in euros.
Medium-
term activity
16) Maintaining the highest level of security, stability and efficiency of payment systems
28. Overseeing payment systems.
29. Participation in the implementation of the Directive on Payment Services (PSD)
and other regulations of the EU in the area of payment systems.
30. Improving the possibilities for cross-border payments.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
16
)
Ma16
)
Ma
int
31
.
Ma
ki
68 Analysis of the movements
in the payment system.
Analysis of the trends in the payment system in the
Republic of Macedonia and preparing quarterly
information.
During the
year
16
)
Ma16
)
Ma
int
ai
ni
ng
32
.
Im
pr
ovi
ng
ba
69 Analysis of the changes in
the European Union related
to the integration of the
systems for settlement of
securities.
Analysis of the changes within the European Union
in terms of integration of the depositories of
securities through the establishment of the system
"TARGET2 Securities" and analysis of the impact on
the back-office operation.
Medium-
term activity
16
)
Ma
int
ai
ni
ng
th
e
hi
gh
est
lev
32
.
Im
pr
ovi
ng
ba
ck-
off
ice
op
er
ati
70 Developing a Manual of
procedures and internal
rules.
Work procedures are updated in
order to allocate the activities
between the sub-units in the Back-
office operations Unit according to
recent organizational changes in the
Department. The TAIEX project
with the Bank of Italy has been
approved, in order to study the
Italian experience in this domain.
Development of a concept for the
manual is underway.
Developing TAIEX projects for analysis of the
experience of other central banks regarding the
development of the Manual, following the ECB
Manual on foreign reserves management.
Medium-
term activity
16
)
Ma
int
ai
ni
ng
th
e
hi
32
.
Im
pr
ovi
ng
ba
ck-
off
ice
71 Producing reports on the
settlement of transactions
related to the foreign
reserves management.
Reports have been defined on
upgrading the electronic system
PUB in accordance with the
recommendations of the Report on
the Needs Assessment prepared by
the ECB. An agreement was
reached with Aseco these reports to
be prepared within the regular
maintenance hours.
Producing reports for settlement of transactions
related to the management of foreign reserves of
the NBRM within the electronic system PUB, their
testing and putting into operation.
Medium-
term activity
16
)
Ma
int
ai
ni
ng
th
e
hi
32
.
Im
pr
ovi
ng
ba
ck-
off
ice
72 Upgrading of the electronic
system PUB in accordance
with the Work Programme of
the NBRM for 2014.
Designs have been defined for
upgrading of the electronic system
PUB in accordance with the Work
Programme of the NBRM for 2014,
with the purchase of an upgrade by
Aseco being underway, and the
deadline for introducing specific
modules being envisaged for the
first half of 2015.
Testing and implementation of a module for RAMP,
securities lending and calculation of a coupon for
specific securities.
Second
quarter of
2015
16
)
Ma
int
ai
ni
ng
32
.
Im
pr
ovi
ng
ba
73 Upgrading the PUB
electronic system with new
modules.
Due to changes in the monetary policy conduct,
foreign reserves management and execution of
international payment operations for the needs of
government authorities the electronic system PUB
will be upgraded with new modules.
Fourth
quarter of
2015
16
)
Ma
int
ai
ni
32
.
Im
pr
ovi
ng
74 Upgrading and migration of
the application Final
Decisions on a new
database.
Optimizing the screens with statistics. Completion of
the procedure for automatic calculation of interest
at reference interest rate. Migration of the
application to a new database.
First quarter
of 2015
16
)
Ma
int
ai
ni
ng
th
e
32
.
Im
pr
ovi
ng
ba
ck-
off
75 Upgrading the application for
processing payments in
denars for the needs of the
NBRM.
Upgrading the application for preparing and
importing certain messages, and accelerating the
parser for reading messages. Coding of the
application for using a new cryptography in
accordance with the potential upgrade of MIPS for
performing cross-border payments in euros in
TARGET2 for bank customers.
Medium-
term activity
16
)
Ma
int
ai
ni
ng
th
e
32
.
Im
pr
ovi
ng
ba
ck-
off
76 Settlement of transactions
concluded for the purpose of
conducting the monetary
policy, foreign reserves
management and execution
of the government agent
function.
There will be a regular settlement of transactions
concluded for the purpose of conducting the
monetary policy, foreign reserves management,
performance of the international payment
operations for the needs of government bodies and
preparing specifications in accordance with the
decisions on forced collection.
During the
year
32. Improving back-office operations in accordance with the practices and standards for the work of the ECB.
17) Adjustment of the payment systems oversight framework, according to the new internationally accepted payment systems
operating standards;
31. Making analyses and writing information aimed at defining policies for payment systems development.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
17
)
Ad17
)
Ad
jus
tm
en
t
of
th
e
pa
y
m
en
t
sy
ste
ms
33
.
Dr
aft
in
g
ne
w -
byl
aw
s
for
pa
y
m
en
t
sy
77 Drafting new by-laws for
payment systems oversight.
Written information has been
produced, which explains in details
the Methodology for assessing the
compliance with the principles for
financial markets infrastructure. A
study visit has been paid within the
technical cooperation with the
Central Bank of the Netherlands. A
"TAIEX" project with the Bank of
Slovenia has been approved, in
order to study the Slovenian
experience in this domain.
Translation of the Principles for
financial market infrastructure of
IOSCO / CPSS is underway.
Developing a new secondary legislation for
overseeing payment systems in accordance with the
Principles for financial market infrastructure and the
regulation of the ECB in this domain. Presentation
(consultative process) of the draft-regulation before
stakeholders and its adoption.
Fourth
quarter of
2015
18
)
In18
)
In
tro
du
cin
g
ne
w
an
d
ha
rm
on
izi
ng
th
e
34
.
Fu
rth
er
ad
jus
tm
en
t
of
th
e
ba
la
nc
e
of
78 Further harmonization of
external statistics with
international standards.
This activity is part of the medium
term project for harmonization of
the external statistics with the new
international standards.
Harmonization of the data on outward direct
investment (movements) in terms of reinvested
earnings and trade credits with the international
standards;New reporting forms for outward direct
investment by countries and sectors;Improvement
of the institutional sectorization of the available
sources of data and the reporting tables;Analysis of
data on the products for further processing and
intermediation in trade and activities toward
improving their quality.
Automation of the additional reporting tables on the
external debt that are published on the website of
the National Bank and submitted to the World Bank.
During the
year
18
)
In
tro
du
cin
g
ne
w
an
d
ha
rm
on
izi
ng
th
34
.
Fu
rth
er
ad
jus
tm
en
t
of
th
e
ba
la
nc
e
79 Improving the methodology
of the balance of payments
through better assessment
of private transfers and
identification of other
unrecorded inflows on the
current account.
With the analysis we will try
to determine how much of
these inflows are due to
actual remittances, how
much is unregistered exports
of goods and services and so
on.
This activity is part of an already
commenced medium-term project
Analysis of the results of the questionnaires, setting
a base with so-called indicative categories, cross-
analysis and assessment of inflows.
For the assessment of inflows on the basis of
remittances it is planned to use the surveys on
private transfers conducted during the past years,
and it is also planned to evaluate the unregistered
exports of goods and services and so on.
During the
year
18
)
In
tro
du
cin
g
ne
w
an
d
34
.
Fu
rth
er
ad
jus
tm
en
t
of
80 Harmonization of data
sources for external statistics
regarding the scope of the
intercompany debt and
claims.
This activity is part of an already
commenced medium-term project
Second stage of the harmonization of data from the
sources containing information on the capital-
related entities. Collecting data on the claims and
liabilities based on commercial operations on the
new KIPO-template. Producing new reports in the
KIPO application, according to the new criteria for
capital relations.
Including data from the new KIPO-template
external statistics.
During the
year
33. Drafting new -bylaws for payment systems oversight, according to the new principles for the operation of the entities from the financial
markets infrastructure.
18) Introducing new and harmonizing the existing statistics within the National Bank's competence with international standards
and their adjustment to the European Union requirements and increasing the volume and thoroughness of data that are submitted
to the users.34. Further adjustment of the balance of payments, IIP (International Investment Position), external debt, monetary statistics and the statistics
of interest rates with international standards and EU requirements.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
18
)
In
tro
du
cin
g
ne
w
an
34
.
Fu
rth
er
ad
jus
tm
en
t
81 Further harmonization of
interest rates statistics with
EU requirements.
This activity is part of an already
commenced medium-term project
Producing and publishing the reports on the
weighted average interest rates on deposits and
loans provided under the new questionnaires, as
well as complementing the methodological
explanations on the website of the NBRM.
Continuous activities aimed at improving data
quality by introducing new controls and regular
communication with reporters.
Fourth
quarter of
2015
18
)
In
tro
du
cin
g
ne
w
an
d
ha
rm
on
izi
ng
th
34
.
Fu
rth
er
ad
jus
tm
en
t
of
th
e
ba
la
nc
e
82 Analyzing a new concept for
producing the set of
monetary data in accordance
with the requirements of the
ECB.
This activity is part of an already
commenced medium-term project
Analysis of the scope of the required monetary data
and the most appropriate way to receive them, in
accordance with the recommendations of the ECB
and the new EU regulations on balance sheet
statistics and flow statistics.
Analysis of the possibility of inclusion of new
sources of additional data for the needs of
monetary statistics.
Developing a concept for the new way of producing
the set of monetary data in accordance with the
requirements of the ECB, as an adequate design for
software adjustments.
Fourth
quarter of
2015
18
)
In18
)
In
tro
du
cin
g
ne
w
an
d
ha
rm
on
izi
35
.
Ac
tiv
iti
es
for
est
ab
lis
hi
ng
a
sy
ste
83 Activities for establishing a
system for managing,
storing, processing and
handling statistical data,
establishing a data
warehouse. Also, this activity
is a precondition for
compliance with EU
requirements in terms of the
possibility for division by
countries, industries, sectors,
instruments.
This activity is part of an already
commenced medium-term project
that should lead to rationalization of
the activities in the field of statistics,
and improve data quality.
Establishing a single statistical data warehouse.
Transfer of existing available data in a data
warehouse. Producing reports through the data
warehouse, storing data in a data warehouse.
Creating customized tools.
During the
year
18
)
In18
)
In
tro
du
cin
g
ne
w
an
d
ha
rm
on
izi
36
.
Ac
tiv
iti
es
for
est
ab
lis
hi
ng
fin
an
cia
84 Activities for uniform
sectorization of institutional
units nationwide.
This activity is part of an already
commenced medium-term project
Activities toward harmonization of the bases of the
legal entities by institutional sectors that are at the
disposal of the NBRM and the SSO.
Activities within the inter-institutional working group
for sectorization, through which SSO should submit
data on the sector of the newly established legal
entities, on a regular basis.
Establishing and updating a centralized statistical
database in the Statistics Department for
sectorization of legal entities, according to the base
of institutional sectors of the SSO of the entities of
the national economy, defined according to ESA
2010.
Medium-
term activity
18
)
In
tro
du
cin
g
36
.
Ac
tiv
iti
es
for
85 Collecting data on the
residents trading in foreign
securities markets.
This activity is part of an already
commenced medium-term project
Receipt of data, control and analysis of the data
quality; including the source SBS in regular reports
upon achieving adequate data quality.
During the
year
36. Activities for establishing financial accounts statistics, and securities statistics.
35. Activities for establishing a system for managing databases.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
18
)
In
tro
du
cin
g
ne
w
an
d
ha
rm
on
izi
ng
th
e
exi
sti
ng
st
36
.
Ac
tiv
iti
es
for
est
ab
lis
hi
ng
fin
an
cia
l
ac
co
un
ts
st
ati
86 Collecting data on trading in
securities on the domestic
securities market.
This activity is part of an already
commenced medium-term project
In the part of the data on securities held by
nonresidents, a possibility of including the data from
the CSD as a regular source of data in the external
statistics will be analyzed.
In the part of the data on securities held by
residents, activities are undertaken toward setting
the securities statistics by sectors of issuers and
holders of securities, from the available database of
the CSD. (prerequisite - to start obtaining these
data from the CSD).
(If in the course of 2015 the base of the CSD is
obtained) Developing software solution for
processing data on the securities traded on
domestic markets by sectors of issuers and holders
of securities. Preparing reporting tables on the
stocks of securities on the domestic securities
market, government sector as a separate
component of the financial accounts statistics.
During the
year
18
)
In
tro
du
cin
g
ne
w
an
d
ha
rm
on
izi
ng
th
36
.
Ac
tiv
iti
es
for
est
ab
lis
hi
ng
fin
an
cia
l
ac
87 Establishing financial
accounts statistics for
financial transactions and
balances, according to SNA
2008 and ESA 2010.
Long-term project. Activities
continue in 2015.
Activities for preparing data on the stocks of
financial assets and liabilities according to SNA 2008
and ESA 2010 giving priority to the compiling of the
financial account for the government sector.
Further improvement of the bridge-tables between
reports on individual macroeconomic statistics
according to ESA 2010 for the financial instruments
and institutional sectors.
Activities for cooperation and exchange of data with
the State Statistical Office and the Ministry of
Finance in order to improve the quality of data for
the government sector, non-financial enterprises
and non-profit institutions serving households.
Medium-
term activity
18
)
In18
)
In
tro
du
cin
g
ne
w
an
37
.
Cr
ea
tin
g
ne
w
da
ta
88 Enhanced coverage of
monetary statistics and
financial accounts statistics
by including leasing
companies and financial
companies in the system for
regular reporting OFI.
This activity is part of an already
commenced medium-term project
Publication of monetary surveys: balance sheet and
survey of other financial institutions and survey of
financial institutions, as well as complementing the
methodological explanations on the website of the
NBRM, with the data from the new reporters.
Publication of data on other financial institutions by
sub-sectors.
Second
quarter of
2015.
18
)
In18
)
In
tro
du
cin
g
ne
w
an
38
.
Re
gu
lar
pu
bli
ca
tio
n
89 Improving the quality of data
in external statistics through
activities towards improving
the business processes and
internal procedures
regarding the collection and
publication of data.
This activity is part of the already
commenced activities.
Improving the procedures for data collection in the
part of quality control of source data and their
mutual alignment.
Updating the existing and preparing new internal
methodological documents for preparation of
published statistical data sets.
During the
year
18
)
In
tro
du
cin
38
.
Re
gu
lar
pu
90 Improving the quality of the
data collected for the needs
of the external debt.
New activity, medium-term project Design and software solution for electronic
comparison of data from international payment
operations with the data from the NDNP application.
Fourth
quarter of
2015
37. Creating new data and information according to the needs of the management and internal users.
38. Regular publication of statistical data, expanding the scope and detail of statistical data and the methodological explanations, preparing
brief information on the movements in the underlying macroeconomic statistics in the jurisdiction of the NBRM, simplifying the users access.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
18
)
In
tro
du
cin
g
ne
w
an
d
ha
38
.
Re
gu
lar
pu
bli
ca
tio
n
of
st
91 Improving the
communication with the
reporters for the statistical
needs
This activity is part of an already
commenced medium-term project
Updating the website of the NBRM in the section
"Statistics - Reporting" with:
samples of applications submitted to the NBRM for
reporting purposes; presentations on the manner
of reporting.
Reducing the additional documentation for
recording international credit operations.
Conducting a survey on the possibility of introducing
electronic data collection for the forms ND/NP.
Fourth
quarter of
2015
18
)
In
tro
du
38
.
Re
gu
lar
92 Improving the
communication with the
users of statistical data.
This activity is part of an already
commenced medium-term project
Updating the website of the NBRM, in the section
on "Statistics" with new information about the
movements of the different types of statistical data
and new sets of statistical data.
During the
year
18
)
In
tro
du
cin
g
ne
w
an
38
.
Re
gu
lar
pu
bli
ca
tio
n
93 Activities toward establishing
procedures for pressing
misdemeanor charges for
statistical non-reporting.
This activity is part of an already
commenced medium-term project.
Adopting Guidelines for the implementation of the
Policy on penalties in oversight and supervision in
the area of statistical non-reporting.
Drafting new or amending the existing work
procedures that would cover the procedure in case
of identified infringement.
Starting the implementation of the infringement
procedure for statistical non-reporting.
During the
year
18
)
In
tro
du
cin
38
.
Re
gu
lar
pu
94 Streamlining the workflow
for the production of the
regular monetary data set.
The activities should start in 2015. Automation of the process of analyzing the quality
of data received from reporters, and electronic
production of the monetary data set that is
published on the website of the NBRM.
Fourth
quarter of
2015
18
)
In
tro
du
cin
g
ne
38
.
Re
gu
lar
pu
bli
ca
95 Upgrading the Statistical
Appendix of the Quarterly
Report of the NBRM in the
part of monetary statistics
and interest rates statistics.
The activities should start in 2015. Developing reporting tables for other financial
institutions and the financial sector, as well as
reports on the interest rates that will complement
the Statistical Appendix of the Quarterly Report of
the NBRM, as well as complementing the
methodological explanations.
Fourth
quarter of
2015
18
)
In
tro
du
cin
g
ne
w
an
d
ha
rm
38
.
Re
gu
lar
pu
bli
ca
tio
n
of
st
ati
96 Regular ongoing production
of current data and
performing the statistical
function of the National Bank
in accordance with the
Calendar of publishing data
for 2014.
Permanent activities. Collecting data and preparing macroeconomic
statistics - monetary statistics, balance of payments,
international investment position, external debt;
Developing written information on the trends in
individual sectors of the packages of
macroeconomic statistics; Updating databases;
Submitting data to the appropriate institutions,
data users; Dissemination of statistical data;
Dissemination and regular update of the metadata
for statistical data.
During the
year
18
)
In18
)
In
tro
du
cin
g
ne
w
an
d
ha
rm
on
izi
ng
39
.
Ma
ki
ng
ne
w
by-
la
ws
for
pa
y
m
en
ts
97 Drafting new by-laws for
payments statistics.
In order to improve the
regulations on payments statistics
questionnaire was developed to be
filled in by banks - reporters
concerning the detailed structure of
data that are submitted to the
NBRM. Analysis of the survey results
and development of a methodology
for payments statistics of the NBRM
is underway, in accordance with the
methodology of the ECB, which is
expected to be completed by the
end of 2014.
Preparing and presenting the proposed changes to
the regulations on payments statistics to the
banking sector (consultation), developing a new
electronic data collection system and adopting the
amendments to the by-laws.
Medium-
term activity
19
.
De
39. Making new by-laws for payments statistics in accordance with the framework for payments statistics of the ECB.
19. Development of the research activity in the crucial areas for the efficient attainment of the National Bank objectives.
40. Developing research that will have additional value with regard to improvement of the efficiency and effectiveness of policies.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
19
.
De
vel
op
m
40
.
De
vel
op
in
98 Analysis of the impact and
the channels of transmission
of the effects of the
economic cycle on the
growth and stability of the
financial system.
Foreign reports and analyzes are
being studied.
Assessment of the impact and channels of
transmission of the effects of the economic cycle on
the growth and stability of the financial system and
assessment of the reverse impact (research work).
Medium-
term activity
19
.
De
vel
op
40
.
De
vel
op
99 Analysis of the role of
domestic and foreign banks
on the banking system.
The indicators for banks will analyzed, grouped
according to their dominant ownership.
Fourth
quarter of
2015
19
.
De
vel
op
m
40
.
De
vel
op
in
100 Analysis of the concentration
of non-performing loans.
Analysis of trends and structure of
non-performing loans.
Completing the analysis of various aspects of the
concentration in non-performing loans.
Fourth
quarter of
2015
19
.
De
vel
op
m
40
.
De
vel
op
in
101 Setting the determinant non-
performing loans to
companies and households.
Determinants of total non-
performing loans have been set.
Setting the determinant non-performing loans to
companies and households (scientific research)
Medium-
term activity
19
.
De
vel
op
m
40
.
De
vel
op
in
102 Analysis of the effects of the
sectoral structure of lending
on the economic activity and
the exchange rate.
The required readings have been
reviewed.
Creating databases and their analysis, empirical
assessment and preparation of work papers.
Third quarter
of 2015
19
.
De19
.
De
vel
op
m
en
t
of
th
e
re
41
.
Id
en
tif
yin
g
th
e
eff
ec
ts
103 Assessment of the impact of
increased investments by
non-residents on the
movements on domestic
financial markets
Analysis of the investments of non-residents in
government and equity securities, amid low interest
rates on the international financial markets,
evaluation of their impact on the movement on
domestic financial markets and comparative analysis
of the reactions of selected central banks. The
analysis would result into a draft-mechanism for
reaction of the National Bank in case of significant
inflows of investments by non-residents.
Third quarter
of 2015
19
.
De
vel
op
m
en
41
.
Id
en
tif
yin
g
104 Analysis of the effects of the
changes in the market
makers in the foreign
exchange market.
In September 2014, the amended
Agreement on a market maker in
the foreign exchange market in RM
started to be applied, with the
number of market-makers being
increased from 4 to 6 banks.
Examining the behavior of market makers, through
an analysis of the movements in the foreign
exchange market and the exchange rate.
Fourth
quarter of
2015
19
.
De19
.
De
vel
op
m
en
42
.
Re
se
ar
ch
in
105 Developing an analytical
note on the results of the
regular reassessment of
monetary transmission
through interest rates.
The concept of analytical note is
being set.
Update after receiving the new results. Second
quarter of
2015.
19
.
De19
.
De
vel
op
m
43
.
Re
se
ar
ch
106 Developing an analytical
note on the results of the
regular reassessment of the
equilibrium real effective
exchange rate.
The concept of analytical note is
being set.
Update after receiving the new results. Second
quarter of
2015.
19
.
De19
.
De
vel
op
m
en
t
of
th
e
re
44
.
Re
vie
wi
ng
th
e
rul
e
for
m
107 Producing a work paper with
a description of the main
features of the new version
of the MAKPAM model,
where the key links in the
economy, including the
monetary rule, are being
reassessed and revised.
Producing a work paper First quarter
of 2015
41. Identifying the effects of the monetary instruments setup, analyzing the developments on the financial markets, as well as the foreign
reserves management.
42. Research in the area of the channels and the speed of monetary transmission.
43. Research aimed at assessing the equilibrium real effective exchange rate.
44. Reviewing the rule for monetary policy.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
19
.
De19
.
De
vel
op
m
45
.
Re
se
ar
ch
108 The role of the economic
sentiment indicator for
forecasting the turning
points in the economic
activity.
The required readings have been
reviewed.
Analysis of the data, application of new statistical
and econometric techniques, and drafting a work
paper.
Second
quarter of
2015.
19
.
De
vel
op
m
45
.
Re
se
ar
ch
109 The process of deleveraging
of the corporate sector in
the post-crisis period.
The required readings have been
reviewed.
Creating a database, empirical analysis and drafting
a work paper.
The activity will be conducted in cooperation with
the Financial Stability and Banking Regulation
Department
Fourth
quarter of
2015
19
.
De
vel
op
m
45
.
Re
se
ar
ch
110 How do companies react to
shocks? Through wages,
number of employees or
prices?
The required readings have been
reviewed.
Application of statistical and econometric techniques
of previously obtained data from the Survey of
wages and prices and drafting a work paper.
Second
quarter of
2015.
19
.
De
vel
op
m
en
45
.
Re
se
ar
ch
in
111 The impact of FDI on
economic growth and more
precisely on the
manufacturing sector in the
economy.
The required readings have been
reviewed.
Creating a database and analysis, empirical
assessment and preparation of work papers.
Fourth
quarter of
2015
19
.
De19
.
De
vel
op
m
46
.
An
aly
se
s
112 Analysis of transparency and
the manner of
communication of the central
banks in SEE.
The required readings have been
reviewed.
Conducting a survey research, analysis and data
processing, and drafting of a work material.
Fourth
quarter of
2015
19
.
De19
.
De
vel
op
m
en
t
47
.
Re
se
ar
ch
rel
at
113 Development of new
alternative satellite models
(for short-term forecasting)
as well as initial activities
related to the development
of the so-called DSGE model.
Technical assistance has been
requested.
Medium-
term activity
19
.
De19
.
De
vel
op
m
en
t
of
th
e
48
.
An
aly
se
s
of
th
e
pri
nci
114 Analyses of the principles for
the financial markets
infrastructure, and
comparative analyses of
payment systems of the
countries of the region.
Analysis of the principles of financial
markets infrastructure has started,
which will serve as a basis for
drafting new bylaws for overseeing
payment systems. Also underway is
a comparative analysis of the
payment systems of the countries of
the region.
Preparation and presentation of an analysis of the
principles of financial markets infrastructure that are
currently being adopted by the EU Member States,
as well as a comparative analysis of the payment
systems of the countries of the region.
Fourth
quarter of
2015
19
.
De19
.
De
vel
op
m
en
t
of
th
e
re
se
ar
ch
49
.
Re
se
ar
ch
in
th
e
fie
ld
of
st
ati
sti
115 Continuation of activities
related to the assessment of
the origin of inflows that are
currently being registered
under the category "private
transfers" and their proper
allocation within the balance
of payments.
This activity is part of an already
commenced medium-term project
Identifying and taking into consideration acceptable
alternatives for assessing the actual amount of
inflows from remittances, on the basis of the
available results from previous surveys and cross-
referencing with the actual recorded inflows
through official channels. Assessing unregistered
exports of goods and services by combining the
available information on inflows on the currency
exchange market, estimates of the gray economy,
tourism, travel and so on. (coordination with SSO).
Drafting a new methodology for the balance of
payments, in the part of private transfers.
During the
year
19
.
De
47. Research related to the development of new econometric approaches and techniques for improving the current model, as well as for
preparing a diversified portfolio of models for making monetary decisions.
48. Analyses of the principles for the financial markets infrastructure, as well as comparative analyses of payment systems of the countries of
the region.
49. Research in the field of statistics in the part of private transfers, export activity of domestic entities in the services sector, finding an optimal
solution for reporting in monetary statistics, and solving some methodological issues in the statistics of the financial accounts of the National
Bank.
50. Improving the analytical and research activities in the field of international relations.
45. Research in the field of interactions between various macroeconomic sectors, with a focus on the labor market, fiscal policy, the
transmission of external shocks on the domestic economy, the external debt sustainability, the effects of foreign direct investment, and research
related to the process of deleveraging of the private sector.
46. Analyses of the way central banks communicate with the public and their transparency.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
19
.
De
vel
op
m
en
t
of
50
.
Im
pr
ovi
ng
th
e
an
116 Preparing a comparative
analysis of the experiences
of the central banks of
individual countries in
Central and Eastern Europe
related to their membership
in the ESCB;
Following the events and meetings
related to the EU activities;
Following the events associated
with regular meetings within
international financial institutions.
Analytical activities in the field of international
relations, monitoring the developments in the EU
and the international financial institutions, as well as
studying the experiences of central banks of
individual countries in Central and Eastern Europe
related to their membership in the ESCB.
Fourth
quarter of
2015
19
.
De19
.
De
vel
op
m
en
t
of
th
51
.
Re
se
ar
ch
in
th
e
fie
117 Research activities on the
use of information and
communication technologies
toward support and
improvement of business
processes.
Activities have not started. Considering the theoretical foundations and the
current achievements in the literature of the
aforementioned area.
Defining and conducting experiments and surveys
of the included business usersAnalysis of
resultsSummarizing the findings and their
presentation in international journals and
conferences.
Medium-
term activity
19
.
De19
.
De
vel
op
m
en
t
of
th
e
re
se
ar
ch
52
.
Re
se
ar
ch
in
th
e
ar
ea
s
of
m
us
118 Publication of the study on
the numismatic treasure of
Samuel's Fortress in Ohrid.
This comparative scientific research
and numismatic and monetary
study was prepared for long time in
cooperation with the Museum of
Ohrid (expected to be printed in
2014, but due to objective
circumstances, it was postponed).
In this regard, copyright texts are
largely completed, about 800
professional photographs have been
prepared, a contract for printing has
been signed.
Finalization of the copyright texts, technical
preparation, translation, editing, printing and
publishing.
Third quarter
of 2015
19
.
De
vel
op
m
en
t
of
th
e
re
se
ar
52
.
Re
se
ar
ch
in
th
e
ar
ea
s
of
m
119 Producing three research
papers and their
presentation at the XV World
Numismatic Congress (21 to
25 September 2015,
Taormina, Sicily).
Topics of the papers have been
determined: 1.Katerina Hristovska,
Extremely Rare Copper Trachy of
Theodore II Lascaris of the
Numismatic Collection of the
National Bank of the Republic of
Macedonia; 2. Maja Hadzi Maneva,
the Early Byzantine Exagia of the
Numismatic Collection of the
National Bank of the Republic of
Macedonia; 3 Eftimia Pavlovska,
Paionian Coins of the Numismatic
Collection of the NBRM.
Research, technical preparation and translation of
texts.
Third quarter
of 2015
20
)
Fa20
)
Fa
st
an
d
eff
ici
en
t
pr
53
.
Fu
rth
er
rai
sin
g
of
th
e
120 Improvement of the RTGS
system.
Technical specification for the
system has been defined.
The improvement is expected to
increase the RTGS system speed,
introduce several functionalities that
will enable its easier maintenance
and use, increase the security and
reduce expenses.
Design of the new system
Consultations with interested parties for design
verification purposes
Public invitation for development of a new system
and conclusion of a contract
Implementation of the contract
Launching a new system which enables
implementation of several functional and security
improvements.
Medium-
term activity
20
)
Fa
st
an
d
eff
53
.
Fu
rth
er
rai
sin
121 System for electronic data
storage.
An analysis for the NBRM needs has
been made regarding long term
storage of data, along with a
technical specification for the
procurement of a system.
The following activities shall be taken:
procurement of a data storage system training of
end users andtesting and launching.
Third quarter
of 2015
20) Fast and efficient processing of data and generating information for easier decision-making through improvement of
information systems in the National Bank in accordance with the best international IT services management practices.
53. Further raising of the level of IT services by maintaining and upgrading the equipment and applications in the Bank in accordance with the
established availability, reliability and security standards.
51. Research in the field of application of IT solutions in business operations.
52. Research in the areas of museum activity.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
20
)
Fa
st
an
d
eff
ici
en
t
pr
oc
53
.
Fu
rth
er
rai
sin
g
of
th
e
lev
122 Introduction of unit testing
in the Programming Unit.
The needs of the Programming Unit
for introducing new testing
methodologies have been analyzed.
Unit testing is one of the most
extensively used testing
technologies in the programming
process. Central Banks of the
Netherlands and Germany also use
them as methods for testing the
DIT.
It is needed:
to analyze how the modular testing is conducted;to
check the available tools for such testing;to
organize the process of testing for programmers;to
test two new projects with this type of testing.
Fourth
quarter of
2015
20
)
Fa
st
an
d
eff
53
.
Fu
rth
er
rai
sin
123 Glossary of terms in the field
of IT.
No action has been taken for this
activity.
A glossary of IT terms we use on a daily basis
should be developed with the individual
departments in the NBRM. The glossary will help
the departments understand the terminology that
we in the IT use with respect to their work cases.
Second
quarter of
2015.
20
)
Fa
st
an
d
eff
ici
en
53
.
Fu
rth
er
rai
sin
g
of
124 Providing information for
user access to applications in
test and production
environment.
An application has been developed,
which provides information on the
users' access to the applications of
"SQL" server objects in test and
production environments. It reads
"text (txt) files" that are exported
from servers "SQL".
Instead of "text (txt) files", information need to be
exported in "SQL" tables. It is necessary to design a
module in the application for users' access to the
applications on the folders of application servers.
Second
quarter of
2015.
20
)
Fa
st
an
d
eff
ici
en
t
pr
53
.
Fu
rth
er
rai
sin
g
of
th
e
125 Automating the applications
register.
"Applications Register", "Annual
Work Program of DIT" and the
"Plan of programmers engagement
by items of the Program" are
recorded in "excel" tables. Reports
are made on programmers
engagement and on the realization
of the work program.
To develop an application for entries and
maintenance of the "Applications Register", "Annual
Work Program of DIT", the "Plan of programmers
engagement by items of the Program" reports on
the engagement of programmers and on the
implementation of the plan and program.
Fourth
quarter of
2015
20
)
Fa
st
an
d
eff
ici
en
t
pr
oc
es
sin
g
53
.
Fu
rth
er
rai
sin
g
of
th
e
lev
el
of
IT
126 Migration of DMS system to
a higher version (SharePoint
Server 2013)
SharePoint Server 2013 was
installed in a lab environment in
order to explore new and improved
functional features.
Installation of a new instance for the SQL Server
2012 that will be used for configuration and content
databases of SharePoint Server 2013, for each of
the three environments, development, test and
production.
Installation and configuration of SharePoint Server
2013 in three new environments, development, test
and production.
Finding a mutually convenient time and cooperation
with the Departments-owners regarding the
migration of content.
Migration of content from the current DMS
environment to the new environment.
Fourth
quarter of
2015
20
)
Fa
st
an
d
eff
ici
en
t
pr
oc
53
.
Fu
rth
er
rai
sin
g
of
th
e
lev
127 Revising and reorganizing
DBA automated routines for
maintaining databases in
accordance with the
possibilities of the higher
version of SQL server 2012
(backup, maintenance,
policy). Revising and
updating the relevant
documentation.
There is an ongoing migration of
databases to the new version of
SQL Server 2012 The automated
routines for maintaining bases
should be reviewed accordingly.
To review the daily backup tasks in order to
optimize the procedure.
To review the maintenance plans in order to
optimize the procedure.
To review a number of policies that have been
made and to make new ones as needed.
To perform documenting.
Fourth
quarter of
2015
20
)
Fa
st
an
d
53
.
Fu
rth
er
rai
128 Renewal of licenses for
softwares for comparison
and synchronization of
databases.
Market analysis for planning the
funds needed for the purchase.
A public procurement procedure should be
conducted.
Third quarter
of 2015
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
20
)
Fa
st
an
d
eff
ici
en
t
pr
oc
es
sin
g
of
53
.
Fu
rth
er
rai
sin
g
of
th
e
lev
el
of
IT
se
129 Regular activities of DIT. The systems have been set. Regular activities will be carried out, which mainly
relate to:
Introducing new users and change in the privileges
of current users; Maintenance and upgrading of ICT
infrastructure (servers, disk capacity, network
workstations, printers, etc.);
Upgrade of applications and changes in the current
reports;
Installation of applications from third parties, and
Resolving incidents and problems in using
information technology by the NBRM staff and its
correspondents.
During the
year
20
)
Fa20
)
Fa
st
an
54
.
De
vel
op
130 Introducing penetration
testing in order to check the
status of the information
system
No activities have been undertaken
so far.
Defining the technical specification, implementing a
procurement procedure and establishing a regular
penetration testing of the system.
Third quarter
of 2015
20
)
Fa
st
an
d
eff
ici
en
54
.
De
vel
op
in
g
IT
ris
131 Improving the IT services
management and
applications security.
So far, reports containing
information on the use of IT
services were produced only for the
Central Bank management.
No activities have been undertaken.
Further acceptance of ISO standards 20000 and
27001 will be performed through:
1. Preparations for the introduction of the Service
Level Agreement (SLA) with business users in the
National Bank and implementing a pilot project for
three essential services and2. Training for
programmers in order to increase the security in the
development of applications.
Fourth
quarter of
2015
20
)
Fa
st
an
d
eff
ici
en
t
pr
oc
es
sin
g
of
54
.
De
vel
op
in
g
IT
ris
ks
m
an
ag
e
m
en
132 Secure environment for
mobile devices.
An elaborate was developed on the
method of connection, which is
adopted by NOIS.
A detailed technical specification will be prepared,
for making e purchase, which will introduce a
special secure environment for mobile devices.
Fourth
quarter of
2015
20
)
Fa
st
an
d
eff
54
.
De
vel
op
in
g
133 Introducing a software for
code control and projects
management.
Several tools were analyzed that
make code quality control and are
used for project management,
monitoring of implementation etc.
A procurement should be made of a software that
checks the quality of the code for the .NET platform
Fourth
quarter of
2015
21
)
Ma21
)
Ma
int
ai
ni
ng
ful
55
.
Pe
rio
dic
sel
f-
as
134 Periodic self-assessment. No activities have been undertaken. According to the established methodology a report
will be prepared on performed periodic self-
assessment the operation of DVR in terms of
compliance of its operations with the Definition of
Internal Audit, Code of Ethics and Standards for the
Professional Practice of Internal Auditing.
First quarter
of 2015
21
)
Ma21
)
Ma
int
ai
ni
ng
ful
l
56
.
Re
vis
in
g
th
e
Me
135 Assessing the risks. No activities have been undertaken. Revising the Methodology for risk assessment from
2009, in order to adjust the process of assessing
the risks to the changes in the operations, thus
obtaining more objective starting point for the
preparation of the Plan for carrying out regular
audits within the Annual Work Program of the DVR .
Third quarter
of 2015
54. Developing IT risks management and management of IT projects.
21) Maintaining full compliance of the operations of internal audit with the Standards for the Professional Practice of Internal
Auditing;
55. Periodic self-assessment of the work of the internal audit in terms of its compliance with the Definition of Internal Audit, Code of Ethics and
Standards for the Professional Practice of Internal Auditing.
56. Revising the Methodology for risk assessment.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
22
)
Im22
)
Im
57
.
Pe
136 Regular audit activities No activities have been undertaken. Drafting a Plan for carrying out regular activities During the
year
22
)
Im22
)
Im
pr
ov
e
m
en
t
58
.
De
vel
op
in
g
th
e
137 Developing the ARS
application
DVR submitted a draft work case -
Monitoring the implementation of
the recommendations and received
an offer for the work case by DIT.
Based on the offer for the work case, DVR and DIT
should cooperatively take actions for development
of the ARS3 application, which should automate the
process of monitoring the recommendations, i.e.
monitoring their implementation according to the
given deadlines.
Fourth
quarter of
2015
22
)
Im22
)
Im
pr
59
.
Pr
od
138 Regular audit activities No activities have been undertaken. Producing written information of educational
character to promote the activities of the internal
audit.
During the
year
23
)
En23
)
En
ha
nci
ng
int
er
na
60
.
Ap
ply
in
g
th
e
pr
139 Internal self-assessment. No activities have been undertaken. Within this program assessment will be made of the
contribution of internal audit to the development of
the management process in the National Bank, the
risk management process and the control
processes, i.e it will be assessed how much value
the internal audit added to the improvement of the
operations of the National Bank
Fourth
quarter of
2015
24
)
De24
)
De
vel
op
in
g
an
61
.
Im
pr
ovi
ng
th
e
140 Preparing new reports aimed
at improving the process of
reporting on strategic goals,
guidelines and activities, as
well as their execution.
With the development of the
strategic planning process, some
opportunities for improvement have
been identified and examined.
Proposals for amending the
Rulebook for planning have been
prepared.
Modification of existing and introduction of new
forms in the planning and execution of goals and
objectives.
Activities will be implemented in coordination with
the FSK Department.
During the
year
25
.Pr
ep25
.Pr
ep
ar
ati
on
of
th
e
Na
tio
62
.
Pr
ovi
di
ng
a
su
bs
eq
ue
141 Participation of the NBRM in
the programming of IPA
2015
Participation of the NBRM in the
preparation of the strategic
documents for IPA 2. Preparation of
project proposal for subsequent
project following the "Needs
Analysis Programme for the
National Bank of the Republic of
Macedonia". Working meeting with
SEP and DEU regarding the
possibility of providing a subsequent
project.
Further participation of the NBRM in the
programming of IPA 2015 through regular
communication and coordination with SEP and DEU.
Medium-
term activity
25
.Pr
ep
61. Improving the process of monitoring and evaluating the status of meeting the objectives and tasks.
24) Developing and improving strategic planning as a basis for medium-term operational vision in order to improve corporate
governance, ensure optimal allocation of resources for attaining the priority goals and improve the institutional structure and
organization;
25.Preparation of the National Bank for joining and membership in the European System of Central Banks, by gradual
strengthening of administrative capacities, and participation of the National Bank in the reforms of the state aimed at fulfilling the
obligations arising from the membership of the Republic of Macedonia in the European Union;62. Providing a subsequent project, following the project "Needs Analysis Programme for the National Bank of the Republic of Macedonia"
through IPA II.
63. Conducting the ongoing IPA projects (IPA regional project of the ECB and the ESCB with the central banks of the Western Balkans, and the
project "Further harmonization with the EU acquis in the area of movement of capital and financial services - securities and investment services
market" in which the National Bank is included).
22) Improvement of the audit and advisory activities quality.
57. Performing regular audits and monitoring the implementation of the recommendations.
58. Developing the third part of the АRS (Assessment Risk System ) application - risk-based audit.
59. Producing written information.
23) Enhancing internal self-assessment process of the internal audit.
60. Applying the program for quality assurance and development of the work of the Internal Audit - Assessment of the contribution to the
development of the management process in the National Bank, the risk management process and the control processes.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
25
.Pr
ep
ar
ati
on
of
th
e
Na
tio
na
l
Ba
nk
for
joi
ni
ng
an
d
m
63
.
Co
nd
uc
tin
g
th
e
on
go
in
g
IP
A
pr
oj
ec
ts
(I
PA
re
142 Activities for the
implementation of the
current IPA projects.
Preparation and participation of the
two Steering Committees for the
regional IPA project of the ECB and
the ESCB with the central banks of
the Western Balkans. Working
meeting was held between the
representatives of the ECB and the
NBRM regarding the progress in
implementing the recommendations
and requirements for further
cooperation. Preparing a Review of
the possible areas for cooperation
with the ECB.
Participation of the NBRM in the
procedure for selection of a
consultant for the project "Further
harmonization with" EU acquis"" in
the area of movement of capital
and financial services - securities
and investment services market."
Participation of the NBRM in the preparation of a
plan for implementation of the priority
recommendations of the report "Needs Analysis
Programme for the National Bank of the Republic of
Macedonia" and organizing the wrap-up meeting
between representatives of the ECB and the NBRM
within the regional IPA project of the ECB and the
ESCB with the central banks of the Western
Balkans.
Starting the implementation of the project "Further
harmonization with "EU acquis" in the area of
movement of capital and financial services -
securities and investment services market" in the
section which includes the NBRM.
First quarter
of 2015
25
.Pr
ep25
.Pr
ep
ar
ati
on
of
th
e
Na
tio
na
l
Ba
nk
for
joi
ni
ng
64
.
Gr
ea
ter
us
e
of
th
e
EU
ins
tru
m
en
ts
th
at
ar
143 Further activities related to
the possibility of utilizing the
available EU instruments
Participation of the NBRM in the
preparation of the strategic
documents for IPA 2.
Participation of the NBRM in the
procedure for selection of a
consultant for the project "Further
harmonization with EU acquis in the
area of movement of capital and
financial services - securities and
investment services market".
Implementation of the regional
IPA project of the ECB and the
ESCB with the central banks of the
Western Balkans. Monitoring and
organizing the projects approved in
the framework of TAIEX for 2014
(17 projects).
Following the new regulation IPA 2 and preparing
information about the opportunities within the
current program and IPA 2;Starting the
implementation of the project "Further
harmonization with the EU acquis in the area of
movement of capital and financial services -
securities and investment services market";
Finalization of the IPA project of the ECB and the
ESCB with the central banks of the Western
Balkans;Monitoring and organizing the projects
approved within the TAIEX instrument and
programming the projects for 2016;
During the
year
25
.Pr
ep25
.Pr
ep
ar
ati
on
of
th
e
Na
65
.
De
vel
op
m
en
t
an
d
144 Organizing an international
conference: "Addressing
structural rigidities in view of
monetary policy transmission
effectiveness".
To mark the anniversary of the
monetary independence of the
Republic of Macedonia, traditionally
conferences are organized, which
are attended by a number of
researchers from academia and
policy-making institutions.
Organizational activities related to the Fourth
International Conference and awarding the annual
prize of the National Bank for the best paper in the
field macroeconomics delivered by a young
researcher.
Second
quarter of
2015.
25
.Pr
ep
ar
ati
on
of
th
e
Na
tio
65
.
De
vel
op
m
en
t
an
d
str
145 Organization of the Eighth
Conference on the Payment
and Securities Settlement
Systems.
The period of hosting the Eighth
Conference on the Payment and
Securities Settlement Systems,
organized by the NBRM in
cooperation with the central banks
of the Netherlands and Portugal,
has been defined.
Organizing the Eighth Conference of Payment and
Securities Settlement Systems in cooperation with
the central banks of the Netherlands and Portugal.
Second
quarter of
2015.
25
.Pr
ep
ar
ati
on
of
th
e
65
.
De
vel
op
m
en
t
an
146 Regular activities in the field
of international cooperation
Exercising several projects and
cooperation with central banks and
international financial institutions
Organizing technical cooperation with central banks
and international financial institutions;Monitoring
and participation of the NBRM in the regional
approach of the ECB for cooperation with the
central banks of the Western Balkans;Establishing
formal cooperation with other central banks.
During the
year
25
.Pr
ep
65. Development and strengthening of the National Bank's activities for the promotion of international and bilateral cooperation.
66. Raising the capacity of the National Bank for efficient implementation and coordination of the obligations of the National Bank arising from
the EU and the ESCB membership.
64. Greater use of the EU instruments that are available to the candidate countries.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
25
.Pr
ep
ar
ati
on
of
th
e
Na
tio
na
l
Ba
66
.
Ra
isi
ng
th
e
ca
pa
cit
y
of
th
e
147 Regular activities in terms of
organization and
coordination of the activities
of the NBRM related to
NPAA, NERP and SAA;
Regular activities in terms of
organization and coordination of the
activities of the NBRM related to
NPAA, NERP and SAA;Preparation of
a regular Review of the findings of
the EC's Progress Report for the
Republic of Macedonia in 2014;Final
follow-up matrix for the
recommendations from the "Needs
Analysis Programme for the
National Bank of the Republic of
Macedonia" has been defined.
Preparation of a regular Review of the findings of
the EC's Progress Report for the Republic of
Macedonia in 2015;Regular update of the follow-up
matrix for the recommendations from the "Needs
Analysis Programme for the National Bank of the
Republic of Macedonia";
During the
year
26
)
Es26
)
Es
ta
bli
shi
ng
a
str
uc
67
.
De
vel
op
in
g
th
e
pr
148 Organizing the process of
operational risk
management, training,
advisory and methodological
support of departments.
Preparing the framework for
managing the operational risks of
the NBRM - Policy and Guidelines
for its application
Organizing presentations and meetings with the
organizational units in order to inform the process
of risk management, the goals and benefits from its
establishment.
Preparing a register of work processes and projects
of the NBRM and determining the extent of their
critical importance.
Determining the risks in the critically important
processes and their recording.
During the
year
27
)
Es27
)
Es
ta
bli
shi
ng
an
int
68
.
In
tro
du
cti
on
of
th
149 Introduction of a new
integrated accounting
system
Given the long-term commitment of
the NBRM for introducing a modern
accounting system, in the fourth
quarter of 2014 a new procedure
for procurement of modern
accounting system was initiated.
During 2015, signing of a contract with an economic
operator fro introduction of an integrated
accounting system is expected. According to the
proposed plan of activities, the supplier will make a
plan and dynamics of the activities that need to be
undertaken.
Medium-
term activity
27
)
Es
ta
bli
shi
ng
an
int
eg
rat
ed
an
d
m
or
e
eff
ici
en
68
.
In
tro
du
cti
on
of
th
e
int
eg
rat
ed
ac
co
un
tin
g
sy
150 Preparation of the financial
statements and financial
reporting.
Preparation of monthly and
quarterly financial statements of the
NBRM; Regular monitoring and
analysis of the balance sheets of the
NBRM;
Financial reporting for statistical
purposes - preparation and
submission of daily, ten-day and
monthly review of data on the
balance and turnover on accounts
and financial statements;
Preparation of annual financial
statements of the NBRM; Support of
audit activities; Preparation and
support of inventory activities.
Further improvement of the preparation of the
financial reporting.
During the
year
27
)
Es27
)
Es
ta
bli
shi
ng
69
.
Pr
ep
ar
ati
on
151 Preparation and adjustment
of the accounting rules.
In the normal course of business
the need of revising or defining the
accounting rules for certain
transactions is being reassessed.
Preparation or revision to the accounting rules
according to the modifications to the new
accounting system or due to the introduction of new
instruments and activities.
During the
year
27
)
Es
70. Changes in the planning process and appropriate changes in internal regulations and planning software.
69. Preparation and adjustment of the accounting rules.
26) Establishing a structured framework for identifying and managing risks in order to mitigate the impact of uncertainties in the
operations, increase the efficiency and effectiveness in achieving the strategic objectives and tasks of the National Bank;
67. Developing the process of identification of the risks that could jeopardize the achievement of strategic objectives, as well as developing the
capacity for their assessment, monitoring and control.
27) Establishing an integrated and more efficient system for managing funds of the National Bank.
68. Introduction of the integrated accounting system, preparation of new operating statements and shortening the time of their preparation in
order to provide timely and reliable information that enhance opportunities for decision making and management.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
27
)
Es
ta
bli
shi
70
.
Ch
an
ge
s
152 Analysis of the planning
process and taking action for
its improvement.
A new Draft Rulebook for planning
has been developed, which changes
the technical aspect of the planning
process in the preparation of plans.
Analyzing the new draft process which should be
previously aligned with the organizational units and
defining new forms and reports.
During the
year
27
)
Es
ta
bli
shi
ng
70
.
Ch
an
ge
s
in
153 Drafting of the Financial Plan
and the Investment Plan and
reporting about the
accomplishment.
Regular activities have been
undertaken for improvement of the
preparation of the Financial Plan
and Investment Plan, as well as
reporting on their implementation.
Drafting of the Financial Plan and the Investment
Plan of the National Bank of the Republic of
Macedonia, as well as monthly and quarterly reports
on the attainment of the Financial Plan and the
Investment Plan in fixed assets of the National
Bank.
During the
year
27
)
Es
ta
bli
shi
ng
an
70
.
Ch
an
ge
s
in
th
154 Preparing a methodology for
cost accounting.
The methodology of the European
Central Bank has been provided.
Studying of the methodology of the European
Central Bank;Providing technical cooperation with
another central bank for setting the cost accounting
methodology;Preparing a draft methodology for
cost accounting of the National Bank
Fourth
quarter of
2015
27
)
Es27
)
Es
ta
bli
71
.
Ha
rm
on
155 Improving the accounting
records
Preparatory activities toward
increasing the efficiency and
effectiveness in the preparation of
reports.
Preparing technical documentation for the
development of new or upgrading the existing
application solutions.
During the
year
27
)
Es
ta
bli
shi
71
.
Ha
rm
on
izi
156 Revision of Regulations,
Guidelines and Procedures
covering financial accounting
issues.
Preparations for amending some
internal regulations are underway.
In accordance with the changes and needs for
further improvement of Regulations, Guidelines and
Procedures for the operation of the National Bank,
they will be revised, adjusted and improved.
During the
year
27
)
Es27
)
Es
ta
bli
shi
ng
an
int
eg
rat
72
.
Ha
rm
on
izi
ng
th
e
fin
an
157 Analyzing of accounting
examples of recording
transactions under the rules
of the European Central
Bank.
Based on the identified differences
between the accounting policies and
reporting to the ESCB and the
current way of reporting of the
NBRM with the IPA -Project,
technical assistance has been
requested from the Dutch Central
Bank and the ECB in order to
harmonize the financial and
accounting framework of the NBRM.
Studying the Accounting Rules of the European
System of Central Banks.
Providing technical cooperation with another central
bank for setting a cost accounting methodology.
During the
year
28
.
Str28
.
Str
en
gt
he
ni
ng
of
th
e
hu
m
an
73
.
Im
pr
ovi
ng
th
e
pr
oc
es
se
s
an
158 Developing an information
service (HR Service Desk)
aimed at modernization of
the operations of the HRD
A work case to the IT Department
has been submitted.
Developing an information service (Service Desk)
for human resources, aimed at modernization of the
operations of the HRD With the implementation of
the HR Service Desk the employees' requests will be
accepted electronically, which will increase the
efficiency of operations, will enable better records
and a higher level of control of the risk of errors,
and will reduce the administration of documents in
paper form. This is aimed at improving the service
activity of HRD and implementing higher standards
of work.
Fourth
quarter of
2015
28
.
Str
74. Building a positive and motivating organizational culture.
71. Harmonizing and improving the processes envisaged by the regulations in the field of financial and accounting matters.
72. Harmonizing the financial and accounting framework of the National Bank with the framework of the European System of Central Banks, as
a long-term goal
28. Strengthening of the human resources management capacity.
73. Improving the processes and building an integrated model for human resources management.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
28
.
Str
en
gt
he
ni
ng
of
th
e
hu
m
74
.
Bu
ild
in
g
a
po
sit
ive
an
d
m
159 Surveying the engagement
of the employees in the
NBRM
The last survey was conducted in
January 2013
Surveying the engagement of the employees in the
National Bank and job satisfaction. Due to the
continuous improvement of the organizational
climate and improvement of the organizational
culture, periodic measurements of job satisfaction
and engagement at the job are performed, whereby
indicators are obtained for the needs of adopting
policies and implementing processes in the human
resources management, for the purpose of
continuous improvement the situation.
Second
quarter of
2015.
28
.
Str28
.
Str
en
gt
he
ni
ng
of
th
e
hu
m
an
75
.
Fu
rth
er
im
pr
ov
e
m
en
t
of
th
160 Developing a Competencies
Framework for the
employees of the NBRM.
The strategic plan of the NBRM
identifies values of the National
Bank.
Developing a Competencies Framework of the
National Bank which will be connected with the
organizational values. Determining the
competencies for each job. Connecting the process
of performance evaluation with the job
competencies. Part of the criteria for performance
evaluation envisage certain competencies that the
employees of the National Bank should possess, but
after the preparation of the Competencies
Framework it would be fully reflected in the
evaluation process.
Fourth
quarter of
2015
28
.
Str28
.
Str
en
gt
he
ni
ng
of
th
e
hu
m
an
re
so
ur
ce
s
m
an
ag
e
76
.
Co
nti
nu
ou
s
pr
of
es
sio
na
l
de
vel
op
m
en
t
an
d
tra
ini
161 Improving and intensifying
the activities of human
resources management.
Mandatory training in management
skills has been conducted and
training in soft skills for employees
has started.
Utilizing the expertise of employees by organizing
training for expertise in different areas, taught by
staff - experts in the field, which will provide
training for mentoring and training of trainers for
these employees. Strengthening the capacity for
effective and efficient management, wherefore
mandatory training for development of managerial
skills, education intended for managers (coaching)
will be conducted. Strengthening the capacities of
the human resources management specialists
wherefore accredited training for personal and
professional development will be implemented, such
as training for: instructions, mentoring and training
of trainers. For this purpose, procedures and
programs for mentoring, education and training of
trainers will be defined. A survey will be conducted
in order to analyze the training needs for soft skills
for the employees on a voluntary basis and the
respective training will be conducted.
Fourth
quarter of
2015
29
)
Im29
)
Im
pr
ovi
ng
th
e
le
gis
lat
77
.
Fol
lo
wi
ng
th
e
le
ga
l
162 Cooperation with the other
institutions in the part of
preparing and implementing
the regulation which is
within the scope of
operations of the National
Bank.
Draft amendments for amending
the Constitution of the Republic of
Macedonia toward changing the
name of the National Bank of the
Republic of Macedonia and
redefining its position in the legal
system of the country, are in
parliamentary procedure.
Coordinating and taking part in activities for the
harmonization of laws and internal regulations of
the National Bank with the amendments to the
Constitution of the Republic of Macedonia
During the
year
29
)
Im
75. Further improvement of the process of performance evaluation, linking the process with the Competencies Model, recognizing the potential
of employees and strengthening their skills in order to develop their career.
76. Continuous professional development and training of staff for the purpose of more effective implementation of the objectives and tasks of
the National Bank.
29) Improving the legislation in order to detect and minimize the legal risks to the achievement of the objectives and performance
of the National Bank tasks and monitoring and control of the compliance of the National Bank regulations with the national
legislation;77. Following the legal regulation in the country and abroad.
78. Cooperation with the organizational units of the National Bank and providing legal support in achieving goals and objectives.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
29
)
Im
pr
ovi
ng
th
e
78
.
Co
op
er
ati
on
wi
163 Cooperation with the
organizational units of the
National Bank and providing
legal support in achieving
goals and objectives.
Continuous activities Constant monitoring of the legislation in the area of
operations of the National Bank in the country and
abroad, providing legal support for the
organizational units in the realization of the
objectives and tasks of the National Bank and
controlling the compliance with the regulations
within the National Bank.
During the
year
29
)
Im29
)
Im
pr
ovi
ng
th
e
le
gis
lat
io
n
in
or
de
r
79
.
Co
op
er
ati
on
wi
th
th
e
ot
he
r
ins
tit
uti
164 Studying the differences in
the regulation relative to the
Statute of the ESCB and the
ECB and the Treaty on the
Functioning of the EU.
As part of the preparation of the
Draft-text of the amendments to
the Law on the National Bank of the
Republic of Macedonia, which is
envisaged in the Plan of Activities of
the National Bank of the Republic of
Macedonia for 2014, towards its
compliance with the Statute of the
ECB and the ESCB and the Treaty
on the Functioning of the EU, in
accordance with the
recommendations contained in the
Needs analysis report for the
National Bank of the Republic of
Macedonia, within the IPA project
Preparation of a Proposal for Amending the Law on
the NBRM in order to improve the provisions in its
practical application, taking into account the
experience of other central banks.
Medium-
term activity
30
)
En30
)
En
su
rin
80
.
Cu
rre
nt
165 Ongoing and investment
maintenance of the building.
Economic operators have been
provided, legal tests have been
committed and internal regulations
and procedures have been adopted.
Strengthening the continuous process of overseeing
the condition of the buildings.
During the
year
30
)
En
su
rin
80
.
Cu
rre
nt
166 Realization of the activities
for construction of a new
building.
Monitoring and directing the
activities of the economic operator
for development of the design and
other supporting documentation.
Reviewing and approving the project, implementing
the activities for approval for construction
First quarter
of 2015
30
)
En
su
rin
g
op
80
.
Cu
rre
nt
an
d
167 Improving the process of
monitoring the stock of fixed
assets, small inventory and
consumables.
New internal regulations and
procedures have been adopted,
there are ongoing analyses of
specific open questions.
Harmonizing part of the solutions in the by-laws and
procedures with the new solutions in the accounting
policies.
Fourth
quarter of
2015
30
)
En
su
rin
80
.
Cu
rre
nt
168 Improving the process for
the implementation of public
procurement procedures.
A new version of the internal
regulation has been prepared, in
accordance with the changes in
legislation.
Adopting a new internal regulation. During the
year
30
)
En
su
rin
g
op
ti
m
al
wo
80
.
Cu
rre
nt
an
d
inv
est
m
en
169 Improving the process of
monitoring the status of the
procurement procedures
established by the Annual
Procurement Plan.
An electronic application with
statistical data and information has
been established, which provides
access to all strategic and tactical
managers, and provides possibility
for current monitoring of the status
of procurement procedures and the
extent of implementation of the
Annual Plan.
The content of the electronic application is part of
the new internal regulation.
During the
year
30
)
En
su
rin
g
80
.
Cu
rre
nt
an
170 Improving the process for
monitoring the
implementation of the
agreements.
Work processes have been defined,
priority issues and problems and
levels of risk have been recorded.
Installing a software solution for creating
preconditions for continuous and quality process of
monitoring the implementation of the agreements
During the
year
30
)
En
su
rin
g
80
.
Cu
rre
nt
an
171 Developing the office and
archive operations and the
electronic archive.
A new version of the internal
regulation has been prepared.
Harmonizing and adopting the new internal
regulation and its implementation in an electronic
archive.
During the
year
79. Cooperation with the other institutions in the part of preparing and implementing the regulation which is in the scope of work of the
National Bank.
30) Ensuring optimal working conditions within the physical environment in accordance with business requirements and needs of
the National Bank and standards and norms determined in the Republic of Macedonia;
80. Current and investment maintenance of the property, increasing the efficiency of the implementation of logistics services, as well as
upgrading the established integrated security system of the National Bank.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
30
)
En
su
rin
g
op
ti
m
al
wo
80
.
Cu
rre
nt
an
d
inv
est
m
en
172 Development of an
information infrastructure of
the administrative and
technical and other work
processes.
Internal regulations have been
prepared, procedures have been
defined, possible directions for
further development have been
recorded, the needs for design for
electronic processing have been
defined, particularly in order to
create a more efficient and more
functional quality and efficient
planning process.
Follow up on the activities for preparation of a new
Planning Rulebook, especially in the part of the
forms, clear and precise definition of the work
processes, sources of data and compliance
regarding the open issues of recording, updating
the data in the records of fixed assets, small
inventory and consumables, i.e. material evidence
(joint activity with organizational units (DIT, DFSK).
First quarter
of 2015
30
)
En
su
rin
80
.
Cu
rre
nt
173 Development of an
integrated security system of
the NBRM and the
"Kompleks banki" building.
A Policy for physical security has
been adopted, as well as some of
the internal regulations, whose
application is launched.
Preparing new internal regulations for fire
protection and procedures for physical security and
fire protection.
During the
year
31
)
In31
)
In
cr
ea
sin
g
th
e
81
.
Fu
rth
er
im
pr
ov
e
174 Regular reviewing and
testing of the plans for
ensuring continuity of
business processes
Plans for ensuring business
continuity have been subject to
regular annual reviewing.
Organizational units need to train the staff, test and
revise the plans for the work processes in different
crisis scenarios. Crisis Headquarters will review and
approve the priorities for recovery of the business
processes which will be followed by a revision of the
business continuity plan of the National Bank.
During the
year
31
)
In
cr
ea
sin
g
th
e
pr
ep
ar
ed
ne
ss
for
81
.
Fu
rth
er
im
pr
ov
e
m
en
t
of
th
e
pr
175 Ensuring business continuity. The equipment is set on the
disaster recovery location and it is
directly connected with the
equipment on the main location,
thus theoretically ensuring RTO<1
hour and RPO=0 (Recovery Time
Objective - the recovery time and
Recovery Point Objective - the data
recovery time). Decision has been
adopted on connecting in the
information system of the NBRM
according to which all institutions
connected with the NBRM must
provide a line to the disaster
recovery location.
To ensure continuity of business processes of the
concerned departments on the disaster recovery
location, it is necessary to test the operability of the
equipment and lines on the disaster recovery
location, which will be continuously conducted
during this year, as well.
During the
year
32
)
In32
)
In
cr
ea
sin
g
82
.
In
cr
ea
sin
g
176 Updating and enriching the
website of the NBRM in the
part of international
relations.
Regular updates on the website of
the NBRM in the field of
international relations; Inclusion of
the NBRM in the Communication
Strategy for the IPA by the SEP.
Enriching the NBRM website in the part of
international relations.
Participation in training and related activities
organized by SEP in relation to the establishment of
the Communication Strategy for IPA.
During the
year
32
)
In32
)
In
cr
ea
sin
83
.
Im
pr
ov
e
177 Activities for improvement of
translation and proofreading
processes.
A translation software has been
procured, the experience of the
Deutsche Bundesbank in making the
manual for uniform translation has
been applied.
Development of a Style Guide. Third quarter
of 2015
32
)
In
cr
ea
83
.
Im
pr
ov
178 Review of the regulations
pertaining to the publication
activity.
Analyzing the existing regulations,
draft regulations and compliance
with the other regulations of the
NBRM.
Preparing a Rulebook and Guidelines for publication
activity.
First quarter
of 2015
32
)
In
82. Increasing the transparency about the role of the NBRM in the international relations and EU accession process.
83. Improvement of the publication activity and translation and proofreading processes.
84. Developing the educational function of the NBRM.
31) Increasing the preparedness for management in times of crisis in terms of protecting people, material goods, and key data and
information, as well as providing conditions for normal execution of business processes in a reasonable timeframe;
81. Further improvement of the processes for ensuring business continuity in the National Bank.
32) Increasing the transparency of the operations, enhancement of public relations and further development of the financial
education
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
32
)
In
cr
ea
sin
g
th
e
tra
84
.
De
vel
op
in
g
th
e
ed
179 Activities of the Coordinating
Body of the Regulatory
Authorities for Financial
Education in Macedonia.
Undertaking activities and
organizing sessions of the
Coordinating Body for financial
education among the regulatory
institutions in Macedonia (MAPAS,
Agency for Insurance Supervision,
Securities and Exchange
Commission, Ministry of Finance
and the National Bank).
Coordination of relevant institutions in the field of
financial education; Preparation of semi-annual
reports; Developing strategic documents;
Organizing workshops on financial education in the
NBRM.
During the
year
32
)
In
cr
ea
sin
84
.
De
vel
op
in
180 Cooperation with the
Ministry of Education and
Science in the development
of the financial education.
Delivering concrete cooperation
with the Ministry of Education and
Science and the Bureau for
Development of Education.
Deepening of the cooperation in creating new
educational programs for elementary and secondary
education.
Fourth
quarter of
2015
32
)
In
cr
ea
sin
g
th
e
84
.
De
vel
op
in
g
th
e
181 Developing appropriate
programs for teaching and
visiting primary and
secondary schools in
Macedonia.
Lecturing and visits to primary and
secondary schools in Macedonia.
Developing appropriate programs for teaching and
visiting primary and secondary schools in
Macedonia. Organizing interactive teaching in
elementary and secondary schools during the
"Global Money Week in 2015." Making new
educational brochures in collaboration with several
national and international organizations.
Second
quarter of
2015.
32
)
In
cr
84
.
De
vel
182 Organizing the event to
mark October 31 - Savings
Day.
Organizing the event to mark the
International Savings Day - 31
October.
Organizing the event - October 31: Announcing art
and literary competition and awarding prizes.
Fourth
quarter of
2015
32
)
In
cr
ea
84
.
De
vel
op
183 Establishing a regular
cooperation with magazines
and publishing educational
materials.
Preparing and publishing
educational materials. Translating
the educational materials in several
languages.
Cooperating with magazines for children and youth
and announcing competitions and educational
content in magazines for elementary and secondary
education. Translation of the prepared educational
materials.
During the
year
32
)
In
cr
ea
sin
g
th
e
tra
ns
pa
re
nc
y
of
th
84
.
De
vel
op
in
g
th
e
ed
uc
ati
on
al
fu
nc
tio
184 Further improvement of the
cooperation with a number
of institutions and
organizations for the
purpose of their involvement
in the Financial Education
Project.
NBRM is a partner institution of
Child and Youth Finance
International; member of the
International Network for Financial
Education - Organization for
Economic Co-operation and
Development and a member of the
Alliance for Financial Inclusion.
Communication with a number of international
institutions for the purpose of their involvement in
the project "Financial Education" and hosting events
organized by the NBRM. Organization of the
international event "Meeting of the Working Group
of the Alliance for Financial Inclusion" in May 2015
in cooperation with the Alliance for Financial
Inclusion (AFI).
Second
quarter of
2015.
32
)
In
cr
ea
sin
84
.
De
vel
op
in
185 Promote awareness of the
role and fulfillment of the
functions of the NBRM.
Promoting the public awareness
about the role and fulfillment of the
functions of the NBRM.
Updating the content on the website of the NBRM in
the part of "Financial Education" and creating a new
web site of the Coordinating Body for financial
education.
During the
year
33
)
De33
)
De
vel
op
85
.
En
ric
hi
186 Providing conditions for
continuous enrichment of
the Collection and
purchasing of coins.
Regular activities for realizing the
possibilities for purchasing
numismatic material.
Purchasing coins. During the
year
33
)
De
vel
op
in
g
th
e
m
us
85
.
En
ric
hi
ng
th
e
nu
mi
sm
187 Hidden Treasure -
preparation of educational
leaflets and booklets for
school children to popularize
the Numismatic Museum of
the NBRM and raising the
awareness about the
importance of the
Macedonian cultural
heritage.
Drafting the educational booklet
content.
Preparing the texts for the brochure and the leaflet
(Maja Hadzi Maneva); Initiating a procurement of
art and graphic preparation, printing and
distribution.
Second
quarter of
2015.
33) Developing the museum, library and historical archive activity;
85. Enriching the numismatic collection of the Museum of the National Bank and enhancing the public promotion of the cultural heritage of the
Republic of Macedonia.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
33
)
De
vel
op
85
.
En
ric
hi
188 Improving the website in the
part of the Museum of the
NBRM.
Preparing new professional-informative articles and
photographs that would improve the presentation of
the Museum of the NBRM on the website.
Fourth
quarter of
2015
33
)
De
vel
op
in
g
85
.
En
ric
hi
ng
th
189 Physical reorganization of
the coins in the Numismatic
Collection in new museum
safe cases for storing the
non-exhibited coins.
Re-recording of the coins under a new
categorization according to their place in the new
safe cases.
During the
year
33
)
De
vel
op
85
.
En
ric
hi
190 Conservation and re-
conservation of coins in the
Museum of the NBRM.
Procedures for review, selection, application of
techniques and methods for conservation and re-
conservation of coins
During the
year
33
)
De
vel
op
85
.
En
ric
hi
191 Professional processing and
documenting of the coins in
the Museum of the NBRM.
Professional catalog identification, classification,
description and date specification of the coins;
updating of the database
During the
year
33
)
De
vel
op
85
.
En
ric
hi
192 Professional documenting of
the coins subject to
conservation and re-
conservation, in the Museum
of the NBRM
Professional documenting and updating the
database for the conservation actions undertaken.
During the
year
33
)
De
vel
85
.
En
ric
193 Museum education of the
visitors to the permanent
exhibition.
Guiding visitors and groups through the permanent
exhibition.
During the
year
33
)
De
vel
op
in
g
th
e
m
us
85
.
En
ric
hi
ng
th
e
nu
mi
sm
194 Issuing coins for collection
purposes
During 2014, the following coins
were issued and put into circulation:
"Cyril and Methodius", eight coin
from the zodiac signs series "Leo",
"Virgo", "Libra", "Scorpio",
"Sagittarius", "Capricorn",
"Aquarius" and "Pisces" and the
coin "Faith, Love, Hope and their
mother Sophia".
Continuing the activities for issuing coins of the
zodiac signs series and considering other projects
aimed at promoting the cultural heritage of the
Republic of Macedonia.
During the
year
33
)
De33
)
De
vel
op
in
86
.
Ex
pa
nd
in
195 Full cataloging of the library
stock - serials and
monographs in an
appropriate applicative
solution.
Electronic cataloging of monographs
in the COBISS program, and the
application of the NBRM.
Ongoing activities for electronic cataloging. During the
year
33
)
De
vel
op
86
.
Ex
pa
nd
196 Enrichment of the library
stock with new titles.
Procurement of professional
literature
Providing conditions for the possibility for
continuous enrichment of the Library stock with
new titles.
During the
year
33
)
De
vel
86
.
Ex
pa
197 Regulations. Harmonization of the regulations for
the operations of the Library.
Revising current regulations and adopting new
ones.
Third quarter
of 2015
33
)
De
vel
op
in
86
.
Ex
pa
nd
in
198 Protection of the library
material by binding the
serials and damaged
monographs.
Systematization of the library
material which should be binded.
Checking of the systematized library material and
handing it over for binding.
Fourth
quarter of
2015
33
)
De
vel
op
in
g
86
.
Ex
pa
nd
in
g
199 Promoting the Library and
the Archive by presenting
the goals, objectives and
activities
No activities are initiated. Preparing an information for the presentation of the
goals, objectives and activities of the Library and
the Archive on the web site of the NBRM;Other
activities toward promoting the aims and objectives
of the Library and the Archive.
Fourth
quarter of
2015
33
)
De33
)
De
vel
op
in
87
.
Es
ta
bli
sh
200 Maintaining and upgrading
the software for historical
and archive operations.
The software is procured, tested
and put into production.
Providing conditions for continuous maintenance
and upgrades to the software.
Third quarter
of 2015
33
)
De
vel
op
87
.
Es
ta
bli
201 Defining the legal framework
for the historical and archive
operations in the NBRM.
Reviewing the current regulations
and adopting new ones is
underway.
Continuing the activities for the adoption of
regulations.
Third quarter
of 2015
87. Establishment and development of the Historical Archive.
86. Expanding the possibilities for using professional literature and publications for the employees of the National Bank.
Obje
ctiv
e
Guid
elin
e
Act
ivity
Planned activities Undertaken activities Activities to be undertaken
Com
ple
tion
period
33
)
De
vel
op
in
g
87
.
Es
ta
bli
sh
m
202 Starting with the digitization
of archival material of
historical significance arising
from the operations of the
NBRM in the period from
1992 - 1995
No activities are initiated. Installing the computer equipment and adjusting
the parameters envisaged for digitization of the
archival material.
Second
quarter of
2015.
33
)
De
vel
op
in
g
87
.
Es
ta
bli
sh
m
203 Cooperation with the State
Archives of the Republic of
Macedonia and other
international institutions.
Preliminary talks on the research
activities in the State Archive of the
Republic of Macedonia and other
international institutions.
Defining the research activities in order to take
digital copies of historically important documents for
the central-banking operations on the territory of
the Republic of Macedonia.
During the
year