North Macedonia

Roughly neutral

Policy rate

4.25%

Last move Jun 2026

Inflation

4.07%

As of null

Real policy rate

0.18%

Policy rate less inflation

Debt to GDP

53.10%

2026 est.

Inflation targetNone published

Policy rate vs target—

Last move+25 bps hike

Months at current rate3

Real GDP growth3.10%

Next scheduled decisionNot published

Policy rate path, latest five years. Cycle peak 20.00% (Jun 2001).

The verdict

North Macedonia sets its policy rate at 4.25%, against inflation of 4.07% — a real rate of 0.18% after inflation. The most recent decision was a 25bp hike in Jun 2026. The rate has held there for about 3 months. Inflation targeting: No target; EUR exchange rate peg (~61.5 MKD/EUR). On the fiscal side, the economy carries government debt of 53.1% of GDP (2026 est.) and real GDP growth of 3.1%.

Sources: policy rate and cycle history — BIS central bank policy rates (WS_CBPOL); inflation — national statistical agencies; debt and growth — IMF World Economic Outlook. Methodology: https://www.globalfinancialinfo.info/methodology/policy-rates · Dataset: https://www.globalfinancialinfo.info/global-economy · Free to print and share for non-commercial classroom use (CC BY-NC-ND 4.0).

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