Macedonia joins the Single Euro Payments Area (SEPA)

Skopje, March 6 — Macedonia today has become the 39th member of the Single Euro Payments Area (SEPA), the National Bank announced.

Governor Anita Angelovska-Bezhoska stated that the country's SEPA membership is expected to bring numerous benefits for citizens, businesses, and the economy as a whole.

"We expect faster, safer, and cheaper cross-border euro payments. This is especially important for the Macedonian economy, which is characterized by high level of trade openness (one of the highest in the SEE region) and a large volume of cross-border transactions. Consequently, there is significant potential for cost savings, improved liquidity, and increased competitiveness among companies. This can undoubtedly play an important role in further trade integration, accelerated economic growth, and a reduction in the income gap with the EU," she said.

The governor stressed that SEPA membership is also a confirmation of the high regulatory standards applied by Macedonian financial institutions, which is important for further stimulating competition and innovation, as well as for maintaining financial stability, as a precondition for macroeconomic stability as a public good.

"Our economy is also characterized by relatively high inflows of remittances from abroad, which reach up to 15% of GDP. Given that remittances represent a significant part of the population's disposable income, the benefits will not be left out on this basis", Angelovska-Bezhoska stated.

The Single Euro Payments Area (SEPA) is a payment integration initiative of the European Union for simplification of bank transfers denominated in euros.