North Macedonia interest rate
National Bank of North Macedonia
- Policy rate
- 4.25%
- Sep 22, 2026
- Last move
- +0.25 pt
- Jun 2026
- Inflation
- 2.6%
- Aug 2026
- 10-year bond yield
- –
- not available
The policy rate set by the National Bank of North Macedonia is 4.25% as of Sep 22, 2026. Its most recent move: it raised its rate from 4.00% to 4.25% (Jun 2026). The rate is 1.10 percentage points lower than a year earlier. With consumer prices up 2.6% over the 12 months to Aug 2026, the real rate (policy rate minus inflation) is +1.7%: borrowing costs are above inflation.
Policy rate over the past two years
Sep 22, 2026: 4.25%
Rate changes
| When | Decision | From | To | Change |
|---|---|---|---|---|
| Jun 2026 | Hike | 4.00% | 4.25% | +0.25 pt |
| Dec 2025 | Cut | 5.35% | 4.00% | −1.35 pt |
| Feb 2025 | Cut | 5.55% | 5.35% | −0.20 pt |
| Dec 2024 | Cut | 5.80% | 5.55% | −0.25 pt |
| Oct 2024 | Cut | 6.05% | 5.80% | −0.25 pt |
| Sep 2024 | Cut | 6.30% | 6.05% | −0.25 pt |
Changes between month-end rates, plus the latest daily reading. Two decisions in one month show up as a single change.
Inflation (% vs a year earlier)
Aug 2026: 2.6%
Other central banks in Europe
Source: BIS; inflation: IMF CPI. Updated daily. All central bank rates · North Macedonia economy dashboard