North Macedonia Deposit Rate

North Macedonia’s deposit rate has fallen sharply from an all‑time peak of 7.77 % in 2009 to a trough of 1.07 % in 2022, before climbing modestly to 2.34 % in 2025, placing the country 60th globally. The 21‑year series shows a long‑term downward bias, reflecting tight monetary conditions in the early 2010s and a prolonged low‑interest environment after the pandemic. Compared with peers of similar rank, the rate is slightly below Lesotho’s 2.59 % and San Marino’s 2.59 % and above Albania’s 2.10 %, suggesting a modestly tighter funding cost for Macedonian banks. The early‑2000s high of 5.50 % in 2005 underscores how the current level remains well below historic norms. Future movements will hinge on the National Bank’s policy stance and inflation dynamics; a sustained rise in inflation could prompt tighter policy and a further decline, while a stable price environment may allow the rate to edge higher toward regional peers.