Esteemed Governor of the National Bank of the Republic of Macedonia,
Distinguished Guests,
Ladies and Gentlemen,
Dear Friends,

Nothing happens without people, yet nothing lasts without institutions. Despite this significant difference, there is something that is common for people and institutions. And that is the issue of trust.

This 2016, we faced and are still facing a deep political crisis, which is a reflection of lack of mutual trust in our society. However, even in such complex conditions, it proved that the state institutions are functional and have justified the trust of the citizens. One of those institutions is the National Bank of the Republic of Macedonia, which celebrates this year a jubilee - 70 years of the central banking activities in Macedonia.

Ladies and Gentlemen,
25 years ago we proclaimed sovereignty and independence. We all know that a key part of independence of a country is its monetary independence. Although we proclaimed monetary independence along with the independence, the foundations of the central banking were set at the dawn of the Macedonian state, back in 1946. Although it long functioned as a branch of the Central Bank of the former common state, the National Bank of Macedonia in that time succeeded in building the capacity necessary for quality banking.

By proclaiming independence in 1991, our central bank gained experience from two very different economic and political systems.

That experience helped us in the dawn of our independence when we faced numerous challenges. The treasury was almost empty. There was a danger of spillover of destabilization and hyperinflation from the neighborhood. However, in these exceptionally difficult times, the National Bank successfully overcame the challenges.
Is there anyone among us who does not remember the historic moment when in April 1992, Prime Minister Kljusev, from the parliamentary podium, presented the banknotes of the new Macedonian currency – the Denar? As citizens, we rejoiced at those first, modestly designed banknotes not only for their purchase, but also for their symbolic value. They symbolized that the Republic of Macedonia is monetary independent state. Establishing a stable exchange rate of the Denar, the National Bank stabilized the inflation at a low level and increased the state reserves.

Distinguished Guests,
At the beginning of my speech I mentioned trust. The trust in the banking system is being built for years and can be lost in a moment.

The global financial and credit crisis of 2008 have shaken the foundations of trust in the banking systems around the world. Still, in times when many powerful countries faced slowing economic growth, the Republic of Macedonia managed not only to keep pace but to grow into one of the fastest growing economies in Europe. As an attractive destination for foreign investment in times of crisis, we have become a positive exception to the negative rule. And this exception is due to several factors. These include numerous and fundamental economic reforms and tireless promotion of Macedonia's investment opportunities. And I, personally, as President, never miss the opportunity to open the Macedonian economy for entrepreneurs, for developed and emerging economies from around the world. But all this was possible thanks to the wise and balanced macroeconomic policy of the National Bank of the Republic of Macedonia.

For many countries, these critical years are, as they say, years eaten by locusts. Many economies have suffered huge losses. However, the National Bank of the Republic of Macedonia was a protector of the trust in the economy. Precisely, dual trust. The trust of foreign investors, but even more importantly, the trust of the Macedonian citizens in their own institutions.

The National Bank of the Republic of Macedonia is one of the pillars of the functional and competitive Macedonian market economy. Because of all that, as President of the Republic of Macedonia, it is my honor to thank the National Bank with the Order of Merits for Macedonia. This Order is a recognition for all individuals involved in the construction and development of the National Bank in the past 70 years, and thus of the Macedonian economy.
Moreover, this Order represents a commitment. The National Bank should continue, as before, to enforce prudent, proper and independent monetary policy in line with the state interests. It should continue to be the pillar of macroeconomic stability of the independent and sovereign Republic of Macedonia. With transparent policy, it should be the guarantor of the fundamental role of the financial sector. And that is to support the real economy, to create conditions for new jobs, goods and services that will meet the real needs of the citizens. And with that, to contribute to the prosperity, well-being and progress of the Macedonian citizens, the Macedonian economy and the Macedonian state.

Finally, this Order is an expression of desire. The Macedonian Denar is today among the 164 currencies circulating in the world. As a sovereign state, we are proud of the Denar. However, we would not mind if one day the Macedonian Denar is melted into the European currency - the Euro. And thus, the dream of full-fledged membership of the Republic of Macedonia in the European Union to be fully attained. To be part of the single European market. I wish this is achieved by the next big anniversary, when we will celebrate 80 years of the Macedonian central banking activities.

Thank you.