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New regulation on reporting of credit operations with non-residents in Macedonia

November 2015 - Finance. Legal Developments by Karanovic & Nikolic.

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The National Bank of the Republic of Macedonia (“NBRM”) has adopted a new Decision on the Manner and Terms of Recording and Notification of Executed Credit Operations (“Decision”), which applies to credit operations of Macedonian residents with non-residents. This Decision was adopted at the beginning of October, and came into force on 1st November.


Notification ofcredit operations with foreigners for statistical purposes must be conducted within 10 working days as of the conclusion of the agreement, or within 5 working days as of the change in the registered credit operation (such as granting or returning the loan). The amendments stated in the new Decision refer to the documents that need to be submitted for registration at the NBRM. As a novelty, resident companies reporting such credit operations are obliged to submit only the application form issued by the NBRM and the loan agreement containing all relevant information (e.g. loan amount; terms on granting, use and returning of the loan). No additional documentation is required at the moment of notification. However, if the NBRM finds that some information is missing, they still reserve the right to require additional information or documentation.

Even though this Decision does not implement important novelties, its enactment serves to harmonize several previous amendments of regulation on this matter and to remind the business community that the NBRM intends to actively control the reporting obligations of residents. Companies should be aware that compliance with this Decision is obligatory and the NBRM intends to enforce this requirement. If a deadline is missed or notification is not completed, a company may be subject to a fine in the range of EUR 2000 to EUR 4000.

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