The European Payments Council today accepted North Macedonia as the 39th member of the Single Euro Payments Area (SEPA), the National Bank announced. SEPA membership also means greater financial integration of the country into the EU.
Under the leadership of the National Bank, the statement says, the country has made significant efforts to harmonize the legal framework in the field of payments and payment systems with the regulatory requirements of the European Union (EU), officially joining the SEPA payments area, fulfilling one of the most important goals on the path to EU membership.
“From SEPA membership we expect numerous benefits for our citizens, companies, but also for the economy as a whole. Above all, we expect faster, safer and cheaper cross-border payments in euros. This is particularly important for the local economy, which is characterized by a high degree of trade openness (one of the highest in CEE) and a large volume of cross-border payments. Therefore, the potential for cost savings, for improving liquidity and increasing the competitiveness of companies is also great. Of course, this can play an important role in the process of further trade integration, accelerating economic growth and narrowing the income gap with the EU”, said Governor Anita Angellovska-Bezhoska in a statement on the decision of the European Payments Council on our country’s membership in SEPA.
The Governor emphasized that SEPA membership is also a confirmation of the high regulatory standards applied by financial institutions, which is important for further promoting competition, innovation, but also for maintaining financial stability, as a prerequisite for macroeconomic stability, which is a public good.
“Our economy is also characterized by relatively high flows of remittances from abroad, which reach up to 15 percent of GDP. Given that remittances represent a significant portion of the population’s disposable income, there will be no shortage of benefits on this basis as well,” emphasized Angellovska-Bezhoska.
She added that in order for all these opportunities to become a reality, of particular importance is the good preparation and rapid and effective connection of our payment service providers to European payment systems.
SEPA is an initiative of the European banking and payments industry represented by the European Payments Council, supported by the European Commission and other institutions of the European Union (EU) and the Eurosystem, to increase the efficiency of payments in euro and to further develop and deepen the European single market. SEPA was created in 2008 and was fully implemented in 2014 in the Eurozone countries, and in the remaining SEPA member countries in 2016.