Payment, clearing and settlement systems in Macedonia, FYR

The Committee on Payments and Market Infrastructures (CPMI) publishes - under the aegis of the Bank for International Settlements (BIS) - reference works on payment systems and other financial market infrastructures in both CPMI member and non-member countries. These publications are widely known as Red Books.

The present volume, the first edition of the Red Book for Macedonia, FYR, is another step towards increasing our understanding of the way payment, clearing and settlement systems work in different countries.

Financial market infrastructures that are resilient and effective enhance the stability of the financial system. They also reduce transaction costs in the economy, promote the efficient use of financial resources, improve financial market liquidity and facilitate the conduct of monetary policy.

Central banks have a strong interest in promoting safety and improving efficiency in financial market infrastructures. They play a key role in domestic payment system development and, in many cases, operate large-value payment systems. Central banks in many countries have been influential in improving public understanding of financial market infrastructures in their countries and public awareness of the various policy issues they raise.

We hope that this volume will contribute to the general understanding and awareness of financial market infrastructures and associated arrangements in Macedonia, FYR, both domestically and internationally.