Certainly, the measure which became effective in January where we reduce the reserve requirement for lending to net exporters and producers of electricity is already productive, we have already extended such loans worth approximately Euro 70 million this year, while the measure that should underpin the Denar savings for the account of the Euro savings became effective at the beginning of the year and we expect that the banks will adjust their interest rate policies to this measure in the following months. Did your forecast from the beginning of the year materialize, that the Government is not going to borrow much on the domestic market, at least in the first quarter? Within this period, since the beginning of the year, the Government is not borrowing much on the domestic market, because it has accumulated enough funds on their accounts with the  2  BIS central bankers’ speeches  National Bank. Also, the funds it borrowed from abroad in the beginning of the year are still disposable on their account, because of which there was no need for additional debiting on the domestic market. However, some of the economists fear that exactly the foreign debiting is unfavorable, saying that it was made for unprofitable, unproductive purposes. How do you see this situation, is there a risk? Well, Macedonia has a lack of domestic savings, and as a country, we will need foreign savings for a long time, and that is the situation with most of the developing countries, if I may say.
Dimitar Bogov: “The savings deposits soar also during crisis” – interview in Radio Free Europe Interview with Mr Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, in Radio Free Europe, conducted by Mr Aleksandar Pesev on 29 September 2013. *  *  *  Mr. Bogov, is the ending of the crisis in the Euro area going to have a direct impact on the boost of the economic growth in the Republic of Macedonia? Of course, the Euro area and the European Union are the largest trading partners of the Republic of Macedonia, the largest portion of our export is placed there, and as a result, the demand in the Euro area has large influence on the production in Macedonia. We were encouraged by the data for the second quarter of the year on the Gross Domestic Product, where after six quarters of negative results, positive growth rate has finally been registered. We expect that this will endure also in the following period, we are aware that this growth in the Euro area and the European Union is still very fragile, meaning, there are still risks, but we are optimistic, the indicators that emerge in the Euro area economy every day are mainly positive, so it is expected that it will reflect adequately on the Macedonian economy growth, as well. Can the recent trade war we had with the neighboring Kosovo somehow spoil the perceptions for this positive growth?