Anita Angelovska Bezoska: Journalists are one of the main transmitters of monetary policy messages Address by Ms Anita Angelovska Bezhoska, Governor of the National Bank of the Republic of Macedonia, at the Journalist Workshop - 2018, organized by the National Bank of the Republic of Macedonia, Skopje, 25 December 2018. * * * Distinguished media representatives,  Welcome to the fourth Journalist Workshop hosted by the NBRM. I am glad to see you in greater numbers this year, which is confirmation of your interest in the topics that will be the focus of today’s event. Allow me to take a brief look at several basic, yet important aspects of central bank communication: 1. Why is central bank transparency and communication important and needed? 2. How has central bank communication evolved over the years? What were the challenges in the period after the outbreak of the global crisis and how were they addressed globally? 3. Challenges in central bank communication in the Republic of Macedonia. A comparison between the current and the past transparency level and central bank communication shows an exceptional transformation in this segment. The need for strengthening central bank transparency was brought to the fore for the first time in the 1990s, implying enhanced communication with the public, including the media. This change is associated with the concept of central bank independence, or the independence of the monetary policy from fiscal policy.
This can be attributed to the fact that the economy still has substantial momentum to support growth. Exports and private investment, in particular, are expected to grow on the back of continued global recovery, a high level of capacity utilization, and conducive financial conditions supported by a turnaround in credit extension of the banking sector. Moreover, the economy is now in a much better position to weather external shocks, thanks to an improved external position and the strength of domestic demand. In addition, the Government’s much improved fiscal position should allow the economy to adjust to higher oil prices without interrupting the growth momentum. It is, therefore, our view that the risks to growth from the higher oil prices should be manageable. BIS Review 58/2004  1  On the other hand, the impact of the higher oil prices on economic stability is expected to be more pronounced. Latest data on headline inflation continue to show signs of price acceleration. In August, Thailand’s headline inflation therefore rose by 3.1 percent year-on-year, while core inflation rose by 0.7 percent year-on-year. With a narrowing of the output gap and reported tightening in some segments of the labour market, we believe that there is considerable pent-up price pressure building up in the system that could eventually translate into higher consumer prices. Our inflation forecast points to a higher probability of rising domestic inflation going forward.