It requires clear objectives, extensive decision-making delegation, strong control systems, open and transparent reporting and a realistic appreciation of the constraints faced. If conducted properly, openly and successfully it will greatly strengthen the public’s respect for and confidence in official policy, and make a material contribution to successful macroeconomic management. When we speak about reserve management strategy, we face the challenges of the new low yield environment, but at the same time, one should have in mind the constrains set by the country-specific factors like the foreign exchange regime, the domestic capital markets size and depth, the reserve volume and the currency of the country's liabilities. In that regard, main building block in the reserve management process is naturally the strategic asset allocation, set in a manner that ensures achievment of the key goals of the reserves management, that is: capital preservation, liquidity and at the end - return. In respect to the last goal of the reserve management process, as we are in the middle of the second decade of 21st century, competition for return has intensified, reaching new levels, as the global economy enters increasingly challenging times. In that regard, operational functions of the reserve management can contribute as well, having in mind that like never before the most important goal of operational conduct of the transaction is to deliver the most value at the lowest cost in the least amount of time.
This part of the city survived the 1963 earthquake, when nearly all the city's beautiful neoclassical 18th and 19th century buildings were destroyed. After the earthquake, international financial aid poured into Skopje in order to rebuild the city. Today, Skopje is seeing a makeover in buildings, streets and shops, and many projects (Macedonian Struggle Museum, the Archeological Museum of Macedonia, National Archive, Constitutional Court, New Philharmonic Theatre) were finished in order to return some of the looks and spirit of the city. In economic aspect, being many times since 2006 on the list of 10 best reformers by the Doing Business rank of the World Bank, proves that Macedonia has undergone considerable economic reforms. It has developed as an open economy with the trade accounting more  BIS central bankers’ speeches  1  than country's GDP in recent years. Although the environment was highly difficult, first with the global financial crisis, afterward with euro area crisis and more recently, with Greece crisis, our GDP growth was on average above 3% for whole this period, which is one of the highest in Europe, and for 2015 it is expected to be around 3.5%. The unemployment from a very high level, throughout this period is on declining path, by implementing many structural reforms and ALMP. The government strategy to attract foreign investments and establishment of a good business environment for the development of small and mediumsized enterprises (SMEs) was paid off.