It is sometimes hard to explain where this inflow comes from, but it indicates that in the economy there are sources that generate income, that create savings potential, meaning, the savings, although maybe not sufficient, is still substantial in our country and that deposit growth is just below the one in the good years, but it is positive and continuous, which is encouraging. Does this mean that the banks are more focused on collecting capital, than releasing money in the economy in form of credits? We can state that the deposit growth is higher than the one in the last several years, but the deposit growth is also a reflection of lack of enough alternatives for investments. You know  BIS central bankers’ speeches  1  that the stock exchange is in standstill, we don't have some other developed financial markets where the citizens can place their savings, so every savings is mainly placed in form of banks deposit. Despite the inflation slows down, in the last several months, according to the NBRM estimations, it seems that the banks restrain over landing. Is this an indicator for the unfavorable conditions in the economy, or on the market, or is it a try for further reduction of the inflation? No, the inflation is not an issue, since it is on quite moderate level, 2.8 percentages is the latest data for August and we expect average inflation of about 2.8 percentages for the entire year, there is no probability for inflationary pressures in the following period.
It means, the foreign savings is necessary, and part of it will pour through the foreign direct investments, while part through debiting. Of course, speaking from the viewpoint of the monetary policy, we would like to see the state to borrow also from abroad, not only on the domestic market, because it gives additional security and stabilization to the Macedonian economy. The level of debt is still moderate and causes no other unfavorable implications. So, whether like it or not, we must borrow, better abroad, in order to, if not else, cover also the current expenditures? Well, the state budget is structured in such a manner that it has a deficit, meaning a need of funding, but whether that funding is used for current or capital needs, it is hard to say, because it is one account of the Government from which all those needs are covered. If a problem regarding the repayment emerges, hypothetically, does it mean that the monetary policy can feel the consequences as well? The fiscal and the monetary policy are, of course, interleaving and the monetary policy is always adjusted in order to maintain the balance in the Macedonian economy. If we come to a situation when this balance is disturbed, the monetary policy will adequately react in order to restore the balance. The foreign reserves for a month "melted" by approximately Euro 80 million. Has these reserves been spent for maintaining the stability of the Denar, or for other purposes?