Government borrowing from local banks in securities , over the next three years ,will rapidly increase. As three-year fiscal strategy of the Ministry of Finance reveals , , in the period 2014-2016 , the state will try to borrow in securities ,500 million euros. In comparison to the state securities of 60 million euros this year , borrowing at home, on an annual basis, would increase almost three times.
The Businessmen are against this government's policy , because the banks have turned completely to investment in state securities , and because of that, crediting the economy is minimized.
“If the state has a need to borrow the money , let them borrow most of it abroad, because doing so they will reduce the pressure on domestic banks and their potential for lending. An idea, which will tie up that much money in T-bills will certainly have a negative impact on access to cheap loans for business and ultimately ,will result in reduced economic activity, “says Antoni Pešev , President of the economic Chamber of Macedonia .
As of August, banks have a total of 952 million euros ” captured ” in government securities , of which ,538 million euros in the notes which will be used to finance the budget deficit and a 414 million euros, in treasury bills issued, by the National Bank . In the same period , from January to August this year , lending to private companies has increased by only 12.7 million euros .