MKD: The banks put all the money in government securities

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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 .

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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 .

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