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N. Macedonia applies to join SEPA

Jul 11, 2024, 1:16:19 PMArticle by Dragana Petrushevska
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July 11 (SeeNews) - North Macedonia's central bank said on Thursday it has submitted the country’s application to join the Single Euro Payments Area (SEPA) to the European Payments Council.

N. Macedonia applies to join SEPA

The country's membership in SEPA will bring numerous benefits to citizens, companies, and the entire economy by ensuring faster, more efficient, and cheaper payments in euro to and from SEPA member countries, as well as simplified procedures, greater transparency, and enhanced consumer protection, the central bank said in a press release.

"Last year, 87% of the total outflow payments and 77% of the total inflow payments abroad with domestic banks were made in euro," central bank governor Anita Angelovska-Bezhoska said in the press release.

The SEPA membership will also contribute to reducing the use of cash, putting the use of digital payment methods at the forefront and supporting the transition to a digital society, the governor added.

All six countries of the Western Balkans - Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia – agreed to align their regulations to the EU in March, in a bid to cut transaction costs, EU commissioner for neighbourhood and enlargement, Oliver Varhelyi, said at the time.

SEPA has 36 member-states - the 27 members of the European Union, as well as the U.K., Norway, Switzerland, Iceland, Andorra, Monaco, Liechtenstein, San Marino and Vatican City.

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