Guest Lecturer at UTMS, MA Vesna Kontradenko, National Bank of the Republic of Macedonia
Guest lecturer at the University of Tourism and Management, was Mrs. Vesna Kontradenko, MA, Assistant of Governor for macroeconomy and finance of the National Bank of the Republic of Macedonia. Mrs. Kontradenko started her presentation on "Organization of the interbank foreign exchange market in the Central Bank", with special emphasis on the electronic platform.

Foreign exchange market is the market that provides a means for the realization of international payments, channeling foreign exchange movement among the entities in the economy, among the sellers and consumers, as well as the mechanism of realizing the objectives of monetary policy. In addition, Mrs. Kontradenko, pointed out on several segments, such as, the organization of the foreign exchange market, the electronic platform, trading in foreign currency, the euros listings, the minimum amount for listing and executing transactions, the maximum spread between consuming and the selling rates, banks' position as supporters of the foreign exchange market, and for the participation of the National Bank in the foreign exchange market.

The students from the Faculty of Economics within the University of Tourism and Management Skopje, during the presentation, had an opportunity to understand how the trade is accomplished through established electronic trading platform, as a method of submission, the purchase of foreign exchange, and the formation of the exchange rate.

The special emphasis was placed on the need for development of the inter-bank foreign exchange market in Macedonia for achieving market competition, efficient allocation of foreign exchange segment, such as the need for the form of the rate, the process of monitoring of the supply and demand for foreign currency, as well as overcoming the uncertain situations considering the provision of foreign exchange by market participants.

In the closing remarks, Mrs. Kontradenko, pointed out the conclusion that the Republic of Macedonia has a monetary strategy of maintaining ,de facto, fixed exchange rate, which, limits the effect of exchange rate fluctuations on domestic prices and expectations of domestic economic subjects. The main benefit of this ,de facto, situation is to keep the price stability or low inflation rate. In the Republic of Macedonia, the exchange rate is real, there is a balance among the demand and supply of foreign exchange market and the interventions of the National Bank are periodical but very rare.