Statement of the National Bank, FYR Macedonia
337
It is thus highly advisable to remove custodial services for the pension funds from the central bank as soon as possible and to offer this function to the financial industry on a competitive basis. Private savings in the FYR Macedonia have been growing by 25–30 percent per year over the course of the past three years. In light of high economic growth, we expect this trend to continue. The available financial services, however, are still traditional. The main reason is lack of know-how. Savings are mostly invested in bank deposits. Lately, individual investments in equity on the stock exchange have begun to grow, but because of lack of investment advisors and investment funds, individuals are exposed to uncalculated risk. The development of the domestic financial industry inevitably depends, ultimately, on the availability of local skilled financial analysts, investment analysts, and risk managers.