Macedonia central bank intervenes to prop denar

The National Bank of Macedonia (NBM) said on Jan. 26, 2001, it will begin intervention on the domestic foreign exchange market, selling marks to meet surging demand which has eroded the national currency, the denar. "The denar came under pressure from rising foreign currency demand, which banks and exchange bureaux are unable to meet now. The central bank must intervene to stop the fall of the denar," a central bank official said.

The denar trades at a fixed rate to the German mark on the inte