SKIBOR – Skopje Interbank Offered Rate is reference interest rate in the money market in Macedonian Denar (MKD) and presents interbank interest rate at which one reference bank is ready to sell MKD liquidity to other reference bank. Starting from 01.10.2018, new SKIBOR rules are in place, Rules for election and obligations of reference banks that quote interest rate for calculating SKIBOR and rules for the process of calculating SKIBOR itself.

According to the new rules, which are totally modified compared to previous ones, in order one bank to become reference bank, should meet at least one out of three criteria, set in Article 6 in the Rules. Previously ten banks quoted SKIBOR, but after new rules are applied, six banks remained reference banks.

All reference banks set detailed internal procedures for activities related to quoting interest rates for calculating SKIBOR. Reference banks are obliged to quote interest rates for following maturities:

  • 1 week SKIBOR 1W
  • 1 month SKIBOR 1M
  • 3 months SKIBOR 3M
  • 6 months SKIBOR 6M
  • 12 months SKIBOR 12M

Taking into account this change, O/N and 9M SKIBOR are no longer published, as was previously the case.

Mostly used reference interest rates worldwide are EURIBOR and LIBOR. EURIBOR (Euro Interbank Offer Rate) is reference interest rate published based on the averaged interest rates at which Eurozone banks offer to lend unsecured funds to other banks, denominated in EUR. EURIBOR is published for 1W, 2W, 3W, 1M and 12M, for EUR and USD. London (London Interbank Offered Rate) is reference interest rate at which quoting banks (panel banks) are ready to lend at each other and is published in 5 currencies (EUR, GBP, USD, JPY, CHF) for seven maturities (O/N, 1W, 1M, , 2M, 3M, 6M и 1Y).

Panel banks:

  • Stopanska Banka AD Skopje
  • NLB Banka AD Skopje
  • Komercijalna Banka AD Skopje
  • Sparkasse Banka AD Skopje
  • ProCredit Banka AD Skopje
  • Halkbank AD Skopje


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