Citizens will be taught how to use financial services and avoid the risks stemming from them. The National Bank, the Finance Ministry together with other institutions in charge of regulating financial services are launching coordinated activities in an attempt to educate the citizens about the services offered in the financial sector.

"The Macedonian National Bank (NBRM) for over a year has been conducting educational activities for the population. After teaching the children, from now on activities will be focused on students and adults," NBRM Governor Dimitar Bogov said at Thursday's signing of a memorandum of cooperation between the NBRM, the Finance Ministry, the Insurance Supervision Agency, the Agency for Supervision of Fully Funded Pension Insurance and the Macedonia's Securities and Exchange Commission.

He stated that the objective was to meet the common goals because "it is in our interest to have a population knowledgeable on how to use financial services thus preventing people from taking unnecessary risks."

The Governor also said that many countries were carrying out activities to educate the citizens in handling and using financial services. "Their experiences have shown that education is necessary regardless of the extent of education of the population in a country," Bogov noted.

The signing of the document is another step toward increasing the coordination of regulatory bodies with respect to enabling a more stable financial sector and introducing the public with the opportunities offered by the financial sector, according to Deputy PM and Finance Minister Zoran Stavreski.

"I believe we will contribute to raising the level of financial literary in Macedonia and joining European trends, which have been launched in the midst of the financial crisis in order to raise the level of financial literary and eliminate risks," said the Minister.

He added that the products offered by financial institutions in Macedonia as well as their benefits would be elaborated in comprehensive brochures for pupils, high school students and citizens in cooperation with the private sector.

A coordination body on financial education of the regulatory institutions in Macedonia will be set up, it was concluded by the signatories of the memorandum.