Alta Banka Bitola: 15,000 Denar Limit, Tetovo Counters
North Macedonia's central bank raises the weekly limit for clients of Alta Banka's Macedonian subsidiary and opens counters in Tetovo and Strumica, after the Belgrade parent bank collapsed.
The fallout from the National Bank of Serbia’s decision to revoke the license of Alta banka a.d. Beograd is reaching across the border: clients of its Macedonian subsidiary, Alta Banka in Bitola, can withdraw more money from November 9, and the regulator in Skopje is opening additional counters. The measures were announced by the governor of the National Bank of North Macedonia, Trajko Slaveski. The Belgrade bank is the majority owner of the Bitola lender, and the Belgrade Commercial Court opened bankruptcy proceedings against it on November 3.
What exactly changes for clients?
The weekly limit for cash withdrawals and card payments rises from 10,000 to 15,000 denars, which at the National Bank of North Macedonia’s middle rate of 0.5230 denars per Serbian dinar comes to about 28,700 dinars. Trn.mk and Skopje1 report that the new amount applies from Monday, November 9, while the part of the statement carried by N1 says the increase for card payments takes effect next week. The sources therefore differ on exactly when the card limit starts.
Clients without a payment card can withdraw up to 20,000 denars at the counter. Trn.mk and Skopje1 clarify that this amount covers a two-week period. Until now, such payouts were possible only at the branch in Bitola.
The third change concerns salaries, pensions and social benefits. New deposits arriving from institutions and companies with accounts at other banks can be withdrawn in full, with no weekly cap. Money already sitting in accounts remains under the restriction.
Why counters in Tetovo and Strumica?
Counters in Tetovo and Strumica begin operating the same day. The National Bank explained the reason in its statement:
“This way, clients from Tetovo and Strumica and the surrounding settlements will be able to withdraw funds without traveling to Bitola.”
The bank has branches and offices in Bitola, Skopje, Demir Hisar, Prilep, Resen and Strumica. Until now, clients from other towns had to travel to Bitola, so the regulator arranged transport from Prilep, Ohrid and Resen.
How many people have been paid out so far?
The Bitola branch opened on November 6. On the first day, 556 clients without cards were paid, withdrawing about 19,000 denars on average, against an initial plan of roughly 400 payouts. The National Bank estimated that the average over recent days was between 16,000 and 19,000 denars. The next day, November 7, 360 people from Prilep, Ohrid and Resen were paid after being brought in by organized transport. Skopje1 reports that this morning there were no major crowds in front of the Bitola branch.
What does the regulator say about the bank’s condition?
On November 1, the National Bank of North Macedonia placed the Bitola bank under temporary administration for three months. The temporary administrators are Ilija Andovski, Vesna Stojcevska and Marija Todorovska. A day later, the Macedonian Stock Exchange put the bank on its watch list.
The regulator stresses that the Bitola bank is operating, is not in bankruptcy and has not had its license revoked, and it assesses the bank as liquid and highly capitalized. The National Bank also emphasizes that clients’ funds have not been seized and that withdrawals are only being allowed gradually. Loans continue to be repaid on schedule. Deputy Finance Minister Nikolce Jankulovski said on Saturday that citizens’ deposits are protected by law and that there is no reason for panic.
Savings protection differs from country to country. In North Macedonia, deposit insurance covers up to 30,000 euros per depositor per bank, and in Serbia up to 50,000 euros. We reported on the payout of Alta banka’s deposits in Serbia, which begins on November 13, in an earlier article.
