Banks Lure Savers Again: 3.60% on Denars, 2.30% on Euros — but Is a 2.30% Rate Real Profit?
From October 1, Komercijalna Banka raised its rates: up to 3.60% for denar time deposits at 40 months and 2.30% for euros; with 2.5% inflation the real return on euros could be negative.
From October 1, Komercijalna Banka raised the rates on its time deposits. The highest fixed rate is 3.60 percent for a 40-month denar deposit and 2.30 percent for euros. According to Racin, a single bank’s move does not show whether the system has a liquidity problem or that rates will rise at others.
The arithmetic is simple. On €10,000 at 2.30 percent, the interest is about €230 a year, or about €690 over three years (simple interest). On 600,000 denars at 3.60 percent, that is about 21,600 denars a year, or about 64,800 over three years. If inflation averages around 2.5 percent a year, the real return on the 2.30 percent euro deposit could be negative. Macedonia’s inflation in September 2026 is 2.7 percent.
What to check before you lock in: the term (a longer term means a higher rate but tied-up money), how interest is paid and what happens if you withdraw early. The text does not compare this with other banks’ averages or with last year, so this is one offer, not the market.
MKNews Hub · Macedonia · October 12, 2026
