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In the function of accomplishment of the macroeconomic and monetary policy goals, the monetary authority, i.e. the central Banks in each country are competent to conduct a regulation of the monetary factors. While conducting the procedure of monetary regulation, the central bank uses different monetary instruments. The instruments of the monetary regulation although numerous, among themselves differ: as from the aspect of the time when their implementation began (historical aspect), also from the aspect of their impact over the process of monetary regulation. Having that a starting point, each country implements different instruments of monetary regulation, according to the specifics and characteristics of each country separately. DOI: 10.5901/ajis.2016.v5n3s1p539

The Impact of Monetary Instruments in the Development of Monetary Policy in the Republic of Macedonia