The total value of non-government loans provided by Macedonian banks and savings houses went up by 4.4% y/y to MKD286.4bn (€4.6bn) at the end of June, speeding up from a 1.5% y/y a month earlier, central bank data indicated on July 21.
The annual changes to the loan portfolio reflect the effects of the central bank's measures to further cut the non-performing loan (NPL) ratio. Without this, the annual credit growth in June would have been 10.9% higher.
On a monthly basis, the total value of loans increased by 0.9% in June, after rising by 0.8% y/y a month earlier.
The value of loans to non-financial corporations (public and private) edged up 0.1% y/y to MKD149.2bn in June, after falling by 2.8% y/y a month earlier.
On a monthly basis, corporate lending rose by 0.9%, due to the growth of denar denominated loans.
Household lending went up by 9.5% y/y to MKD136bn, after rising by 6.7% y/y in May. On a monthly basis, household loans increased by 0.8%, following a 1.3% m/m increase in the previous month.
The currency breakdown indicated that loans in denars grew by 6.6% y/y to MKD236.8bn at end-June, speeding up from a 4.1% increase a month earlier.
Loans in foreign currency fell by 5.1% y/y to MKD49.6bn, narrowing from a 9.2% y/y decline at end-May. On a monthly basis, loans in both local and foreign currency increased.