Macedonia’s foreign reserves rise 25.5% y/y to €2.48bn at end-January

By bne IntelliNews February 9, 2015

Macedonia’s gross foreign reserves increased by 25.5% y/y to €2.48bn at end-January, after expanding by a revised 22.3% y/y at end-December, preliminary central bank data showed. We estimate that the current reserve coverage is equal to about five months of imports of goods and services.

On a monthly comparison basis, the total reserves stock rose 1.9% at end-January, after growing by 0.8% a month earlier.

We remind that Macedonia sold a €500mn 7-year Eurobond on July 17 in a bid to fund parts of the 2014 and 2015 budgets and to repay a €150mn Eurobond due in 2015 and IMF loans worth a total of €220mn.

The value of monetary gold went up 22% y/y to €244.4mn at end-January, while the value of SDRs fell 1% y/y to €4.4mn. Currency and deposits increased 73.3% y/y to €245.8mn, and the value of securities rose 21.8% y/y to €1.99bn.

Official reserve assets, €mn          
  Jan'14 Dec'14 Jan'15 % y/y  % m/m
Monetary gold 200.4 215.6 244.4 22.0% 13.3%
SDRs 4.5 4.3 4.4 -1.0% 4.6%
Foreign currency reserves          
- Currency and deposits 141.8 272.8 245.8 73.3% -9.9%
- Securities 1,632.4 1,943.7 1,989.1 21.8% 2.3%
TOTAL official reserve assets 1,979.1 2,436.5 2,483.7 25.5% 1.9%
Source: Central bank          

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