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|
|Foreign currency reserves|
|- Currency and deposits||141.8||272.8||245.8||73.3%||-9.9%|
|TOTAL official reserve assets||1,979.1||2,436.5||2,483.7||25.5%||1.9%|
|Source: Central bank|
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