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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