Macedonia’s gross foreign reserves widened by 18.6% y/y to €2.43bn at end-October, after expanding by 17.9% y/y at end-September, preliminary central bank data showed. We estimate that the current reserve coverage is about five months of imports of goods and services.
On a monthly comparison basis, the total reserves stock edged down 0.2% after shrinking 0.6% in September.
We remind that Macedonia sold a €500mn 7-year Eurobond on July 17. The proceeds will be used for funding parts of the 2014 and 2015 budgets, as well as for repaying a €150mn Eurobond due in 2015 and IMF loans worth a total of €220mn.
The value of monetary gold decreased by 3.8% y/y to €203.6mn at end-October, while the value of SDRs rose 19.5% y/y to €4.7mn. The value of currency and deposits went up 27.1% y/y to €194.5mn, and the value of securities increased by 20.6% y/y to €2.03bn.
|Official reserve assets, €mn|
|Oct'13||Sep'14||Oct'14||% y/y||% m/m|
|Foreign currency reserves|
|- Currency and deposits||153.0||277.3||194.5||27.1%||-29.9%|
|TOTAL official reserve assets||2,048.2||2,435.0||2,429.1||18.6%||-0.2%|
|Source: Central bank|
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