Macedonia’s foreign reserves up 18.6% y/y at end-October

By bne IntelliNews November 10, 2014

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
Monetary gold 211.7 208.0 203.6 -3.8% -2.1%
SDRs 3.9 4.1 4.7 19.5% 14.8%
Foreign currency reserves          
- Currency and deposits 153.0 277.3 194.5 27.1% -29.9%
- Securities 1,679.6 1,945.6 2,026.3 20.6% 4.1%
TOTAL official reserve assets 2,048.2 2,435.0 2,429.1 18.6% -0.2%
Source: Central bank          

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