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          

Related Articles

Macedonia’s ex-PM Gruevski fears for his life, asks for additional bodyguards

Macedonian ex-prime minister and opposition leader Nikola Gruevski is seeking at least 20 more bodyguards from the state police, as he says he fears his life is threatened. Gruevski, leader of the ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Macedonia’s opposition VMRO-DPMNE tries to block parliament's work

Macedonia’s opposition VMRO-DPMNE party is trying to block the work of the parliament by forming 10 parliamentary groups instead of the single group that is normal for a political party.  ... more