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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