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

Local elections to test balance of power in Macedonia

Macedonia’s October 15 local elections are seen as a popularity test for both the governing Social Democratic Union of Macedonia (SDSM) and for VMRO-DPMNE, which went into opposition in May after ... more

Macedonia issues first sentence for parliament violence

A Macedonian court has sentenced the attacker of a former opposition MP to four years in prison, media in Skopje said on October 12. The assault took place during the protests in the ... more

Macedonian businessman plans comeback after accusing ex-PM of destroying flagship development

Macedonia’s FON University, owned by businessman Fijat Canoski, has signed a memorandum of cooperation with investors China’s Yida Construction and local firm FINE to build a university campus ... more