The total value of outstanding non-government loans extended by Macedonian banks and saving houses increased 7.6% y/y to MKD 240.1bn (EUR 3.89bn) at end-May, speeding up from a 7.1% y/y growth at end-April, as credit to both nonfinancial corporations and households grew faster, preliminary central bank data showed. The total loan stock is equal to 48.9% of projected 2014 GDP, up from 48.1% at end-April.
Loans to non-financial corporations (public and private) rose 4.8% y/y to MKD 138.8bn at the end of last month, quickening from a 4% y/y rise at end-April. In addition, loans to households increased 11.6% y/y to MKD 100.2bn at end-May, slightly accelerating from an 11.5% y/y growth a month earlier.
The other components of the total loan stock include credit to financial corporations (down 2.5% y/y to MKD 230mn at end-May), loans to non-profit institutions serving households (down 8.4% y/y to MKD 148mn) and credit to the local governments (up 48.9% y/y to MKD 695mn).
The currency breakdown of the total loan stock showed faster annual growth of the local currency portion and a smaller y/y decrease in the foreign currency component. Local currency loans rose 10.5% y/y to MKD 185.8bn at the end of last month, accelerating from a 10.1% y/y growth at end-April. Foreign currency loans fell 1.2% y/y to MKD 54.3bn at end-May, after contracting 2% y/y a month earlier.
| Loans, MKD mn | |||||
| May'13 | Apr'14 | May'14 | % y/y | % m/m | |
| TOTAL LOANS | 223,072 | 236,230 | 240,097 | 7.6% | 1.6% |
| - in denars | 168,116 | 182,543 | 185,816 | 10.5% | 1.8% |
| - in foreign currency | 54,956 | 53,687 | 54,281 | -1.2% | 1.1% |
| Nonfinancial Corporations | 132,435 | 136,535 | 138,826 | 4.8% | 1.7% |
| - in denars | 83,879 | 89,069 | 90,806 | 8.3% | 2.0% |
| - in foreign currency | 48,556 | 47,466 | 48,020 | -1.1% | 1.2% |
| Households | 89,772 | 98,619 | 100,198 | 11.6% | 1.6% |
| - in denars | 83,435 | 92,486 | 94,029 | 12.7% | 1.7% |
| - in foreign currency | 6,338 | 6,133 | 6,169 | -2.7% | 0.6% |
| Source: Central bank |
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