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|
|- 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%|
|- 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%|
|- 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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