Macedonia's loan growth slows to 8.4% y/y at end-July 2014

By bne IntelliNews August 22, 2014

The total value of outstanding non-government loans extended by Macedonian banks and saving houses increased by 8.4% y/y to MKD 243.9bn (EUR 3.97bn) at end-July 2014, marginally slowing down from an 8.5% y/y growth at end-June, central bank data showed. The total loan stock is equal to 49% of the projected 2014 GDP, up from 48.9% at end-June.

Loans to non-financial corporations (public and private) rose 6.0% y/y to MKD 140.2bn at the end of last month, slowing from a 6.1% y/y rise at end-June. Loans to households increased 11.8% y/y to MKD 102.6bn with the annual growth rate unchanged from end-June.

The other components of the total loan stock include credit to financial corporations (down 5.6% y/y to MKD 223mn at end-July), loans to non-profit institutions serving households (down 6.9% y/y to MKD 127mn) and credit to local governments (up 39% y/y to MKD 795mn).

The currency breakdown of the total loan stock showed slower annual growth of the local currency portion, but also a smaller y/y decrease in the foreign currency component. Local currency loans rose 11.3% y/y to MKD 188.9bn at end-July, decelerating from an 11.8% y/y increase a month earlier. Foreign currency loans edged down 0.3% y/y to MKD 55bn at the end of last month, after shrinking 1.4% y/y at end-June.

Loans, MKD mn          
  Jul'13 Jun'14 Jul'14 % y/y % m/m
TOTAL LOANS 224,897 243,267 243,879 8.4% 0.3%
- in denars 169,712 188,320 188,858 11.3% 0.3%
- in foreign currency 55,186 54,947 55,020 -0.3% 0.1%
Nonfinancial Corporations 132,197 140,545 140,152 6.0% -0.3%
- in denars 83,338 91,912 91,409 9.7% -0.5%
- in foreign currency 48,859 48,633 48,743 -0.2% 0.2%
Households 91,756 101,579 102,582 11.8% 1.0%
- in denars 85,494 95,376 96,416 12.8% 1.1%
- in foreign currency 6,262 6,203 6,166 -1.5% -0.6%
Source: Central bank          
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