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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