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          

Related Articles

Macedonian president refuses to meet EU Commissioner Hahn

EU Enlargement Commissioner Johannes Hahn’s attempt to resolve the political deadlock in Macedonia received a setback when President Gjorge Ivanov cancelled his planned meeting with the ... more

Macedonia fails to call local election due to political vacuum

The deadline for announcing local elections in Macedonia, due to take place this spring, expired on March 6 as there is no parliament speaker to call the vote. Macedonia is plunging deeper into ... more

EBRD says 2016 net profit was around €1bn

The European Bank for Reconstruction and Development (EBRD) said it made a net profit of around €1bn in 2016, up by a quarter from the €802mn it made in ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss