Macroeconomic data and the Banking system of the Republic of North Macedonia

stats

	12/31/2023	3/31/2024	6/30/2024	9/30/2024
Macroeconomic data and the Banking system of the Republic of North Macedonia	in millions of denars / %	in millions of denars / %	in millions of denars / %	in millions of denars / %
Foreign reserves (units in millions of euros)	4,538.45	4,287.1	4,337.5	4,406.6
GDP	+0.9%	+1.2%	2.3%
Inflation	9,4%	3,4%	3,7%
Unemployment Rate	13,1%	12,9%
MKD/EUR	61.495	61.495	61.535	61.4925

Total assets of the Banking system	746,739	738,938	751,244	765,036

Total loans	440,560	444,977	458,207	464,860
– households	229.404 (52%)	232.313 (52%)	238.057 (52%)	242.919 (52%)
– non-financial companies	212.768 (48%)	214.268 (48%)	221.765 (48%)	223.900 (48%)
Rate of non-performing loans	2,77 %	3,06 %	3,10 %	3,02 %
Coverage of non-performing loans with impairment	70,10 %	63,43 %	63,67 %	64,21 %

Deposits	539,602	534,525	544,683	556,975
– households	348.745 (64%)	354.741 (66%)	364.432 (67%)	372.219 (67%)
– non-financial companies	161.432 (30%)	150.674 (28%)	153.830 (28%)	158.056 (28%)

Capital & reserves	92,510	98,096	99,596	103,897

Capital adequacy ratio	18.10 %	18.92 %	19.04 %	19.00 %
foreign capital-participation	78,80 %	78,80 %	78,88 %	78,88 %

ROA	2,00 %	2,34 %	2,55 %	2,63 %

ROE	16.13 %	18.23 %	19.83 %	20.20 %

Financial result	14,296	4,353	9,541	14,890
Weighted interest rates on granted loans, outstanding amounts	5.47%	5.50%	5.47%	5.41%
– mkd	5,74 %	5,90 %	5,85 %	5,84 %
– foreign currency	5,13 %	5,02 %	4,97 %	4,82 %

Weighted interest rates on received deposits, outstanding amounts	1.79%	1.80%	1.88%	2.01%
– mkd	2,27 %	2,28 %	2,35 %	2,50 %
– foreign currency	1,39 %	1,38 %	1,48 %	1,58 %

Bank’s reserve requirement ratios
Liabilities in:
– Domestic currency up to 2 years	5%	5%	6.5%	8.0%
– Domestic currency over 2 years			0.0%	0.0%
– Domestic currency with FX clause	100%	100%	100%	100%
– Foreign currency up to 2 years		21.0%	21%	21%
– Foreign currency over 2 years			5.0%	5.0%

Reference rate for calculating the penalty interest rate	6.00%	6.30%	6.30%	6.30%

NATIONAL BANK POLICY RATES	6,3%	6,3%	6,3%	6,05%

Source: Ministry of Finance, State Statistical office,
NBRNM, Financial Stability Department, in accordance with the recommendations contained in IMF guide to calculating financial stability indicators and Monetary Statistics Department

The credit rating
of the Republic of North Macedonia

BB+ Outlook Stable
Standard & Poor’s
published January 30, 2024

BB+ Outlook Stable
Fitch Ratings
Credit rating agency
published April 6, 2024

BB- Outlook Stable
Standard & Poor’s
published August 1, 2024

BB+ Outlook Stable
Fitch Ratings
Credit rating agency
published October 5, 2024

Source: www.nbrm.mk/ns-newsarticle-press-release │ January 30, 2024)
Source: www.fitchratings.com (Rating Report Republic of North Macedonia) │ April 6, 2024)
Source: www.nbrm.mk │ August 1, 2024)
Source: www.fitchratings.com (Rating Report Republic of North Macedonia) │ October 5, 2024)

stats

	12/31/2021	3/31/2022	6/30/2022	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023
Macroeconomic data and the Banking system of the Republic of North Macedonia	in millions of denars / %	in millions of denars / %	in millions of denars / %	in millions of denars / %	in millions of denars / %	in millions of denars / %	in millions of denars / %	in millions of denars / %	in millions of denars / %
Foreign reserves (units in millions of euros)	3.643,28	3.272,54	3,116.11	3,753.78	3,862.86	4,159.20	4,189.7	3,901.72	4,538.45
GDP	723,239	+2.4%	+2.8%	+2.0%	+0.6%	+2.1%	+1.1%	+1.2%
Inflation	3,2%	7,7%	10,0%	12,4%	14,2%	16,1%	13,6%	11,5%	9,4%
Unemployment Rate	15,2%	14,8%	14,5%	14,3%	14,4%	13,3%	13,1%	12,8%
MKD/EUR	61.6270	61.6950	61.6950	61.495	61.493	61.695	61.632	61.502	61.495

Total assets of the Banking system	638,666	635,968	643,906	657,256	684,255	675,891	699,060	703,789	746,739

Total loans	383,627	393,812	404,440	411,696	422,522	419,129	430,213	432,312	440,560
– households	196.167 (51%)	199.493 (51%)	208.836 (51%)	212.017 (51%)	214.965 (51%)	217.462 (51%)	222.303 (52%)	225.537 (52%)	229.404 (52%)
– non-financial companies	183.639 (48%)	190.516 (48%)	197.797 (48%)	198.210 (48%)	205.974 (48%)	203.297 (48%)	209.650 (47%)	208.347 (48%)	212.768 (48%)
Rate of non-performing loans	3,2 %	3,09 %	3,24 %	3,31 %	2,89 %	2,85 %	2,87 %	2,82 %	2,77 %
Coverage of non-performing loans with impairment	66,3 %	66,4 %	65,97 %	67,61 %	69,38 %	71,10 %	70,42 %	69,43 %	70,10 %

Deposits	468,844	454,700	455,635	469,603	493,955	490,137	509,826	516,317	539,602
– households	309.051 (66%)	305.135 (67%)	307.662 (68%)	313.420 (67%)	323.084 (66%)	326.468 (67%)	334.797 (66%)	334.745 (65%)	348.745 (64%)
– non-financial companies	142.478 (30%)	131.825 (29%)	122.783 (27%)	130.519 (28%)	142.629 (29%)	134.347 (28%)	146.947 (28%)	151.004 (29%)	161.432 (30%)

Capital & reserves	73,779	76,626	79,655	82,731	84,361	87,996	89,731	92,561	92,910

Capital adequacy ratio	17,31 %	17 %	17,30 %	17,71 %	17,72 %	18.04 %	18.18 %	18.36 %	18.10 %
foreign capital-participation	76,29 %	76,29 %	76,29 %	76,29 %	77,72 %	77,72 %	77,61 %	77,61 %	78,80 %

ROA	1,5 %	1,6 %	1,71 %	1,66 %	1,46 %	2,23 %	2,15 %	2,33 %	2,00 %

ROE	12,9 %	14 %	14,30 %	13,72 %	12,24 %	17.58 %	17.05 %	18.27 %	16.13 %

Financial result	9,150	2,624	5,485	8,051	9,675	3,787	7,422	12,119	14,296
Weighted interest rates on granted loans, outstanding amounts	4.37%	4.30%	4.27%	4.35%	4.44%	5.04%	5.12%	5.49%	5.47%
– mkd	4,65 %	4,58 %	4,57 %	4,67 %	4,72 %	5,15 %	5,28 %	5,70 %	5,74 %
– foreign currency	4,02 %	3,96 %	3,91 %	3,98 %	4,12 %	4,91 %	4,93 %	5,25 %	5,13 %

Weighted interest rates on received deposits, outstanding amounts	0.74%	0.70%	0.67%	0.70%	0.86%	1.11%	1.40%	1.59%	1.79%
– mkd	1,08 %	1,03 %	1,03 %	1,06 %	1,26 %	1,50 %	1,83 %	2,04 %	2,27 %
– foreign currency	0,45 %	0,44 %	0,40 %	0,42 %	0,55 %	0,79 %	1,05 %	1,21 %	1,39 %

Bank’s reserve requirement ratios
Liabilities in:
– Domestic currency	8%	8%	6,5%	5%	5%	5%	5%	5%	5%
– Domestic currency with FX clause	50%	50%	50%	50%	50%	50%	50%	100%	100%
– Foreign currency	15%	15%	16.5%	18.0%	19.0%	19.0%	19.0%	21.0%	21.0%

Reference rate for calculating the penalty interest rate	1,25%	1,25%	1,25%	2%	4.75%	4.75%	4.75%	6.00%	6.30%

NATIONAL BANK POLICY RATES	1,25%	1,25%	2%	3%	4.75%	5.50%	6%	6,3%	6,3%

The credit rating
of the Republic of North Macedonia

Rating BB-/Stable/B
Standard & Poor’spublished August 23, 2021

‘BB-/B’ Ratings Affirmed;
Outlook Stable
Standard & Poor’spublished February 18, 2022

BB+ with a negative outlook
Fitch Ratings
Credit rating agencypublished May 19, 2022

‘BB-/B’ Ratings Affirmed;
Outlook Stable
Standard & Poor’spublished August 20, 2022

BB+ with a negative outlook
Fitch Ratings Credit rating agencypublished October 29, 2022

BB- Outlook Stable
Standard & Poor’spublished January 28, 2023

BB+ Outlook Stable
Fitch Ratings
Credit rating agencypublished April 15, 2023

BB- Outlook Stable
Standard & Poor’spublished July 29, 2023

BB+ Outlook Stable
Fitch Ratings
Credit rating agencypublished October 07, 2023

BB+ Outlook Stable
Standard & Poor’spublished January 30, 2024

Source: www.spglobal.com/standard-poor-s-ratings-ratingsdirect │ August 23, 2021)
Source: www.spglobal.com/standard-poor-s-ratings-ratingsdirect │ February 18, 2022)
Source: www.fitchratings.com (Rating Report Republic of North Macedonia) │ May 19, 2022)
Source: www.spglobal.com/standard-poor-s-ratings-ratingsdirect │ August 20, 2022)
Source: NBRNM, https://www.nbrm.mk │ October 29, 2022)
Source: Ministry of Finance, https://finance.gov.mk │ October 29, 2022)
Source: www.spglobal.com/standard-poor-s-ratings-ratingsdirect │ January 28, 2023)
Source: www.fitchratings.com (Rating Report Republic of North Macedonia │ April 15, 2023)
Source: https://www.nbrm.mk/ns-newsarticle-soopstenie │ July 29, 2023)
Source: www.fitchratings.com (Rating Report Republic of North Macedonia │ October 07, 2023)
Source: www.nbrm.mk/ns-newsarticle-press-release │ January 30, 2024)

PRESENTATION - 06/30/2024

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PRESENTATION - 03/31/2024

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2023

	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023
Macroeconomic data and the Banking system of the Republic of North Macedonia	in millions of denars / %	in millions of denars / %	in millions of denars / %	in millions of denars / %	in millions of denars / %
Foreign reserves (units in millions of euros)	3,862.86	4,159.20	4,189.7	3,901.72	4,538.45
GDP	+0.6%	+2.1%	+1.1%	+1.2%	+0.9%
Inflation	14,2%	16,1%	13,6%	11,5%	9,4%
Unemployment Rate	14,4%	13,3%	13,1%	12,8%	13,1%
MKD/EUR	61.493	61.695	61.632	61.502	61.495

Total assets of the Banking system	684,255	675,891	699,060	703,789	746,739

Total loans	422,522	419,129	430,213	432,312	440,560
– households	214.965 (51%)	217.462 (51%)	222.303 (52%)	225.537 (52%)	229.404 (52%)
– non-financial companies	205.974 (48%)	203.297 (48%)	209.650 (47%)	208.347 (48%)	212.768 (48%)
Rate of non-performing loans	2,89 %	2,85 %	2,87 %	2,82 %	2,77 %
Coverage of non-performing loans with impairment	69,38 %	71,10 %	70,42 %	69,43 %	70,10 %

Deposits	493,955	490,137	509,826	516,317	539,602
– households	323.084 (66%)	326.468 (67%)	334.797 (66%)	334.745 (65%)	348.745 (64%)
– non-financial companies	142.629 (29%)	134.347 (28%)	146.947 (28%)	151.004 (29%)	161.432 (30%)

Capital & reserves	84,361	87,996	89,731	92,561	92,510

Capital adequacy ratio	17,72 %	18.04 %	18.18 %	18.36 %	18.10 %
foreign capital-participation	77,72 %	77,72 %	77,61 %	77,61 %	78,80 %

ROA	1,46 %	2,23 %	2,15 %	2,33 %	2,00 %

ROE	12,24 %	17.58 %	17.05 %	18.27 %	16.13 %

Financial result	9,675	3,787	7,422	12,119	14,296
Weighted interest rates on granted loans, outstanding amounts	4.44%	5.04%	5.12%	5.49%	5.47%
– mkd	4,72 %	5,15 %	5,28 %	5,70 %	5,74 %
– foreign currency	4,12 %	4,91 %	4,93 %	5,25 %	5,13 %

Weighted interest rates on received deposits, outstanding amounts	0.86%	1.11%	1.40%	1.59%	1.79%
– mkd	1,26 %	1,50 %	1,83 %	2,04 %	2,27 %
– foreign currency	0,55 %	0,79 %	1,05 %	1,21 %	1,39 %

Bank’s reserve requirement ratios
Liabilities in:
– Domestic currency	5%	5%	5%	5%	5%
– Domestic currency with FX clause	50%	50%	50%	100%	100%
– Foreign currency	19.0%	19.0%	19.0%	21.0%	21.0%

Reference rate for calculating the penalty interest rate	4.75%	4.75%	4.75%	6.00%	6.00%

NATIONAL BANK POLICY RATES	4.75%	5.50%	6%	6,3%	6,3%

The credit rating
of the Republic of North Macedonia

BB+ with a negative outlook
Fitch Ratings Credit rating agency
published October 29, 2022

BB- Outlook Stable
Standard & Poor’s
published January 28, 2023

BB+ Outlook Stable
Fitch Ratings
Credit rating agency
published April 15, 2023

BB- Outlook Stable
Standard & Poor’s
published July 29, 2023

BB+ Outlook Stable
Fitch Ratings
Credit rating agency
published October 07, 2023

BB+ Outlook Stable
Standard & Poor’s
published January 30, 2024

Source: NBRNM, https://www.nbrm.mk │ October 29, 2022)
Source: Ministry of Finance, https://finance.gov.mk │ October 29, 2022)
Source: www.spglobal.com/standard-poor-s-ratings-ratingsdirect │ January 28, 2023)
Source: www.fitchratings.com (Rating Report Republic of North Macedonia │ April 15, 2023)
Source: https://www.nbrm.mk/ns-newsarticle-soopstenie │ July 29, 2023)
Source: www.fitchratings.com (Rating Report Republic of North Macedonia │ October 07, 2023)
Source: www.nbrm.mk/ns-newsarticle-press-release │ January 30, 2024)

12/31/2023 - PRESENTATION

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9/30/2023 - PRESENTATION

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6/30/2023 - PRESENTATION

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3/31/2023 - PRESENTATION

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2022

	12/31/2021	3/31/2022	6/30/2022	9/30/2022	12/31/2022
Macroeconomic data and the Banking system of the Republic of North Macedonia	in millions of denars / %	in millions of denars / %	in millions of denars / %	in millions of denars / %	in millions of denars / %
Foreign reserves (units in millions of euros)	3.643,28	3.272,54	3,116.11	3,753.78	3,862.86
GDP	723,239	+2.4%	+2.8%	+2.0%	+0.6%
Inflation	3,2%	7,7%	10,0%	12,4%	14,2%
Unemployment Rate	15,2%	14,8%	14,5%	14,3%	14,4%
MKD/EUR	61.6270	61.6950	61.6950	61.495	61.493

Total assets of the Banking system	638,666	635,968	643,906	657,256	684,255

Total loans	383,627	393,812	404,440	411,696	422,522
– households	196.167 (51%)	199.493 (51%)	208.836 (51%)	212.017 (51%)	214.965 (51%)
– non-financial companies	183.639 (48%)	190.516 (48%)	197.797 (48%)	198.210 (48%)	205.974 (48%)
Rate of non-performing loans	3,2 %	3,09 %	3,24 %	3,31 %	2,89 %
Coverage of non-performing loans with impairment	66,3 %	66,4 %	65,97 %	67,61 %	69,38 %

Deposits	468,844	454,700	455,635	469,603	493,955
– households	309.051 (66%)	305.135 (67%)	307.662 (68%)	313.420 (67%)	323.084 (66%)
– non-financial companies	142.478 (30%)	131.825 (29%)	122.783 (27%)	130.519 (28%)	142.629 (29%)

Capital & reserves	73,779	76,626	79,655	82,731	84,361

Capital adequacy ratio	17,31 %	17 %	17,30 %	17,71 %	17,72 %
foreign capital-participation	76,29 %	76,29 %	76,29 %	76,29 %	77,72 %

ROA	1,5 %	1,6 %	1,71 %	1,66 %	1,46 %

ROE	12,9 %	14 %	14,30 %	13,72 %	12,24 %

Financial result	9,150	2,624	5,485	8,051	9,675
Weighted interest rates on granted loans, outstanding amounts	4.37%	4.30%	4.27%	4.35%	4.44%
– mkd	4,65 %	4,58 %	4,57 %	4,67 %	4,72 %
– foreign currency	4,02 %	3,96 %	3,91 %	3,98 %	4,12 %

Weighted interest rates on received deposits, outstanding amounts	0.74%	0.70%	0.67%	0.70%	0.86%
– mkd	1,08 %	1,03 %	1,03 %	1,06 %	1,26 %
– foreign currency	0,45 %	0,44 %	0,40 %	0,42 %	0,55 %

Bank’s reserve requirement ratios
Liabilities in:
– Domestic currency	8%	8%	6,5%	5%	5%
– Domestic currency with FX clause	50%	50%	50%	50%	50%
– Foreign currency	15%	15%	16.5%	18.0%	19.0%

Reference rate for calculating the penalty interest rate	1,25%	1,25%	1,25%	2%	4.75%

NATIONAL BANK POLICY RATES	1,25%	1,25%	2%	3%	4.75%