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

stats

6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
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) 4,698 4,723 4,925 5,249 4,936
GDP (units in millions of euros) +3.4% +3.8% +3.8% +3.1%
Inflation 3,8% 4,0% 4,1% 3,7% 4,1%
Unemployment Rate 11,5% 11,5% 11,4% 11,3%
MKD/EUR 61.656 61.6946 61.495 61.696 61.6938
Total assets of the Banking system 858,401 881,290 934,656 949,092 954,939
Total loans 524,186 533,919 564,423 576,165 592,192
– households 262.606 (50%) 269.056 (50%) 276.812 280.772 294.421
– non-financial companies 257.315 (49%) 260.821 279.343 282.885 293.772
Rate of non-performing loans 2,45 % 2,30 % 2,04 % 1,94 % 1,97 %
Coverage of non-performing loans with impairment 61,70 % 62,1 % 66,13 % 66,5 % 63,99 %
Deposits 615,093 628,344 659,498 668,893 677,059
– households 411.723 (67%) 422.795 444.758 448.652 454.985
– non-financial companies 176.337 (29%) 178.299 187.819 199.810 190.392
Capital & reserves 114,947 115,086 115,289 122,071 130,747
Capital adequacy ratio 19.63 % 19.54 % 19.45 % 19.12 % 19.52 %
foreign capital-participation 80,47 % 80,47 % 83,00 % 83,00 % 82,10 %
ROA 2,19 % 2,26 % 2,13 % 1,9 % 1,8 %
ROE 16.78 % 17.50 % 17.00 % 15.08 % 13.80 %
Financial result 9,235 14,459 18,723 4,475 8,461
Weighted interest rates on granted loans, outstanding amounts 5.03% 4.85% 4.76% 4.70% 4.67%
– mkd 5,46 % 5,26 % 5,12 % 5,03 % 4,97 %
– foreign currency 4,36 % 4,20 % 4,15 % 4,14 % 4,13 %
Weighted interest rates on received deposits, outstanding amounts 2.20% 2.20% 2.21% 2.18% 2.17%
– mkd 2,74 % 2,71 % 2,72 % 2,68 % 2,63 %
– foreign currency 1,65 % 1,67 % 1,66 % 1,65 % 1,68 %
Bank’s reserve requirement ratios
Liabilities in:
– Domestic currency up to 2 years 8.0% 9.0% 9.0% 9.0% 9.0%
– Domestic currency over 2 years 0.0% 9.0% 9.0% 9.0% 9.0%
– Domestic currency with FX clause 100% 100% 100% 100% 100%
– Foreign currency up to 2 years 21% 22% 22% 22% 22%
– Foreign currency over 2 years 5.0% 10.0% 10.0% 10.0% 10.0%
Reference rate for calculating the penalty interest rate 5.55% 5.35% 5.35% 4.00% 4.25%
NATIONAL BANK POLICY RATES 5,35% 5,35% 4,00% 4,00% 4,25%

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/B
Standard & Poor’s
published July 30, 2025		 BB+ Outlook Stable
Fitch Ratings
Credit rating agency
published September 20, 2025		 BB- Outlook Stable
Standard & Poor’s
published January 24, 2026		 BB+ Outlook Stable
Fitch Ratings
Credit rating agency
published April 6, 2026		 BB- Outlook Stable
Standard & Poor’s
published April 7, 2026

Source: www.finance.gov.mk │ July 30, 2025
Source: www.finance.gov.mk │ September 20, 2025
Source: www.finance.gov.mk │ January 24, 2026
Source: www.nbrm.mk │ April 6, 2026
Source: www.nbrm.mk │ April 7, 2026

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%

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		 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 - 03/31/2025

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Archive

2025

12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
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) 5,019 4,788 4,698 4,723 4,925
GDP (units in millions of euros) +3.0% +3.2% +3.4% +3.8% +3.8%
Inflation 3,5% 4,2% 3,8% 4,0% 4,1%
Unemployment Rate 11,9% 11,6% 11,5% 11,5% 11,4%
MKD/EUR 61.495 61.695 61.656 61.6946 61.495
Total assets of the Banking system 824,812 821,983 858,401 881,290 934,656
Total loans 489,924 500,964 524,186 533,919 564,423
– households 249.532 (51%) 254.722 (51%) 262.606 (50%) 269.056 (50%) 276.812
– non-financial companies 242.338 (49%) 247.077 (49%) 257.315 (49%) 260.821 279.343
Rate of non-performing loans 2,69 % 2,53 % 2,45 % 2,30 % 2,04 %
Coverage of non-performing loans with impairment 62,94 % 60,81 % 61,70 % 62,1 % 66,13 %
Deposits 600,967 598,155 615,093 628,344 659,498
– households 396.898 (66%) 400.473 (67%) 411.723 (67%) 422.795 444.758
– non-financial companies 176.281 (29%) 170.788 (29%) 176.337 (29%) 178.299 187.819
Capital & reserves 105,206 109,644 114,947 115,086 115,289
Capital adequacy ratio 18.90 % 18.83 % 19.63 % 19.54 % 19.45 %
foreign capital-participation 79,72 % 79,72 % 80,47 % 80,47 % 83,00 %
ROA 2,20 % 2,17 % 2,19 % 2,26 % 2,13 %
ROE 17.60 % 16.62 % 16.78 % 17.50 % 17.00 %
Financial result 17,390 4,464 9,235 14,459 18,723
Weighted interest rates on granted loans, outstanding amounts 5.30% 5.15% 5.03% 4.85% 4.76%
– mkd 5,71 % 5,63 % 5,46 % 5,26 % 5,12 %
– foreign currency 4,70 % 4,42 % 4,36 % 4,20 % 4,15 %
Weighted interest rates on received deposits, outstanding amounts 2.17% 2.18% 2.20% 2.20% 2.21%
– mkd 2,70 % 2,73 % 2,74 % 2,71 % 2,72 %
– foreign currency 1,68 % 1,65 % 1,65 % 1,67 % 1,66 %
Bank’s reserve requirement ratios
Liabilities in:
– Domestic currency up to 2 years 8.0% 8.0% 8.0% 9.0% 9.0%
– Domestic currency over 2 years 0.0% 0.0% 0.0% 9.0% 9.0%
– Domestic currency with FX clause 100% 100% 100% 100% 100%
– Foreign currency up to 2 years 21% 21% 21% 22% 22%
– Foreign currency over 2 years 5.0% 5.0% 5.0% 10.0% 10.0%
Reference rate for calculating the penalty interest rate 6.30% 5.55% 5.55% 5.35% 5.35%
NATIONAL BANK POLICY RATES 5,55% 5,35% 5,35% 5,35% 4,00%

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 25, 2025		 BB+ Outlook Stable
Fitch Ratings
Credit rating agency
published March 26, 2025		 BB- Outlook Stable/B
Standard & Poor’s
published July 30, 2025		 BB+ Outlook Stable
Fitch Ratings
Credit rating agency
published September 20, 2025		 BB- Outlook Stable
Standard & Poor’s
published January 24, 2026

Source: www.nbrm.mk │ January 25, 2025
Source: www.nbrm.mk │ March 26, 2025
Source: www.finance.gov.mk │ July 30, 2025
Source: www.finance.gov.mk │ September 20, 2025
Source: www.finance.gov.mk │ January 24, 2026

12/31/2025 - PRESENTATION

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09/30/2025 - PRESENTATION

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06/30/2025 - PRESENTATION

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03/31/2025 - PRESENTATION

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2024

12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
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 / % in millions of denars / %
Foreign reserves (units in millions of euros) 4,538.45 4,287.1 4,337.5 4,406.6 5,019
GDP +0.9% +1.2% 2.3% +3.0% +3.2%
Inflation 9,4% 3,4% 3,7% 3,3% 3,5%
Unemployment Rate 13,1% 12,9% 12,5% 12,3% 11,9%
MKD/EUR 61.495 61.495 61.535 61.4925 61.495
Total assets of the Banking system 746,739 738,938 751,244 765,036 824,812
Total loans 440,560 444,977 458,207 464,860 489,924
– households 229.404 (52%) 232.313 (52%) 238.057 (52%) 242.919 (52%) 249.532 (51%)
– non-financial companies 212.768 (48%) 214.268 (48%) 221.765 (48%) 223.900 (48%) 242.338 (49%)
Rate of non-performing loans 2,77 % 3,06 % 3,10 % 3,02 % 2,69 %
Coverage of non-performing loans with impairment 70,10 % 63,43 % 63,67 % 64,21 % 62,94 %
Deposits 539,602 534,525 544,683 556,975 600,967
– households 348.745 (64%) 354.741 (66%) 364.432 (67%) 372.219 (67%) 396.898 (66%)
– non-financial companies 161.432 (30%) 150.674 (28%) 153.830 (28%) 158.056 (28%) 176.281 (29%)
Capital & reserves 92,510 98,096 99,596 103,897 105,206
Capital adequacy ratio 18.10 % 18.92 % 19.04 % 19.00 % 18.90 %
foreign capital-participation 78,80 % 78,80 % 78,88 % 78,88 % 79,72 %
ROA 2,00 % 2,34 % 2,55 % 2,63 % 2,20 %
ROE 16.13 % 18.23 % 19.83 % 20.20 % 17.60 %
Financial result 14,296 4,353 9,541 14,890 17,390
Weighted interest rates on granted loans, outstanding amounts 5.47% 5.50% 5.47% 5.41% 5.30%
– mkd 5,74 % 5,90 % 5,85 % 5,84 % 5,71 %
– foreign currency 5,13 % 5,02 % 4,97 % 4,82 % 4,70 %
Weighted interest rates on received deposits, outstanding amounts 1.79% 1.80% 1.88% 2.01% 2.17%
– mkd 2,27 % 2,28 % 2,35 % 2,50 % 2,70 %
– foreign currency 1,39 % 1,38 % 1,48 % 1,58 % 1,68 %
Bank’s reserve requirement ratios
Liabilities in:
– Domestic currency up to 2 years 5% 5% 6.5% 8.0% 8.0%
– Domestic currency over 2 years 0.0% 0.0% 0.0%
– Domestic currency with FX clause 100% 100% 100% 100% 100%
– Foreign currency up to 2 years 21.0% 21% 21% 21%
– Foreign currency over 2 years 5.0% 5.0% 5.0%
Reference rate for calculating the penalty interest rate 6.00% 6.30% 6.30% 6.30% 6.30%
NATIONAL BANK POLICY RATES 6,3% 6,3% 6,3% 6,05% 5,55%

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		 BB- Outlook Stable
Standard & Poor’s
published January 25, 2025

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)
Source: www.nbrm.mk │ January 25, 2025)

12/31/2024 - PRESENTATION

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09/30/2024 - PRESENTATION

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06/30/2024 - PRESENTATION

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03/31/2024 - PRESENTATION

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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%

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+ 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%

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		 Rating BB-/Stable/B
Standard & Poor’s
published August 23, 2021		 ‘BB-/B’ Ratings Affirmed;
Outlook Stable
Standard & Poor’s
published February 18, 2022		 BB+ with a negative outlook
Fitch Ratings
Credit rating agency
published May 19, 2022		 ‘BB-/B’ Ratings Affirmed;
Outlook Stable
Standard & Poor’s
published August 20, 2022 		BB+ with a negative outlook
Fitch Ratings Credit rating agency
published October 29, 2022

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)

12/31/2022 - PRESENTATION

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12/31/2021 - PRESENTATION

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