S&P welcomes stability of North Macedonian banking system
SKOPJE (North Macedonia), Aug.26 (SeeNews) – North Macedonian central bank NBRSM has said Standard & Poor’s (S&P) has confirmed its long-term and short-term sovereign credit in foreign and local currency ‘BB- / B’ ratings on the country, highlighting the stability of its banking system.
“The central bank successfully maintains confidence in the banking sector, as also evidenced by the steady growth of deposits in 2020 and 2021,” S&P noted in a report on North Macedonia, the central bank said in a statement on Wednesday. .
According to S&P, the North Macedonian denar is stable, monetary policy is in favor of economic recovery, foreign exchange reserves have increased, the country’s banking system is stable and the NPL (NPL) ratio was at a 3.4% low in Q2 2021, NBRSM said.
Despite the repayment of 500 million euros ($ 587.3 million) Eurobonds in July, foreign exchange reserves have increased on a year-over-year basis and the credit agency does not expect any losses. fluctuations in the foreign exchange market, while the central bank is ready to intervene, including through the repo line. of 400 million euros from the European Central Bank (ECB), noted the NBRSM.
S & P’s inflation expectations for this year match the central bank forecast of 2.2%.
($ = 0.8514 euros)