Fitch: Foreign exchange reserves higher by EUR 270 million, the banking sector is stable

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The Macedonian economy showed resistance to global shocks. Macroeconomic stability has been maintained, supported by the consistent policy setting and the long-term stability of the exchange rate. Despite the pressures from energy import prices on the trade deficit, in 2022 foreign exchange reserves recorded a growth of 270 million euros. With that, the foreign exchange reserves continue to remain at a level which, according to international standards, is adequate to support the strategy of a stable exchange rate. The banking sector is stable and has not been affected by recent global stresses. The inflation rate started to decrease from November onwards and that trend is expected to continue this year. These are the conclusions for the monetary part in the report of the credit rating agency Fitch, in which the outlook of the country’s credit rating improves, to BB+ with a stable outlook.

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