The National Bank of the Republic of North Macedonia published an update on Fitch’s latest report, which reaffirmed the country’s sovereign credit rating at BB+ with a stable outlook. The update highlights Fitch’s view that the stability of the denar exchange rate, underpinned by credible and consistent policies, is a key factor supporting the rating. Fitch projects that foreign exchange reserves will cover 4.3 months of projected imports for 2025–2026, supporting the stability of the denar’s fixed exchange rate against the euro. The report notes that the current account deficit is in line with the ten-year average, while foreign direct investment inflows are at their highest level in 17 years and are expected to remain adequate to finance the current account deficit. Fitch also assesses the banking sector as stable and profitable, with a well-capitalised, highly liquid system and a strong loan portfolio, and non-performing loans at 2.9%.
National Bank of the Republic of North Macedonia 2025-03-26
National Bank of the Republic of North Macedonia highlights Fitch reaffirmation of the BB+ sovereign rating supported by denar exchange rate stability
The National Bank of the Republic of North Macedonia reported that Fitch reaffirmed the country's sovereign credit rating at BB+ with a stable outlook, citing the stability of the denar exchange rate as a key factor. Fitch projects foreign exchange reserves will cover 4.3 months of imports for 2025–2026, supporting the denar's fixed exchange rate against the euro. The banking sector is stable and profitable, with a well-capitalised, highly liquid system and non-performing loans at 2.9%.