“The fundamentals of the banking sector of North Macedonia remain sound” – said Fitch Ratings, affirming the country’s credit rating BB+ with stable outlook. The agency, inter alia, states that the sector is fairly well capitalized and that at the end of the second quarter of this year, the rate of Tier 1 capital reached 15.8%. It also emphasized that the level of non-performing loans is moderate and that their coverage with bank reserves is high.
In light of the positive assessment of the banking sector, Fitch also refers to the growth of deposits and loans, with special emphasis on the increase in denar deposits to total deposits ratio. In the lending activity, the agency expects growth of 8.5% for the next year.
Fitch also states that the credit rating BB+ with stable outlook is primarily due to the coherence of the macroeconomic and financial policies that support the fixed exchange rate regime of the denar against the euro, as well as to the management, human capital and business performance indicators, which are better than the BB average. Announcing this, the agency presented its views on the overall Macedonian economy, as well as expectations for the forthcoming period.
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