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The sovereign risk rating was at BB in The Economist Intelligence Unit's latest ratings report, in August. The government has improved fiscal transparency, and the sustainability of the pension and healthcare systems. External debt is higher than the median for other BB-rated countries, but public debt is broadly in line with the BB-rated median.
The currency risk rating was at BB and the score was 43. Foreign-exchange reserve coverage of short-term debt is lower than the median for BB-rated countries, but gross financing coverage is adequate. The risk rating outlook is stable, as the denar does not appear overvalued and authorities are committed to maintaining the de facto peg to the euro in 2019-20.
The banking sector risk rating was at BB and the score was 46. Non-performing loans fell to 5% of the total loan stock in 2018 and are fully provisioned. Capital-adequacy and liquidity measures indicate a banking system that is stable overall.
The currency risk rating was at BB and the score was 43. Foreign-exchange reserve coverage of short-term debt is lower than the median for BB-rated countries, but gross financing coverage is adequate. The risk rating outlook is stable, as the denar does not appear overvalued and authorities are committed to maintaining the de facto peg to the euro in 2019-20.
The banking sector risk rating was at BB and the score was 46. Non-performing loans fell to 5% of the total loan stock in 2018 and are fully provisioned. Capital-adequacy and liquidity measures indicate a banking system that is stable overall.
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Country Risk Service North Macedonia 4th Quarter Updater
Risk assessment
Sovereign risk
Currency risk
Banking sector risk
Political risk
Economic structure risk
Definitions
Sovereign risk
Currency risk
Banking sector risk
Political risk
Economic structure risk
Overall country risk
Central scenario for 2020-24: Political stability
Central scenario for 2020-24: Election watch
Central scenario for 2020-24: International relations
Central scenario for 2020-24: Policy trends
Central scenario for 2020-24: Fiscal policy
Central scenario for 2020-24: Monetary policy
Central scenario for 2020-24: Economic growth
Central scenario for 2020-24: Inflation
Central scenario for 2020-24: Exchange rates
Central scenario for 2020-24: External sector
Key risk indicators
Ratings summary
Quarterly indicators
International assumptions summary
Economic structure
Public finances
Exchange rates, interest rates and prices
Financial sector
Current account
International liquidity
Foreign payment and liquidity indicators
External trade
External financing requirement
External debt stock
External debt service
Risk assessment
Sovereign risk
Currency risk
Banking sector risk
Political risk
Economic structure risk
Definitions
Sovereign risk
Currency risk
Banking sector risk
Political risk
Economic structure risk
Overall country risk
Central scenario for 2020-24: Political stability
Central scenario for 2020-24: Election watch
Central scenario for 2020-24: International relations
Central scenario for 2020-24: Policy trends
Central scenario for 2020-24: Fiscal policy
Central scenario for 2020-24: Monetary policy
Central scenario for 2020-24: Economic growth
Central scenario for 2020-24: Inflation
Central scenario for 2020-24: Exchange rates
Central scenario for 2020-24: External sector
Key risk indicators
Ratings summary
Quarterly indicators
International assumptions summary
Economic structure
Public finances
Exchange rates, interest rates and prices
Financial sector
Current account
International liquidity
Foreign payment and liquidity indicators
External trade
External financing requirement
External debt stock
External debt service
Note: Product cover images may vary from those shown
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