Bulgaria's fiscal reserve down 10% m/m in December 2012.

By bne IntelliNews February 4, 2013
The fiscal reserve dropped 10% m/m (BGN 675.3mn) to BGN 6.08bn (EUR 3.12bn) at end-December as higher government spending resulted in a wider budget gap in the last month of the year, finance ministry data showed. The year-end figure is slightly lower than earlier government estimates, according to which the country entered 2013 with fiscal reserve amounting to approximately BGN 7bn. In 2012, the reserve surged 22% (BGN 1.08bn) compared to 2011 when it decreased by 16.9%, mainly due to proceeds from the EUR 950mn Eurobond that the government placed on July 2. The funds were used in January to finance maturing global bond. The fiscal reserve floor is set at BGN 4.5bn.
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