Bulgaria's fiscal reserve up 1.7% m/m in November 2012.

By bne IntelliNews January 2, 2013
The fiscal reserve rose by 1.7% m/m (BGN 116.5mn) to BGN 6.75bn (EUR 3.45bn) at the end of November as government finances in November recovered from the record-high for the year monthly deficit of BGN 322mn posted in October, finance ministry data showed. On an annual basis, the reserve surged 24% y/y, due to proceeds from the EUR 950mn Eurobond that the government placed on July 2. The funds will be used to finance maturing on January 15 EUR 818mn global bond, which means that by the end of January 2013, the reserve will have fallen sharply. The fiscal reserve decreased by 16.9% or BGN 1.01bn in 2011. The fiscal reserve floor is set at BGN 4.5bn in 2012 budget law, unchanged from 2011 and 2010 levels.

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