Bulgaria's net international investment position (NIIP) stood at a negative EUR 30.9bn in the third quarter of 2013, shrinking by 2.5% y/y on the back of a faster growth of foreign assets held compared to domestic assets owned by foreigners, preliminary central bank data showed.
Bulgaria's foreign assets grew 5.5% y/y to EUR 29.2bn at end-September 2013, whereas its liabilities were up only 1.2% y/y to EUR 60.2bn.
The assets' increase was due to a 48.2% y/y surge to EUR 4.8bn in portfolio investments, of which EUR 4.2bn were debt securities and EUR 596.2mn were equity securities. Direct investments abroad climbed 15.4% y/y to EUR 1.59bn. Meanwhile, the country's reserve assets declined 3.6% y/y to EUR 14.9bn.
Direct investments in Bulgaria increased by 1.9% y/y to EUR 38.7bn, while portfolio investments (largely composed of purchases of government debt) shrank 20.6% y/y to EUR 1.45bn due to the high base effect of July 2012 when the government issued a five-year EUR 950mn Eurobond. Bank loans from foreign lenders increased by 38.9% y/y to EUR 2.84bn.
|NIIP, EUR mn||2009||2010||2011||ІX.2012||XII.2012||VІ.2013||ІX.2013||Change, y/y|
|International Investment Position, net||-35,568.20||-34,384.50||-33,088.50||-31,783.90||-31,599.10||-31,601.70||-30,988.6||-2.50%|
|Direct investment abroad||971.3||1,171.30||1,274.90||1,382.70||1,518.30||1,560.80||1,595.3||15.38%|
|Direct investment in Bulgaria||34,170.00||35,347.30||36,619.00||38,054.30||37,755.80||38,311.20||38,768.1||1.88%|
|Source: c-bank (BNB)|
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