Bulgarias fiscal reserve falls 19.4% m/m in Jan 2012 on one-off payments.

By bne IntelliNews March 2, 2012
The fiscal reserve fell by 19.4% m/m or BGN 971mn to BGN 4.03bn (EUR 2.1bn) at the end of January, according to preliminary data of the finance ministry. The ministry explains the steep decrease with one-off payments on both domestic and external debt as well as financing of agricultural producers, which will be refunded by EU funds later in the year. In annual terms, the reserve fell by 25.6%, accelerating from 16.9% y/y at the end of 2011. The fiscal reserve decreased by 16.9% or BGN 1.01bn last year. The fiscal reserve threshold is set at BGN 4.5bn in 2012 budget law, unchanged from 2011 and 2010 levels.

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