Bulgarias fiscal reserve falls 6% m/m to EUR 2.56bn at end-2011.

By bne IntelliNews February 2, 2012
The fiscal reserve fell by 6% m/m to BGN 5bn (EUR 2.56bn) at the end of December, according to preliminary data of the finance ministry. The contraction sped from 0.5% m/m in November after increases in the previous three months. In annual terms, the reserve fell by 16.9%, accelerating slightly from 16.8% y/y at the end of November. In 2011, the fiscal reserve decreased by 16.9% or BGN 1.01bn. The fiscal reserve threshold is set at BGN 4.5bn in the budget law for 2011, unchanged from last years level. The target remains the same in 2012 budget law.
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