Bulgarias foreign debt drops 5% y/y to EUR 35.1bn at end-March 2012.

By bne IntelliNews April 26, 2012
Bulgarias gross external debt declined by 5% y/y and 0.3% in a month to EUR 35.1bn as of end-February, according to preliminary data of the central bank. Foreign liabilities of the private sector continued to fall faster compared to those of the public entities - by 5.4% y/y as opposed to 1.8% y/y, respectively. The reduction of the private sector debt is still mainly a result of banking sector activity (down by 17.2% y/y; the contraction of the short-term deposits of foreigners were with largest contribution) but the liabilities of the non-banking companies also fell in February (down by 3.1% y/y), second consecutive decline since October 2010. Total foreign debt accounted for 88.1% of the full-year GDP forecast as compared to 96% of GDP a year earlier and 91.9% at end-2011. The short-term debt, covering liabilities with original maturity of one and less than one year, reached 28.2% of the total, the same as at the end of December and January but down from 29.7% at end-Feb 2011. The credits on demand accounted for 24.9% of the total external debt, lower compared to 25.1% at end-Feb 2011. Some 62% of them were reported as inter-company loans. The ratio of foreign reserves to short-term debt fell to 129.4% at the end of February as compared to revised 130.3% a month earlier and 115.3% at the end of 2010. The ratio is above the level in the past four years but is remains weaker compared to about 300% in 2002-2004.

Related Articles

EC urges Bulgaria to comply with EU rules on free movement of capital.

The EC has sent a reasoned opinion to Bulgaria over failure to comply with EU rules on the free movement of capital, the EC said on its website. The privatisation act in Bulgaria introduces ... more

Govt seeks delay of antitrust rules violation procedure against Bulgaria.

Bulgaria will be seeking an extension of the court procedure filed by the EC against the country over irregularities found in the assignment of digital broadcast spectrum, transport minister ... more

Bulgarians hold EUR 100mn in deposits in Cyprus.

Bulgarian individuals and companies hold EUR 100mn in Cypriot banks according to ECB data, BTA reported quoting Reuters. The largest EU depositors in the crisis-hit country are Greece with EUR ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss