Czech end-2012 state debt confirmed at EUR 65.2bn.

By bne IntelliNews March 18, 2013
The Czech Republic's gross central government debt rose by 11.3% on the year to CZK 1.668tn (EUR 65.2bn) as of end-2012, the finance ministry said on March 15 confirming preliminary data released in January. The debt equalled to 43.4% of full-year GDP, according to IntelliNews calculations. It increased by CZK 16bn q/q in the fourth quarter of the year, the same as in the third quarter. Domestic debt rose by 8.9% on the year to CZK 1.287tn as of end-2012 and foreign debt was by 19.9% higher at CZK 380.3bn. The increase of the debt in the first three quarters of the year was due to the issue of government bonds in order to create reserves as a precaution measure against possible turbulence on the market due to the euro zone's crisis. The finance ministry issued CZK 94.6bn T-bonds, CZK 247.6bn T-bills, CZK 69.9bn floating rate notes and retail bonds worth CZK 45.4bn. Bond issues on the foreign market totalled CZK 69bn in 2012. In February the country placed a EUR 2bn issue of 10-year Eurobonds, making its first issue since 2010. In October it placed EUR 750mn Eurobonds. The ministry also took CZK 4bn in loans from the European Investment Bank in 2012. Under its debt financing and management strategy, the ministry is to borrow CZK 230.7bn in 2013. The major part of the funding in 2013 will be covered on the domestic market in a range of CZK 87.1bn to CZK 219.1bn. The share of financing on the foreign markets is not to exceed 40% of the borrowing in 2013, or up to CZK 92bn. The Czech state debt is expected to reach CZK 1.769tn this year and increase to CZK 1.859tn by end-2014.

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