Romanias external debt up by 11.6% y/y as at end-Jun.

By bne IntelliNews August 12, 2011
Romania's external debt increased by 11.6% y/y to EUR 97.1bn at the end of June, or 58.2% of the projected full-year GDP, according to the central bank. The central banks foreign currency reserves, which stood at EUR 32.7bn at the end of June, provided 152% coverage of the short-term debt, down from 188% one year earlier, but still better than the 127% at the end of 2008, before the global credit crunch. Out of the EUR 10.1bn rise in the countrys external debt over the past 12 months, the largest share (EUR 4.66bn) accounted for the higher short-term debt that ballooned by 27.8% on the year. The short-term debt reached the record-high level of EUR 21.46bn at the end of June. But as a share in the total external debt, it remained below the 28% level in end-2008, i.e. before the global crisis. The countrys medium and long term-debt increased by 6.6% y/y to EUR 75.66bn at the end of June, advancing by EUR 4.67bn over the past year mainly on the back of disbursements from the IMF, the EC and the WB.

Romanias external debt up by 11.6% y/y as at end-Jun.

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