Serbian govt deposit at central bank expands in Oct due to inflow from Eurobond.

By bne IntelliNews November 23, 2012
Serbian government deposit held at the central bank (NBS) increased by 73.5% in a month to RSD 141bn (EUR 1.25bn, 4.3% of the projected year-end GDP) in October due to the USD 1bn Eurobond issue that took place at the end of the previous month. The deposit will rise even further next month as the government placed another USD 750mn Eurobond in November. The funds will be used to secure budget financing for the first half of next year so until then they will stay at the central bank account, providing comfortable fiscal buffer. The state deposit however shrank by 32.5% y/y or RSD 68bn (EUR 602mn) in October. Foreign currency deposits almost tripled in monthly terms to RSD 91bn in October but declined by 42% or RSD 67bn when compared to October 2011. Their share in total state deposits declined to 65% from 75% in the same period of 2011. Dinar state deposits fell by RSD 1.3bn (2.5% y/y) to RSD 50bn. Serbia's republican budget, which represents the bulk of the consolidated budget, posted a RSD 147.9bn (EUR 1.3bn) deficit in the first ten months of the year. Consolidated figures are published with a month delay after the republic data. In October alone, the republican budget revenue increased faster than expenses, which resulted in a RSD 2.7bn budget gap vs. 22bn in September. We therefore expect the increase in the January-October consolidated budget gap to be smaller compared to a month earlier. Serbia's full year consolidated budget gap is expected to reach RSD 222.5bn or 6.8% of projected GDP.

Serbian govt deposit at central bank expands in Oct due to inflow from Eurobond.

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