Bulgaria's fiscal reserve down 32% m/m in January 2013.

By bne IntelliNews March 4, 2013
The fiscal reserve shrank 32% m/m (BGN 1.94mn) to BGN 4.1bn (EUR 2.1bn) in January due to traditionally higher spending in the beginning of the year and global bond repayment during the month, finance ministry data showed. When compared to a year earlier, the January fiscal reserve rose by around 3%. According to earlier provided information by ex-finance minister Simeon Dyankov, in February, the level of the fiscal reserve has further dropped to BGN 4.01bn (below the BGN 4.5bn legal floor) or by 34% compared to the end of 2012. The payment of BGN 840mn to agricultural producers in February also contributed to widening of the fiscal reserve gap.
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