Slovakias gross external debt up 3.6% m/m in March 2011.

By bne IntelliNews July 1, 2011
Slovakias gross external debt rose by 3.6% m/m to USD 73.37bn as of end-March 2011, central bank preliminary data showed. The increase was mainly due to an USD1.2bn monthly rise of the direct investments in the country that reached USD 15.7bn. The change reflected mainly the increased short-term lending from direct investors. Otherwise, the external debt of private non-bank companies went up by 4.4% m/m to USD 11.2bn, due to short-term trade credits. The foreign debt of the government reached USD 16.6bn, up by 3.1% m/m. The foreign liabilities of the central bank, which made up 27.8% of the total external debt, went up by USD 769.5mn to USD 20.4bn as a result of received USD 717.6mn short-term loans. Banks held less foreign currencies and deposits and repaid some of its long-term loans which resulted in a 4.3% m/m drop of their external debt to USD 9.5bn. On an annual basis, the countrys gross external debt jumped by 17.6% and almost half of the rise could be attributed to the government that increased its indebtedness by almost USD 5.8bn. Foreign debts of banks went up by USD 1.9bn and the debts of the private non-bank sector were up by USD 1.6bn. Inter-company lending also increased by USD 1.6bn, while the central banks foreign liabilities stayed almost flat, up by USD 100mn.
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