Bulgaria’s End-August Gross Foreign Debt Falls 10% from End-2014

Bulgaria’s gross foreign debt totalled EUR 35.4 B at the end of August, equivalent to 82.2% of the estimated 2015 GDP, the central bank said on Monday.

The external debt figure was 8.2% lower than in August 2014 and 10.1% lower compared with the end of last year, the Bulgarian National Bank (BNB) said in a monthly debt report.

Long-term foreign debt was EUR 27.5 B, or 78% of the total at the end of August, decreasing by 6.4% from the end of last year and 6.7% lower than in August 2014.

Short-term-external debt was EUR 7.9 B, down 20.8% from end-2014 and 13.1% lower than in August last year.   

General government gross foreign debt increased by 24.2% year-on-year, reaching EUR 5.9 B at the end of August 2015. However, it was 1.9% lower compared with the end of 2014.

Net external debt totalled EUR 8.1 B at the end of August 2015, decreasing by 40.9% from end-2014 due to both the drop in gross foreign debt by 10.1% and a rise in gross external assets by 6.5%, the BNB said.

The net foreign debt is equal to gross external debt less the BNB reserve assets, commercial banks’ assets abroad and non-financial sector deposits abroad.

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