DEPUTY FINANCE MINISTER: FOREIGN DEBT STRUCTURE MUST BE CHANGED

Business | December 5, 2001, Wednesday // 00:00

Changing the currency denomination structure of Bulgaria’s foreign debt is one of Bulgaria’s major priorities, Deputy Finance Minister Krasimir Katev said on December 4, talking about the management of the foreign debt at the annual meeting of the Association of Commercial Banks. About 90% of Bulgaria’s foreign exchange reserves held by the Bulgarian National Bank are denominated in euros, while 67% of Bulgaria’s foreign debt is dollar-denominated. According to him the Cabinet’s efforts must be directed in increasing the foreign-domestic debt ratio from 7 to some 60-70%. This is the ration common for other European countries.

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