BNB: Bulgaria Must Join the Eurozone As Soon As Possible To Avoid the Losses of Billions
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
Bulgaria’s gross external debt amounted to EUR 39,558.2 million (94.3% of GDP) in end-December 2014, up by EUR 2,634 million (7.1%) from end-2013 (EUR 36,924.2 million, 90% of GDP), according to data of the Bulgarian National Bank (BNB).
Long-term liabilities totaled EUR 29,424.6 million (74.4% of the total debt, 70.1% of GDP) in end-December 2014, up by EUR 2,049 million (7.5%) from end-2013 (EUR 27,375.7 million, 74.1% of the total debt, 66.7% of GDP).
Short-term liabilities stood at EUR 10,133.6 million (25.6% of the total debt, 24.1% of GDP), up by EUR 585 million (6.1%) from end-2013 (EUR 9,548.6 million; 25.9% of the total debt, 23.3% of GDP).
General Government’s gross external debt totaled EUR 6,033.8 million (14.4% of GDP) in end-December 2014, up by EUR 2,621.8 million (76.8%) from end-2013 (EUR 3,412 million, 8.3% of GDP).
The increase was mostly due to item bonds and notes reflecting the government’s global bonds held by non-residents and short-term loans.
Banks’ external debt totaled EUR 5,522.2 million (13.2% of GDP), down by EUR 329 million (5.6%) from end-2013 (EUR 5,851.3 million, 14.3% of GDP).
Other Sectors’ external debt amounted to EUR 12,090.1 million (28.8% of GDP), down by EUR 139.4 million (1.1%) from end-2013 (EUR 12,229.5 million, 29.8% of GDP).
The stock of intercompany lending amounted to EUR 15,912 million (37.9% of GDP) in end-December 2014, up by EUR 480.5 million (3.1%) from end-2013 (EUR 15,431.5 million, 37.6% of GDP).
The loans and deposits received from non-residents stood at EUR 7,971.4 million (19 % of GDP) in January – December 2014, compared with EUR 6,334.3 million (15.4% of GDP) in January – December 2013.
They were distributed as follows: general government received EUR 3,191.6 million (40% of the total amount of disbursements), banks received EUR 1,507.7 million (18.9%), other sectors received EUR 1,029.6 million (12.9%) and intercompany lending totaled EUR 2,242.5 million (28.1%).
Gross external debt service totaled EUR 5,128.9 million (12.2% of GDP) in January - December 2014, compared with EUR 7,044.1 million (17.2% of GDP) in the same period of 2013.
Net external debt totaled EUR 13,996.3 million in end-December 2014, down by EUR 360.5 million (2.5%) from end-2013 (EUR 14,356.9 million).
The decline was due to the larger increase in gross external assets (by EUR 2,994.5 million, 13.3%) compared with the increase in gross external debt (by EUR 2,634 million, 7.1%).
As a percentage of GDP, net external debt amounted to 33.4%, down by 1.6 p.p. from end-2013 (35%).
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