Банкеръ Daily


The State's External Debt Swells to More than 8 Billion Euros

The country's gross external debt at the end of July 2020 was €5.681 billion which is 10% of the gross domestic product. This is evident from the data published on Monday by the Bulgarian National Bank. The external liabilities of the sector have increased by 249.4 million euros (4.6%), compared to July 2019.

It should be taken into account that the statistics do not cover the new debt issued by the government of EUR 2.5 billion. In mid-September, the cabinet increased the external debt by selling Eurobonds on the international markets. The yield on 10-year securities was 0.389%, and on bonds with a maturity of 30 years - 1.476%.Simple adding up shows that after the last issue, the country's external debt will swell above 8 billion euros.


Otherwise, at the end of July, the external liabilities of the Bank sector were 4.415 billion euro (7.8% of GDP).  They are down by 485.8 million euros (9.9%) compared to the end of 2019 and by 212.5 million euros on an annual basis.

The external liabilities of the companies are EUR 10.732.9 billion, decreasing compared to the end of 2019 and on an annual basis - by EUR 268.1 million and EUR 332 million, respectively.


According to BNB data, in the period January - July 2020 the payments made on the gross external debt service were EUR 3.107 billion compared to EUR 3.969 billion in January - July 2019.


The central bank's calculations are made at an estimated GDP of 56.758 billion euros for 2020 and 60.674 billion euros for 2019.


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