gross external debt of bulgaria february 2016 · general government external debt service amounted...
TRANSCRIPT
GROSS EXTERNAL DEBT OF BULGARIA
February 2016
26 April 2016
TABLE OF CONTENTS
I. External Debt of Bulgaria (February 2016) .................................................................................................. 3
Dynamics of the Newly Declared Loans, January – February 2016 ..................................................... 6
Tables…. ..................................................................................................................................................... 9
Gross External Debt Stock by Sectors (comparative table) .................................................................. 10
Gross External Debt Stock by Sectors (monthly data) .......................................................................... 12
Maturity Structure of the Gross External Debt (monthly data) ............................................................... 13
Gross External Debt Stock by Instruments (monthly data) .................................................................... 14
Structure of the Short- and Long-Term External Debt by Instruments .................................................. 15
Government Debt Securities, Issued on the Local Market, Owned by Non-Residents ......................... 16
Government Bonds, Issued on the International Markets and Owned by Residents ............................ 16
Gross External Debt Stock by Creditors (comparative table) ................................................................ 17
Currency Structure of the Gross External Debt ..................................................................................... 18
Net Flows .............................................................................................................................................. 19
Gross External Debt Disbursements by Sectors (comparative table) ................................................... 20
Gross External Debt Disbursements by Instruments (comparative table) ............................................. 21
Gross External Debt Service by Sectors (comparative table) ............................................................... 22
Gross External Debt Service by Instruments (comparative table) ........................................................ 23
Net External Debt .................................................................................................................................. 24
Geographical Structure of the External Debt of Other Sectors .............................................................. 25
Branch Structure of the External Debt of Other Sectors........................................................................ 26
Interest Rate Structure of Other Sectors’ External Financial Debt ........................................................ 27
External Sector Indicators (table and graphs) ....................................................................................... 28
Methodological Notes on the Compilation of the Gross External Debt of Bulgaria ........................................ 35
II. International Investment Position of Bulgaria (December 2015) ................................................................ 41
Methodological Notes on the Compilation of the International Investment Position of Bulgaria .................... 45
External Sector Data, Published on the Internet Site of the BNB .................................................................. 51
1
2
GROSS EXTERNAL DEBT OF BULGARIA 1
February 2016
Gross External Debt
Gross external debt amounted to EUR 33,867.8 million at end-February 2016, decreasing by
EUR 223.1 million (0.7%) from end-2015 (EUR 34,090.9 million). It equated to 73.1% of GDP2, down by 4.1
p.p. from end-2015 (77.2% of GDP). On a year-on-year basis the gross external debt decreased by EUR
4,988.8 million, 12.8% (from EUR 38,856.6 million, 88% of GDP in February 2015).
Long-term liabilities totalled EUR 26,110.3 million (77.1% of total external debt), decreasing by
EUR 98.1 million (0.4%) from end-2015 (EUR 26,208.4 million, 76.9% of total external debt). Long-term
external debt equated to 56.3% of GDP, down by 3 p.p. from end-2015 (59.3% of GDP). Long-term
liabilities dropped by EUR 2,883.5 million (9.9%) on a year-on-year basis (from EUR 28,993.8 million,
65.7% of GDP) .
Short-term liabilities amounted to EUR 7,757.5 million (22.9% of total external debt), declining by
EUR 125.1 million (1.6%) from end-2015 (EUR 7,882.6 million, 23.1% of total external debt). Short-term
external debt equated to 16.7% of GDP, dropping by 1.1 p.p. from end-2015 (17.8% of GDP). On a year-on-
year basis short-term liabilities dropped by EUR 2,105.3 million (21.3%), from EUR 9,862.8 million, 22.3%
of GDP in February 2015.
General government debt amounted to EUR 5,473.8 million (11.8% of GDP), falling by EUR 102.6
million (1.8%) from end-2015 (EUR 5,576.3 million, 12.6% of GDP)3. It decreased by EUR 98.2 million
(1.8%) year-on-year (compared with EUR 5,572 million, 12.6% of GDP in February 2015).
Banks’ debt amounted to EUR 4,086.3 million (8.8% of GDP), decreasing by EUR 40.1 million (1%)
from end-2015 (EUR 4,126.4 million, 9.3% of GDP). Deposits of non-residents in local banks totalled
EUR 2,543 million at end-February 2016, dropping by EUR 118.9 million (4.5%) from end-2015. On a year-
on-year basis banks’ debt decreased by EUR 1,274.7 million, 23.8% (from EUR 5,360.9 million, 12.1% of
GDP in February 2015).
Other sectors’ debt 4 totalled EUR 11,654.1 million (25.1% of GDP), dropping by EUR 81.8 million
(0.7%) from end-2015 (EUR 11,735.9 million, 26.6% of GDP). On a year-on-year basis it decreased by
EUR 280.2 million (2.3%), compared with EUR 11,934.4 million, 27% of GDP in February 2015.
At end-December 2015, 74.3% (EUR 6,897.6 million) of the loans of other sectors were liabilities of
foreign direct investment enterprises and government guaranteed loans. Their share fell by 0.1 p.p. from
end-2014 (74.4%, EUR 7,191.7 million).
1 The analysis is based on tables Gross External Debt by Sectors. Preliminary data. The data for January 2016 have been revised. In accordance with the ECB Timetable for Exchange of Balance of Payments, International Investment Position and Reserve Assets Statistics within the ESCB, the data for February 2016 are to be revised with the March 2016 report. 2 GDP amounting to EUR 46,346 million for 2016 (BNB estimate), and EUR 44,161.6 million for 2015 (NSI data as of 8 March 2016). 3 Following the residence concept. 4 Due to the quarterly reporting of firms, the data are subject to revisions.
3
Intercompany lending 4 grew by EUR 1.3 million (0.01%) to EUR 12,653.7 million (27.3% of GDP) at
end-February 2016, compared with EUR 12,652.4 million (28.7% of GDP) in December 2015. On a year-
on-year basis it dropped by EUR 3,335.7 million5 (20.9%), from EUR 15,989.4 million, 36.2% of GDP in
February 2015.
Disbursements 6
The loans and deposits extended by non-residents reached EUR 476.8 million (1% of GDP) in
January – February 2016, compared with EUR 497.6 million (1.1% of GDP) in January – February 2015.
The loans received by general government equalled EUR 4.4 million (0.9% of the total amount of
disbursements, 0.01% of GDP), down by EUR 145.6 million (97%) from January – February 2015 (EUR 150
million, 0.3% of GDP).
Banks received loans and deposits amounting to EUR 371.8 million (78% of the total disbursements,
0.8% of GDP), growing by EUR 270.7 million (267.9%) from January – February 2015 (EUR 101.1 million,
0.2% of GDP).
Other sectors4 received external financing totalling EUR 22 million (4.6% of the total disbursements,
0.05% of GDP), dropping by EUR 25.4 million (53.5%) from January – February 2015 (EUR 47.4 million,
0.1% of GDP).
Intercompany lending totalled EUR 78.6 million (16.5% of the total amount, 0.2% of GDP),
decreasing by EUR 120.5 million (60.5%) from January – February 2015 (EUR 199.1 million, 0.5% of
GDP)4.
The declared loans received from non-residents 7 totalled EUR 448.1 million (389 loans) in
January – February 2016, growing by EUR 48.6 million compared with the same period of 2015 (EUR 399.5
million; 364 loans). Out of the declared new loans, 251 were intercompany loans, and 138 were other loans.
On a year-on-year basis, the stock of declared intercompany loans dropped by EUR 73.3 million (20.3%) to
EUR 287.8 million, and the stock of other loans grew by EUR 121.9 million to EUR 160.3 million.
Gross External Debt Service 8
The gross external debt service totalled EUR 469.3 million (1% of GDP) in January – February
2016, compared with EUR 1,257.1 million (2.8% of GDP) in the same period of 2015.
5 The decrease resulted mostly from a unilateral debt write-off on the part of a foreign creditor, and a debt-for-equity conversion. In accordance with para. 8.58 of External Debt Statistics Guide (IMF, 2003), in the cases of unilateral write-off of debt on the part of the creditor, the debtor records liability reduction in its external debt position. No transaction is recorded, only other changes in volume in the gross external debt position. 6 Excluding received revolving and trade credits. 7 The moment of declaration does not necessarily coincide with the moment of lending. 8 Excluding payments on revolving and trade credits.
4
General government external debt service amounted to EUR 118.3 million (0.3% of GDP) in
January – February 2016, compared with EUR 679 million (1.5% of GDP) in January – February 2015.
Banks’ external debt service equalled EUR 119.2 million (0.3% of GDP) in January – February
2016, compared with EUR 226.2 million (0.5% of GDP) in January – February 2015.
Other sectors’ external debt service totalled EUR 163.9 million (0.4% of GDP) in January –
February 2016, compared with EUR 180.8 million (0.4% of GDP) in January – February 20154.
Intercompany lending service amounted to EUR 68 million (0.1% of GDP), compared with EUR
171.2 million (0.4% of GDP) in January – February 20154.
Net Flow 9
The total net flow was positive, totalling EUR 21.6 million (0.05% of GDP) in January – February
2016, compared with a negative one of EUR 669.4 million (1.5% of GDP) in January – February 2015.
General government’s net flow was negative and amounted to EUR 112.8 million (0.2% of GDP),
compared with a negative one totalling EUR 489.8 million (1.1% of GDP) in January – February 2015.
Banks had a positive net flow of EUR 253 million (0.5% of GDP), compared with a negative flow of
EUR 123.6 million (0.3% of GDP) in January – February 2015.
Other sectors reported a negative net flow of EUR 135.4 million (0.3% of GDP), compared with a
negative one of EUR 104.7 million (0.2% of GDP) in January – February 20154.
The net flow on item direct investment: intercompany lending was positive totalling
EUR 16.7 million (0.04% of GDP), compared with a positive one of EUR 48.7 million (0.1% of GDP) in
January – February 20154.
Net External Debt 10
The net external debt decreased by EUR 839.7 million (12.2%) from end-2015 (EUR 6,859.1
million), and stood at EUR 6,019.4 million at end-February 2016. Its decline was due both to the decrease
in gross external debt (by EUR 223.1 million, 0.7%), and to the increase in gross external assets (by
EUR 616.6 million, 2.3%). Gross external assets totalled EUR 27,848.4 million at end-February 2016,
compared with EUR 27,231.8 million at end-2015. Net external debt equated to 13% of GDP at end-
February 2016, down by 2.4 p.p. from end-2015 (15.4%).
9 In accordance with External Debt Statistics: Guide for Compilers and Users, IMF (2003), p.262, net flow is the difference between total disbursements and total principal payments for the reporting period (excluding revolving and trade credits). 10 The net external debt position is equal to gross external debt less gross external assets in debt instruments. Gross external assets include the BNB reserve assets, banks’ assets abroad and nonfinancial sector deposits abroad.
5
Dynamics of the Declared Loans,
January - February 2016
In January - February 2016 the declared loans extended by non-residents1 amounted to
EUR 448.1 million (389 loans), increasing by EUR 48.6 million in comparison with the same period in
2015 (EUR 399.5 million, 364 loans). Out of the declared new loans, 251 were intercompany loans,
and 138 were other loans. In comparison with January - February 2015, the stock of the declared new
intercompany loans decreased by EUR 73.3 million (20.3%) to EUR 287.8 million and the stock of
other loans increased by EUR 121.9 million totaling EUR 160.3 million.
0
50
100
150
200
250
300
350
400
I.-II. 2014 I.-II. 2015 I.-II. 2016
Structure of the Registered New Loans
Intercompany Other
(EUR million)
Source: BNB.
• Currency Structure
In January - February 2016, the loans in USD had the largest share equating to 87.4% of the
stock of declared loans, compared with 94.3% in the same period of 2015 (Table 1). The share of
loans in EUR amounted to 12.6%, compared with 5.6% in January - February 2015.
CURRENCY STRUCTURE Table 1
Intercompany Loans Other Loans Total
in USD in EUR in other currency
total in USD in EUR in other currency
total in USD in EUR in other currency
total
I. - II. 2015 г. 5.0% 85.4% 0.0% 90.4% 0.6% 9.0% 0.1% 9.6% 5.6% 94.3% 0.1% 100.0%
I. - II. 2016 г. 3.6% 60.6% 0.0% 64.2% 8.9% 26.8% 0.0% 35.8% 12.6% 87.4% 0.0% 100.0%
1 New loans declared by residents. The moment of declaration does not necessarily coincide with the moment of lending.
Reports for the second quarter 2016 are to be provided to the BNB in July 2016.
6
• Interest Rate Structure
With regard to the interest rate structure (Table 2), the share of loans with fixed interest rates
was 45.6% in January - February 2016, and the share of loans with floating interest rates equated to
39.5%. In January - February 2015, 33.5% of the declared new loans were with fixed interest rates,
and 39.3% - with floating interest rates.
INTEREST RATE STRUCTURE Table 2
I. - II. 2015 I. - II. 2016
Long-Term Loans
Short-Term Loans
TotalLong-Term
LoansShort-Term
LoansTotal
Fixed Interest Rate 18.9% 14.6% 33.5% 19.2% 26.3% 45.6%
Floating Interest Rate 7.3% 32.0% 39.3% 24.5% 15.0% 39.5%
Other Types of Interest Rates** 0.4% 0.1% 0.5% 0.8% 1.5% 2.3%
Interest - Free 5.9% 20.7% 26.7% 4.7% 7.9% 12.6%
TOTAL 32.5% 67.5% 100.0% 49.3% 50.7% 100.0% *Source: BNB (Register of non-guaranteed external debt of Other Sectors) – using data from loan declarations. The percentage shares are calculated using the total declared new loans as a base. **These encompass interest payment schemes, which utilize more than one interest rate level or for which the interest cannot be defined by the debtor at the time of loan declaration.
In January - February 2016 the average weighted interest rate on the declared new loans in
EUR was 2.2%, grew by 0.1 p.p. compared with the same period of 2015. For intercompany loans (in
EUR) the interest rate level decreased by 0.3 p.p. to 1.7%, and for other loans (in EUR) it decreased
by 0.1 p.p. compared to the same period in the previous year (3.1%), reaching 3.0%.
INTEREST RATE LEVELS2
Table 3
in USD in EUR in USD in EUR in USD in EUR
XII.2014 1.8% 2.3% 0.0% 3.2% 1.0% 0.3%
I. 2015 1.3% 1.7% 2.7% 3.1% 1.3% 0.2%
II. 2015 6.0% 3.5% 3.7% 3.1% 5.0% 0.3%
I. - II. 2015 г. 1.8% 2.0% 3.6% 3.1% 2.0% 2.1%
XII.2015 3.3% 1.7% 2.0% 1.8% 2.9% 1.7%
I. 2016 0.2% 1.7% 2.8% 3.4% 2.0% 2.3%
II. 2016 3.6% 1.6% 5.4% 1.9% 5.0% 1.7%
I. - II. 2016 г. 0.2% 1.7% 2.8% 3.0% 2.1% 2.2%
Intercompany Loans Other Loans Total
2 The interest rate data are average weighted with the volumes of the respective newly declared loans throughout the reporting period.
7
In January - February 2016 the average weighted interest rate on new long-term loans in
USD from abroad was down by 2.3 p.p. lower, and on those in EUR – down by 4.6 p.p. in comparison
with the weighted average interest rates on long-term loans in USD (5.3%) and in EUR (6.5 %),
granted by local commercial banks to enterprises3. In the same period of 2015 the interest rates for
long-term loans in USD abroad were lower by 5.2 p.p. than those in the country, and those in EUR
were lower by 3.3 p.p.
• Weighted Average Maturity
The maturity of the declared new loans in January - February 2016 reached 2 years and 10
months, compared with 2 years and 2 months in the same period of 2015. The weighted average
maturity of the intercompany loans reached 2 years and 5 months in January - February 2016, against
2 years in the same period of 2015, and of other loans it reached 3 years and 6 months in the
reporting period, compared with 3 years and 1 month in January - February 2015 (Table 4).
WEIGHTED AVERAGE MATURITY
Table 4
I. - II. 2015 г. I. - II. 2016 г.
Intercompany Loans 2 years 2 years, 5 monhts
Other Loans 3 years, 1 month 3 years, 6 months
Total 2 years, 2 months 2 years, 10 months
SHARE STRUCTURE OF LONG- AND SHORT-TERM LOANS
In January - February 2016, the share of the declared new short-term loans equated to
50.7% of the total stock of new loans (Table 5), compared with 67.75% in the same period of 2015.
Table 5
I. - II. 2015 г. I. - II. 2016 г.
Long-Term Loans
Short-Term Loans
TotalLong-Term
LoansShort-Term
LoansTotal
Intercompany Loans 28.1% 71.9% 100.0% 40.7% 59.3% 100.0%
Other Loans 74.0% 26.0% 100.0% 64.5% 35.5% 100.0%
Total 32.5% 67.5% 100.0% 49.3% 50.7% 100.0%
3 The data on interest rates on new long-term loans granted to enterprises by local banks is sourced from the February 2016 issue of BNB’s Interest Rate Statistics, published on 28.03.2016.
8
TABLES
(MILLION EUR)
9
Tab
le 1
GR
OS
S E
XT
ER
NA
L D
EB
T1
(by
Inst
iturio
nal S
ecto
rs)
EU
R m
illio
n%
of G
DP
EU
R m
illio
n%
of G
DP
EU
R m
illio
n%
of G
DP
EU
R m
illio
n%
of G
DP
EU
R m
illio
n%
EU
R m
illio
n%
EU
R m
illio
n%
Gen
eral
Gov
ernm
ent
255
72.0
12.6
5576
.312
.654
84.7
12.4
5473
.811
.8-1
0.9
-0.2
-102
.6-1
.8-9
8.2
-1.8
S
ho
rt-t
erm
984.
02.
20.
00.
00.
00.
00.
00.
00.
0-
0.0
--9
84.0
-L
on
g-t
erm
4588
.010
.455
76.3
12.6
5484
.712
.454
73.8
11.8
-10.
9-0
.2-1
02.6
-1.8
885.
819
.3
Bon
ds a
nd N
otes
319
59.1
4.4
3040
.26.
929
49.4
6.7
2931
.06.
3-1
8.4
-0.6
-109
.2-3
.697
1.9
49.6
Lo
ans
2628
.96.
025
36.1
5.7
2535
.35.
725
42.8
5.5
7.4
0.3
6.7
0.3
-86.
1-3
.3
Mon
etar
y A
utho
ritie
s0.
00.
00.
00.
00.
00.
00.
00.
00.
0-
0.0
-0.
0-
S
ho
rt-t
erm
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.
0-
0.0
-
Lo
ng
-ter
m0.
00.
00.
00.
00.
00.
00.
00.
00.
0-
0.0
-0.
0-
Ban
ks 4
5360
.912
.141
26.4
9.3
4147
.79.
440
86.3
8.8
-61.
5-1
.5-4
0.1
-1.0
-127
4.7
-23.
8
Sh
ort
-ter
m41
87.6
9.5
3066
.66.
930
63.5
6.9
2958
.96.
4-1
04.6
-3.4
-107
.7-3
.5-1
228.
7-2
9.3
Lo
ans
1406
.83.
231
4.5
0.7
306.
00.
731
2.6
0.7
6.6
2.2
-1.9
-0.6
-109
4.2
-77.
8
Cur
renc
y an
d de
posi
ts26
84.3
6.1
2662
.06.
026
60.7
6.0
2543
.05.
5-1
17.7
-4.4
-118
.9-4
.5-1
41.3
-5.3
O
ther
deb
t lia
bilit
ies
96.4
0.2
90.1
0.2
96.8
0.2
103.
20.
26.
46.
613
.114
.66.
87.
1
Lo
ng
-ter
m11
73.4
2.7
1059
.82.
410
84.3
2.5
1127
.42.
443
.14.
067
.56.
4-4
6.0
-3.9
B
onds
and
Not
es12
0.1
0.3
120.
10.
312
0.1
0.3
120.
10.
30.
00.
00.
00.
00.
00.
0
Loan
s10
53.3
2.4
939.
82.
196
4.2
2.2
1007
.32.
243
.14.
567
.57.
2-4
6.0
-4.4
Oth
er S
ecto
rs
511
934.
427
.011
735.
926
.611
664.
026
.411
654.
125
.1-9
.9-0
.1-8
1.8
-0.7
-280
.2-2
.3
Sh
ort
-ter
m46
91.2
10.6
4816
.010
.948
12.6
10.9
4798
.610
.4-1
4.0
-0.3
-17.
4-0
.410
7.4
2.3
B
onds
and
Not
es 7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
M
oney
Mar
ket I
nstr
umen
ts0.
00.
00.
00.
00.
00.
00.
00.
00.
0-
0.0
-0.
0-
Lo
ans
3391
.97.
735
16.7
8.0
3513
.38.
034
99.3
7.6
-14.
0-0
.4-1
7.4
-0.5
107.
43.
2
Tra
de c
redi
ts12
99.3
2.9
1299
.32.
912
99.3
2.9
1299
.32.
80.
00.
00.
00.
00.
00.
0
Lo
ng
-ter
m72
43.2
16.4
6919
.915
.768
51.4
15.5
6855
.614
.84.
10.
1-6
4.3
-0.9
-387
.6-5
.4
Bon
ds a
nd N
otes
1025
.52.
311
58.1
2.6
1118
.02.
511
14.4
2.4
-3.6
-0.3
-43.
7-3
.889
.08.
7
Loan
s62
17.7
14.1
5761
.813
.057
33.4
13.0
5741
.112
.47.
70.
1-2
0.7
-0.4
-476
.6-7
.7
Oth
er d
ebt l
iabi
litie
s0.
00.
00.
00.
00.
00.
00.
00.
00.
0-
0.0
-0.
0-
V. D
irect
inve
stm
ent:
inte
rcom
pany
lend
ing
1598
9.4
36.2
1265
2.4
28.7
1261
8.6
28.6
1265
3.7
27.3
35.1
0.3
1.3
0.0
-333
5.7
-20.
9
GR
OS
S E
XT
ER
NA
L D
EB
T (
I+II+
III+I
V+V
)38
856.
688
.034
090.
977
.233
915.
076
.833
867.
873
.1-4
7.2
-0.1
-223
.1-0
.7-4
988.
8-1
2.8
Mem
o It
ems:
II. 1
6/ II
. 15
I I. 2
015
XII.
201
5II.
16/
I. 16
II. 2
016
I. 20
16II.
16/
XII.
15
10
Tab
le 1
GR
OS
S E
XT
ER
NA
L D
EB
T1
(by
Inst
iturio
nal S
ecto
rs)
EU
R m
illio
n%
of G
DP
EU
R m
illio
n%
of G
DP
EU
R m
illio
n%
of G
DP
EU
R m
illio
n%
of G
DP
EU
R m
illio
n%
EU
R m
illio
n%
EU
R m
illio
n%
II. 1
6/ II
. 15
II. 2
015
XII.
201
5II.
16/
I. 16
II. 2
016
I. 20
16II.
16/
XII.
15
Long
-ter
m e
xter
nal d
ebt 6
2899
3.8
65.7
2620
8.4
59.3
2603
8.9
59.0
2611
0.3
56.3
71.4
0.3
-98.
1-0
.4-2
883.
5-9
.9S
hort
-ter
m e
xter
nal d
ebt
9862
.822
.378
82.6
17.8
7876
.117
.877
57.5
16.7
-118
.6-1
.5-1
25.1
-1.6
-210
5.3
-21.
3
Pub
lic s
ecto
r ex
tern
al d
ebt
6095
.513
.859
97.7
13.6
5901
.713
.458
93.7
12.7
-8.0
-0.1
-104
.0-1
.7-2
01.8
-3.3
Priv
ate
sect
or e
xter
nal d
ebt
3276
1.1
74.2
2809
3.3
63.6
2801
3.3
63.4
2797
4.1
60.4
-39.
2-0
.1-1
19.2
-0.4
-478
7.0
-14.
6
Rev
olvi
ng c
redi
ts 7
3338
.57.
631
93.4
7.2
3166
.97.
231
66.1
6.8
-0.8
0.0
-27.
3-0
.9-1
72.4
-5.2
Tra
de C
redi
ts 7
2510
.95.
725
10.9
5.7
2510
.95.
725
10.9
5.4
0.0
0.0
0.0
0.0
0.0
0.0
Cre
dits
on
dem
and
782
96.9
18.8
7107
.216
.171
06.1
16.1
7117
.815
.411
.60.
210
.50.
1-1
179.
2-1
4.2
in
cl. i
nter
com
pany
loan
s59
19.1
13.4
4871
.211
.048
72.2
11.0
4876
.810
.54.
60.
15.
60.
1-1
042.
3-1
7.6
in
cl. b
anks
' loa
ns16
9.4
0.4
117.
70.
311
8.7
0.3
120.
00.
31.
31.
12.
32.
0-4
9.4
-29.
2
Cre
dits
with
no
stat
ed m
atur
ity 8
1202
.32.
710
73.2
2.4
1152
.22.
611
52.0
2.5
-0.2
0.0
78.8
7.3
-50.
3-4
.2
incl
. int
erco
mpa
ny lo
ans
592.
61.
345
1.2
1.0
557.
81.
355
3.2
1.2
-4.5
-0.8
102.
022
.6-3
9.3
-6.6
in
cl. b
anks
' loa
ns70
.80.
266
.00.
164
.20.
164
.20.
10.
00.
0-1
.8-2
.7-6
.6-9
.3
Allo
catio
ns o
f SD
R 9
764.
91.
777
5.4
1.8
772.
31.
777
5.3
1.7
3.0
0.4
-0.1
0.0
10.4
1.4
1 Pre
limin
ary
data
. In
acco
rdan
ce w
ith th
e B
NB
pra
ctic
e an
d w
ith th
e E
CB
dat
a re
visi
on r
equi
rem
ents
(in
clud
ed in
the
EC
B T
imet
able
for
Exc
hang
e of
Bal
ance
of P
aym
ents
, Int
erna
tiona
l In
vest
men
t Pos
ition
and
Res
erve
Ass
ets
Sta
tistic
s w
ithin
the
ES
CB
), th
e da
ta fo
r Ja
nuar
y 20
16 h
ave
been
rev
ised
. With
the
Mar
ch 2
016
repo
rt, e
xter
nal d
ebt d
ata
for
Feb
ruar
y 20
16 a
re to
be
revi
sed.
The
Eur
o eq
uiva
lent
is c
alcu
late
d us
ing
the
mon
thly
e.o
.p. e
xcha
nge
rate
s of
the
resp
ectiv
e fo
reig
n cu
rren
cies
.2 D
ata
sour
ce: T
he R
egis
ter
of G
over
nmen
t and
Gov
ernm
ent-
guar
ante
ed D
ebt o
f the
Min
istr
y of
Fin
ance
. Pre
limin
ary
data
for
Feb
ruar
y 20
16 a
s of
Mar
ch 2
5, 2
016.
Deb
t lia
bilit
ies
of th
e pu
blic
com
pani
es a
nd th
e go
vern
men
t gua
rant
eed
debt
are
exc
lude
d.3 T
he B
onds
, iss
ued
by r
esid
ents
in th
e in
tern
atio
nal m
arke
ts a
nd h
eld
by r
esid
ents
are
incl
uded
.4 D
ata
sour
ce: b
anks
.5 D
ata
sour
ce: L
ocal
indi
vidu
als
and
lega
l ent
ities
(in
cl. s
tate
ow
ned
com
pani
es a
nd g
over
nmen
t gua
rant
eed
loan
s fr
om th
e R
egis
ter
of G
over
nmen
t and
Gov
ernm
ent-
guar
ante
ed D
ebt o
f the
Min
istr
y of
Fin
ance
).
In
terc
ompa
ny lo
ans
are
excl
uded
. Dat
a co
mpr
ise
thos
e cr
edits
(in
cl. r
evol
ving
and
inte
rcom
pany
lend
ing)
that
are
dec
lare
d be
fore
the
BN
B a
nd fo
r w
hich
the
BN
B h
as r
ecei
ved
info
rmat
ion.
6 In a
ccor
danc
e w
ith th
e E
XT
ER
NA
L D
EB
T S
TA
TIS
TIC
S, G
uide
for
Com
pile
rs a
nd U
sers
, IM
F 2
003
p.3
.14
and
p. 7
.5 li
abili
ties
rel
ated
to D
irect
inve
stm
ent a
re in
clud
ed in
the
long
-ter
m d
ebt.
7 The
sto
ck o
f the
rev
olvi
ng c
redi
ts, t
rade
cre
dits
and
the
cred
its, p
ayab
le o
n de
man
d is
incl
uded
in th
e gr
oss
exte
rnal
deb
t sto
ck o
f the
cou
ntry
.8 In
acc
orda
nce
with
the
Ext
erna
l Deb
t Sta
tistic
s, G
uide
for
Com
pile
rs a
nd U
sers
, IM
F 2
003,
par
a. 6
9, d
ebt w
ith n
o st
ated
mat
urity
is c
onsi
dere
d lo
ng-t
erm
deb
t.9 In
acc
orda
nce
with
the
fifth
edi
tion
of th
e B
alan
ce o
f Pay
men
ts M
anua
l (B
PM
5), t
he s
tock
of t
he S
DR
s al
loca
ted
in A
ugus
t and
Sep
tem
ber
2009
are
trea
ted
as r
eser
ve a
sset
s.
11
Tab
le 2
GR
OS
S E
XTE
RN
AL
DE
BT
1
(by
Inst
itutio
nal S
ecto
r)
(EU
R m
illio
n)
Gen
eral
Gov
ernm
ent
237
02.2
3099
.625
25.3
2827
.928
73.0
2788
.435
80.0
3412
.060
26.5
5629
.964
45.6
6069
.757
47.2
5576
.354
84.7
5473
.8
Sh
ort
-ter
m0.
00.
00.
00.
00.
00.
00.
00.
098
4.0
984.
00.
00.
00.
00.
00.
00.
0L
on
g-t
erm
3702
.230
99.6
2525
.328
27.9
2873
.027
88.4
3580
.034
12.0
5042
.546
45.9
6445
.660
69.7
5747
.255
76.3
5484
.754
73.8
B
onds
and
Not
es 3
1604
.612
47.3
966.
910
21.8
1003
.679
9.4
1336
.696
7.3
2569
.420
12.3
3823
.134
80.3
3174
.330
40.2
2949
.429
31.0
Lo
ans
2097
.718
52.3
1558
.418
06.1
1869
.419
89.1
2243
.324
44.6
2473
.026
33.7
2622
.525
89.5
2572
.825
36.1
2535
.325
42.8
Mon
etar
y A
utho
ritie
s0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
Sh
ort
-ter
m0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
Lo
ng
-ter
m0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
Ban
ks 4
3549
.057
70.8
9072
.983
78.8
6861
.856
48.7
6544
.558
51.3
5467
.253
44.1
5130
.041
43.0
4166
.541
26.4
4147
.740
86.3
S
ho
rt-t
erm
2617
.143
27.9
6783
.762
18.4
5227
.740
65.4
4813
.143
05.9
4277
.441
30.4
3977
.130
46.1
3088
.930
66.6
3063
.529
58.9
Lo
ans
601.
228
4.5
702.
980
2.0
403.
637
2.2
1131
.514
27.1
1557
.214
06.8
1192
.526
7.6
287.
431
4.5
306.
031
2.6
C
urre
ncy
and
depo
sits
1900
.139
19.9
5974
.653
84.8
4762
.536
52.1
3599
.128
06.8
2636
.026
12.4
2692
.626
50.5
2674
.526
62.0
2660
.725
43.0
O
ther
deb
t lia
bilit
ies
115.
912
3.5
106.
231
.661
.641
.182
.672
.084
.211
1.3
91.9
128.
012
7.0
90.1
96.8
103.
2
Lo
ng
-ter
m93
1.9
1442
.822
89.2
2160
.416
34.1
1583
.317
31.4
1545
.411
89.9
1213
.711
52.9
1097
.010
77.6
1059
.810
84.3
1127
.4
Bon
ds a
nd N
otes
141.
613
2.5
44.2
39.9
38.8
47.3
73.0
121.
012
0.1
120.
112
0.1
120.
112
0.1
120.
112
0.1
120.
1
Loan
s79
0.3
1310
.422
45.0
2120
.515
95.3
1536
.016
58.4
1424
.310
69.8
1093
.610
32.9
976.
995
7.5
939.
896
4.2
1007
.3
Oth
er S
ecto
rs
571
77.0
9394
.812
070.
112
048.
412
350.
512
331.
411
960.
712
239.
311
984.
911
980.
611
832.
311
761.
611
733.
111
735.
911
664.
011
654.
1
Sh
ort
-ter
m35
40.1
5056
.161
38.7
5910
.059
70.2
6048
.755
44.1
5252
.547
07.7
4717
.846
75.1
4831
.748
21.7
4816
.048
12.6
4798
.6
Bon
ds a
nd N
otes
0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
Mon
ey M
arke
t Ins
trum
ents
179.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
30.
00.
00.
0
Loan
s19
24.1
3470
.143
82.4
4295
.446
17.8
4605
.641
50.0
3715
.134
08.4
3418
.533
75.8
3532
.435
22.1
3516
.735
13.3
3499
.3
Tra
de c
redi
ts14
37.0
1586
.017
56.3
1614
.613
52.4
1443
.113
94.0
1537
.412
99.3
1299
.312
99.3
1299
.312
99.3
1299
.312
99.3
1299
.3
Lo
ng
-ter
m36
37.0
4338
.859
31.4
6138
.463
80.3
6282
.764
16.7
6986
.872
77.3
7262
.871
57.2
6929
.969
11.4
6919
.968
51.4
6855
.6
Bon
ds a
nd N
otes
311.
730
8.6
289.
822
1.3
200.
714
0.5
141.
199
3.2
1025
.710
25.3
1027
.710
29.7
1033
.811
58.1
1118
.011
14.4
Lo
ans
3325
.340
30.1
5641
.659
17.0
6179
.661
42.2
6275
.659
93.6
6251
.562
37.6
6129
.459
00.3
5877
.657
61.8
5733
.457
41.1
O
ther
deb
t lia
bilit
ies
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
V. D
irect
inve
stm
ent:
inte
rcom
pany
lend
ing
6262
.610
751.
613
578.
214
561.
314
940.
915
526.
415
628.
315
433.
115
877.
815
895.
116
009.
113
621.
912
730.
112
652.
412
618.
612
653.
7
GR
OS
S E
XT
ER
NA
L D
EB
T (
I+II+
III+I
V+V
)20
690.
929
016.
837
246.
537
816.
437
026.
336
294.
937
713.
636
935.
639
356.
538
849.
839
417.
035
596.
334
376.
834
090.
933
915.
033
867.
8
Mem
o it
ems:
Long
-ter
m e
xter
nal d
ebt 6
1453
3.7
1963
2.8
2432
4.1
2568
8.0
2582
8.3
2618
0.8
2735
6.4
2737
7.3
2938
7.4
2901
7.6
3076
4.7
2771
8.5
2646
6.3
2620
8.4
2603
8.9
2611
0.3
Sho
rt-t
erm
ext
erna
l deb
t61
57.2
9384
.012
922.
412
128.
511
197.
910
114.
110
357.
195
58.4
9969
.098
32.2
8652
.278
77.8
7910
.678
82.6
7876
.177
57.5
Pub
lic s
ecto
r ex
tern
al d
ebt
4547
.340
92.3
3935
.942
08.3
4326
.942
05.0
4578
.940
62.2
6552
.061
58.5
6952
.265
30.6
6190
.659
97.7
5901
.758
93.7
incl
. gov
ernm
ent-
guar
ante
ed d
ebt8
550.
854
6.7
634.
061
1.8
635.
460
5.9
395.
729
7.8
236.
224
2.5
229.
821
1.0
196.
219
2.8
190.
019
2.9
Priv
ate
sect
or e
xter
nal d
ebt
1614
3.6
2492
4.5
3331
0.6
3360
8.2
3269
9.4
3208
9.8
3313
4.6
3287
3.4
3280
4.4
3269
1.3
3246
4.8
2906
5.7
2818
6.2
2809
3.3
2801
3.3
2797
4.1
Rev
olvi
ng c
redi
ts 7
886.
320
90.1
3892
.141
44.0
3954
.940
15.0
4083
.138
09.0
3307
.633
73.9
3972
.540
60.9
3206
.531
93.4
3166
.931
66.1
Tra
de C
redi
ts 7
2048
.124
50.7
2616
.324
23.1
2413
.929
22.1
2858
.127
53.4
2510
.925
10.9
2510
.925
10.9
2510
.925
10.9
2510
.925
10.9
Cre
dits
on
dem
and
740
59.9
6902
.288
77.0
9024
.892
76.0
8853
.781
17.9
7780
.677
27.5
7816
.382
35.4
7178
.371
16.5
7107
.271
06.1
7117
.8
incl
. int
erco
mpa
ny lo
ans
2203
.239
30.7
5319
.157
06.0
5866
.555
44.6
5274
.650
50.7
5214
.958
32.6
5862
.248
83.8
4870
.148
71.2
4872
.248
76.8
in
cl. b
anks
' loa
ns27
4.3
172.
124
2.0
187.
818
1.2
174.
816
4.0
179.
014
2.4
178.
416
0.1
126.
411
8.4
117.
711
8.7
120.
0
Allo
catio
ns o
f SD
R 9
664.
870
8.4
724.
871
2.2
682.
572
7.6
761.
878
3.2
767.
876
5.4
775.
477
2.3
775.
3
1 Pre
limin
ary
data
. In
acco
rdan
ce w
ith th
e B
NB
pra
ctic
e an
d w
ith th
e E
CB
dat
a re
visi
on r
equi
rem
ents
(in
clud
ed in
the
EC
B T
imet
able
for
Exc
hang
e of
Bal
ance
of P
aym
ents
, Int
erna
tiona
l
Inve
stm
ent P
ositi
on a
nd R
eser
ve A
sset
s S
tatis
tics
with
in th
e E
SC
B),
the
data
for
Janu
ary
2016
hav
e be
en r
evis
ed. W
ith th
e M
arch
201
6 re
port
, ext
erna
l deb
t dat
a fo
r F
ebru
ary
2016
are
to b
e re
vise
d. T
he E
uro
equi
vale
nt is
cal
cula
ted
usin
g th
e m
onth
ly e
.o.p
. exc
hang
e ra
tes
of th
e re
spec
tive
fore
ign
curr
enci
es.
2 Dat
a so
urce
: The
Reg
iste
r of
Gov
ernm
ent a
nd G
over
nmen
t-gu
aran
teed
Deb
t of t
he M
inis
try
of F
inan
ce. P
relim
inar
y da
ta fo
r F
ebru
ary
2015
as
of M
arch
25,
201
6. D
ebt l
iabi
litie
s of
the
publ
ic c
ompa
nies
and
the
gove
rnm
ent g
uara
ntee
d de
bt a
re e
xclu
ded.
3 The
Bon
ds, i
ssue
d by
res
iden
ts in
the
inte
rnat
iona
l mar
kets
and
hel
d by
res
iden
ts a
re in
clud
ed.
4 Dat
a so
urce
: ban
ks.
5 Dat
a so
urce
: Loc
al in
divi
dual
s an
d le
gal e
ntiti
es (
incl
. sta
te o
wne
d co
mpa
nies
and
gov
ernm
ent g
uara
ntee
d lo
ans
from
the
Reg
iste
r of
Gov
ernm
ent a
nd G
over
nmen
t-gu
aran
teed
Deb
t of t
he M
inis
try
of F
inan
ce.)
. Int
erco
mpa
ny lo
ans
are
excl
uded
.
Dat
a co
mpr
ise
thos
e cr
edits
(in
cl. r
evol
ving
and
inte
rcom
pany
lend
ing)
that
are
dec
lare
d be
fore
the
BN
B a
nd fo
r w
hich
the
BN
B h
as r
ecei
ved
info
rmat
ion.
6 In a
ccor
danc
e w
ith th
e E
XT
ER
NA
L D
EB
T S
TA
TIS
TIC
S, G
uide
for
Com
pile
rs a
nd U
sers
, IM
F 2
003
p.3
.14
and
p. 7
.5 li
abili
ties
rel
ated
to D
irect
inve
stm
ent a
re in
clud
ed in
the
long
-ter
m d
ebt.
7 The
sto
ck o
f the
rev
olvi
ng c
redi
ts, t
rade
cre
dits
and
the
cred
its, p
ayab
le o
n de
man
d is
incl
uded
in th
e gr
oss
exte
rnal
deb
t sto
ck o
f the
cou
ntry
.8
To
date
the
publ
icly
gua
rant
eed
exte
rnal
deb
t enc
ompa
sses
the
gove
rnm
ent-
guar
ante
ed e
xter
nal d
ebt.
9 In
acc
orda
nce
with
the
fifth
edi
tion
of th
e B
alan
ce o
f Pay
men
ts M
anua
l (B
PM
5), t
he s
tock
of t
he S
DR
s al
loca
ted
in A
ugus
t and
Sep
tem
ber
2009
are
trea
ted
as r
eser
ve a
sset
s.
I. 20
16X
II. 2
010
XII.
200
8Х
II. 2
006
XII.
200
7X
II. 2
009
XII.
201
1X
II. 2
012
XII.
201
3I.
2015
VI.
2015
II. 2
016
IX. 2
015
III. 2
015
XII.
201
4X
II. 2
015
12
Tab
le 3
MA
TU
RIT
Y S
TR
UC
TU
RE
OF
TH
E G
RO
SS
EX
TE
RN
AL
DE
BT
1
(EU
R m
illio
n)II.
201
6 –
XII.
201
5E
UR
mill
ion
%Lo
ng-T
erm
Ext
erna
l Deb
t82
71.1
8881
.210
745.
911
126.
710
887.
510
654.
411
728.
111
944.
213
509.
613
122.
514
755.
614
096.
613
736.
213
556.
013
420.
413
456.
7-9
9.3
-0.7
Gen
eral
Gov
ernm
ent 2
3702
.230
99.6
2525
.328
27.9
2873
.027
88.4
3580
.034
12.0
5042
.546
45.9
6445
.660
69.7
5747
.255
76.3
5484
.754
73.8
-102
.6-1
.8
Mon
etar
y A
utho
ritie
s0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0-
Ban
ks 3
931.
914
42.8
2289
.221
60.4
1634
.115
83.3
1731
.415
45.4
1189
.912
13.7
1152
.910
97.0
1077
.610
59.8
1084
.311
27.4
67.5
6.4
Oth
er S
ecto
rs 4
3637
.043
38.8
5931
.461
38.4
6380
.362
82.7
6416
.769
86.8
7277
.372
62.8
7157
.269
29.9
6911
.469
19.9
6851
.468
55.6
-64.
3-0
.9D
irect
inve
stm
ent:
inte
rcom
pany
lend
ing
562
62.6
1075
1.6
1357
8.2
1456
1.3
1494
0.9
1552
6.4
1562
8.3
1543
3.1
1587
7.8
1589
5.1
1600
9.1
1362
1.9
1273
0.1
1265
2.4
1261
8.6
1265
3.7
1.3
0.0
Sho
rt-T
erm
Ext
erna
l Deb
t61
57.2
9384
.012
922.
412
128.
511
197.
910
114.
110
357.
195
58.4
9969
.098
32.2
8652
.278
77.8
7910
.678
82.6
7876
.177
57.5
-125
.1-1
.6G
ener
al G
over
nmen
t 20.
00.
00.
00.
00.
00.
00.
00.
098
4.0
984.
00.
00.
00.
00.
00.
00.
00.
0-
Mon
etar
y A
utho
ritie
s0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0-
Ban
ks 3
2617
.143
27.9
6783
.762
18.4
5227
.740
65.4
4813
.143
05.9
4277
.441
30.4
3977
.130
46.1
3088
.930
66.6
3063
.529
58.9
-107
.7-3
.5
Oth
er S
ecto
rs 4
3540
.150
56.1
6138
.759
10.0
5970
.260
48.7
5544
.152
52.5
4707
.747
17.8
4675
.148
31.7
4821
.748
16.0
4812
.647
98.6
-17.
4-0
.4T
otal
2069
0.9
2901
6.8
3724
6.5
3781
6.4
3702
6.3
3629
4.9
3771
3.6
3693
5.6
3935
6.5
3884
9.8
3941
7.0
3559
6.3
3437
6.8
3409
0.9
3391
5.0
3386
7.8
-223
.1-0
.7
1 Pre
limin
ary
data
. In
acc
orda
nce
with
the
BN
B p
ract
ice
and
with
the
EC
B d
ata
revi
sion
req
uire
men
ts (
incl
uded
in t
he E
CB
Tim
etab
le f
or E
xcha
nge
of B
alan
ce o
f P
aym
ents
, In
tern
atio
nal
In
vest
men
t P
ositi
on a
nd R
eser
ve A
sset
s S
tatis
tics
with
in t
he E
SC
B),
the
dat
a fo
r Ja
nuar
y 20
16 h
ave
been
rev
ised
. W
ith t
he M
arch
201
6 re
port
, ex
tern
al d
ebt
data
for
Feb
ruar
y 20
16 a
re t
o be
rev
ised
. T
he E
uro
equi
vale
nt is
cal
cula
ted
usin
g th
e m
onth
ly e
.o.p
. ex
chan
ge r
ates
of
the
resp
ectiv
e fo
reig
n cu
rren
cies
. T
he d
ivis
ion
of t
he d
ebt
into
sho
rt-
and
long
-ter
m is
bas
ed o
n th
e or
igin
al m
atur
ity.
2 Dat
a so
urce
: T
he R
egis
ter
of G
over
nmen
t an
d G
over
nmen
t-gu
aran
teed
Deb
t of
the
Min
istr
y of
Fin
ance
. P
relim
inar
y da
ta f
or F
ebru
ary
2016
as
of M
arch
25,
201
6.
Deb
t lia
bilit
ies
of t
he p
ublic
com
pani
es a
nd t
he g
over
nmen
t gu
aran
teed
deb
t ar
e ex
clud
ed.
3 Dat
a so
urce
: ba
nks.
4 Dat
a so
urce
: Lo
cal i
ndiv
idua
ls a
nd le
gal e
ntiti
es (
incl
. st
ate
owne
d co
mpa
nies
and
gov
ernm
ent
guar
ante
ed lo
ans
from
the
Reg
iste
r of
Gov
ernm
ent
and
Gov
ernm
ent-
guar
ante
ed D
ebt
of t
he M
inis
try
of F
inan
ce).
Int
erco
mpa
ny lo
ans
are
excl
uded
.
Dat
a co
mpr
ise
thos
e cr
edits
tha
t ar
e de
clar
ed b
efor
e th
e B
NB
and
for
whi
ch t
he B
NB
has
rec
eive
d in
form
atio
n.5 I
n ac
cord
ance
with
the
EX
TE
RN
AL
DE
BT
ST
AT
IST
ICS
, G
uide
for
Com
pile
rs a
nd U
sers
, IM
F 2
003
p.3
.14
and
p. 7
.5 li
abili
ties
re
late
d to
Dir
ect
inve
stm
ent
are
incl
uded
in t
he lo
ng-t
erm
deb
t.
I. 20
16X
II. 2
015
VI.
2015
IX. 2
015
ХII.
200
9X
II. 2
007
XII.
200
6X
II. 2
008
XII.
201
1X
II. 2
010
XІI.
201
2X
II. 2
013
II. 2
016
III. 2
015
I. 20
15X
II. 2
014
13
Tab
le 4
GR
OS
S E
XT
ER
NA
L D
EB
T1
(by
Inst
rum
ents
)
(EU
R m
illio
n)
II. 2
016
– X
II. 2
015
EU
R m
illio
n%
S
ecur
ities
222
36.8
1688
.413
00.9
1283
.112
43.2
987.
215
50.8
2081
.637
15.2
3157
.649
70.9
4630
.043
28.5
4318
.441
87.4
4165
.5-1
52.9
-3.5
Lo
ans
387
38.5
1094
7.4
1453
0.3
1494
1.1
1466
5.7
1464
5.1
1545
8.8
1500
4.7
1574
3.9
1577
4.1
1435
3.1
1326
6.5
1321
7.5
1306
8.8
1305
2.2
1310
3.1
34.3
0.3
T
rade
cre
dits
614
37.0
1586
.017
56.3
1614
.613
52.4
1443
.113
94.0
1537
.412
99.3
1299
.312
99.3
1299
.312
99.3
1299
.312
99.3
1299
.30.
00.
0
D
epos
its 4
1900
.139
19.9
5974
.653
84.8
4762
.536
52.1
3599
.128
06.8
2636
.026
12.4
2692
.626
50.5
2674
.526
62.0
2660
.725
43.0
-118
.9-4
.5
O
ther
deb
t lia
bilit
ies
115.
912
3.5
106.
231
.661
.641
.182
.672
.084
.211
1.3
91.9
128.
012
7.0
90.1
96.8
103.
213
.114
.6
D
irect
inve
stm
ent:
inte
rcom
pany
lend
ing
6262
.610
751.
613
578.
214
561.
314
940.
915
526.
415
628.
315
433.
115
877.
815
895.
116
009.
113
621.
912
730.
112
652.
412
618.
612
653.
71.
30.
0
Loan
s56
37.1
9866
.312
716.
613
752.
813
877.
814
045.
814
162.
714
215.
614
664.
714
682.
014
796.
012
408.
811
517.
011
439.
311
405.
511
440.
61.
30.
0
Tra
de c
redi
ts6
611.
086
4.7
860.
080
8.5
1061
.514
79.0
1464
.112
15.9
1211
.612
11.6
1211
.612
11.6
1211
.612
11.6
1211
.612
11.6
0.0
0.0
Oth
er D
ebt L
iabi
litie
s14
.520
.51.
50.
01.
51.
51.
51.
51.
51.
51.
51.
51.
51.
51.
51.
50.
00.
0
Gro
ss E
xter
nal
Deb
t20
690.
929
016.
837
246.
537
816.
437
026.
336
294.
937
713.
636
935.
639
356.
538
849.
839
417.
035
596.
334
376.
834
090.
933
915.
033
867.
8-2
23.1
-0.7
1 Pre
limin
ary
data
. In
acc
orda
nce
with
the
BN
B p
ract
ice
and
with
the
EC
B d
ata
revi
sion
req
uire
men
ts (
incl
uded
in t
he E
CB
Tim
etab
le f
or E
xcha
nge
of B
alan
ce o
f P
aym
ents
, In
tern
atio
nal
In
vest
men
t P
ositi
on a
nd R
eser
ve A
sset
s S
tatis
tics
with
in t
he E
SC
B),
the
dat
a fo
r Ja
nuar
y 20
16 h
ave
been
rev
ised
. W
ith t
he M
arch
201
6 re
port
, ex
tern
al d
ebt
data
for
Feb
ruar
y 20
16 a
re t
o be
rev
ised
.
The
Eur
o eq
uiva
lent
is c
alcu
late
d us
ing
the
mon
thly
e.o
.p.
exch
ange
rat
es o
f th
e re
spec
tive
fore
ign
curr
enci
es.
2 The
Bon
ds,
issu
ed b
y re
side
nts
in t
he in
tern
atio
nal m
arke
ts a
nd h
eld
by r
esid
ents
are
incl
uded
.sec
uriti
es,
purc
hase
d by
non
-res
iden
ts a
re in
clud
ed.
3 D
ata
sour
ce f
or t
he g
over
nmen
t an
d go
vern
men
t-gu
aran
teed
deb
t: T
he R
egis
ter
of G
over
nmen
t an
d G
over
nmen
t-gu
aran
teed
Deb
t of
the
Min
istr
y of
Fin
ance
-
pr
elim
inar
y da
ta f
or F
ebru
ary
2016
as
of M
arch
25,
201
6. D
ata
sour
ce f
or n
ongu
aran
teed
deb
t: B
NB
- p
relim
inar
y da
ta a
s of
Mar
ch 2
5, 2
016.
Dat
a co
mpr
ise
t
hose
cre
dits
tha
t ar
e de
clar
ed b
efor
e th
e B
NB
and
for
whi
ch t
he B
NB
has
rec
eive
d in
form
atio
n.4 D
ata
sour
ce:
bank
s.
XII.
201
0X
II. 2
011
ХII.
200
6X
II. 2
008
XІI.
200
7Х
II. 2
009
XII.
201
3X
II. 2
012
I. 20
15X
II. 2
014
VI.
2015
II. 2
016
IX. 2
015
III. 2
015
I. 20
16X
II. 2
015
14
Tab
le 5
ST
RU
CT
UR
E O
F T
HE
SH
OR
T-
AN
D L
ON
G-T
ER
M D
EB
T 1
(by
Inst
rum
ents
)
(EU
R m
illio
n)II.
201
6 –
XII.
201
5E
UR
mill
ion
%
Long
-Ter
m E
xter
nal D
ebt,
incl
.:14
533.
719
632.
824
324.
125
688.
025
828.
326
180.
827
356.
427
377.
329
387.
429
017.
630
764.
727
718.
526
466.
326
208.
426
038.
926
110.
3-9
8.1
-0.4
D
irect
inve
stm
ent:
inte
rcom
pany
lend
ing
6262
.610
751.
613
578.
214
561.
314
940.
915
526.
415
628.
315
433.
115
877.
815
895.
116
009.
113
621.
912
730.
112
652.
412
618.
612
653.
71.
30.
0
O
ther
s82
71.1
8881
.210
745.
911
126.
710
887.
510
654.
411
728.
111
944.
213
509.
613
122.
514
755.
614
096.
613
736.
213
556.
013
420.
413
456.
7-9
9.3
-0.7
S
ecur
ities
2057
.816
88.4
1300
.912
83.1
1243
.298
7.2
1550
.820
81.6
3715
.231
57.6
4970
.946
30.0
4328
.243
18.4
4187
.441
65.5
-152
.9-3
.5
Lo
ans
6213
.271
92.8
9445
.198
43.6
9644
.396
67.2
1017
7.3
9862
.697
94.4
9964
.997
84.8
9466
.694
08.0
9237
.692
32.9
9291
.253
.50.
6
Sho
rt-T
erm
Ext
erna
l Deb
t 61
57.2
9384
.012
922.
412
128.
511
197.
910
114.
110
357.
195
58.4
9969
.098
32.2
8652
.278
77.7
7910
.678
82.6
7876
.177
57.5
-125
.1-1
.6
S
ecur
ities
179.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
30.
00.
00.
00.
00.
0
Lo
ans
2525
.337
54.6
5085
.350
97.5
5021
.449
77.9
5281
.551
42.1
5949
.558
09.2
4568
.337
99.9
3809
.538
31.2
3819
.338
11.9
-19.
3-0
.5
T
rade
cre
dits
1437
.015
86.0
1756
.316
14.6
1352
.414
43.1
1394
.015
37.4
1299
.312
99.3
1299
.312
99.3
1299
.312
99.3
1299
.312
99.3
0.0
0.0
D
epos
its19
00.1
3919
.959
74.6
5384
.847
62.5
3652
.135
99.1
2806
.826
36.0
2612
.426
92.6
2650
.526
74.5
2662
.026
60.7
2543
.0-1
18.9
-4.5
O
ther
deb
t lia
bilit
ies
115.
912
3.5
106.
231
.661
.641
.182
.672
.084
.211
1.3
91.9
128.
012
7.0
90.1
96.8
103.
213
.114
.6
GR
OS
S E
XT
ER
NA
L D
EB
T20
690.
929
016.
837
246.
537
816.
437
026.
336
294.
937
713.
636
935.
639
356.
538
849.
839
417.
035
596.
334
376.
834
090.
933
915.
033
867.
8-2
23.1
-0.7
1 Pre
limin
ary
data
. In
acc
orda
nce
with
the
BN
B p
ract
ice
and
with
the
EC
B d
ata
revi
sion
req
uire
men
ts (
incl
uded
in t
he E
CB
Tim
etab
le f
or E
xcha
nge
of B
alan
ce o
f P
aym
ents
, In
tern
atio
nal
In
vest
men
t P
ositi
on a
nd R
eser
ve A
sset
s S
tatis
tics
with
in t
he E
SC
B),
the
dat
a fo
r Ja
nuar
y 20
16 h
ave
been
rev
ised
. W
ith t
he M
arch
201
6 re
port
, ex
tern
al d
ebt
data
for
Feb
ruar
y 20
16 a
re t
o be
rev
ised
. T
he E
uro
equi
vale
nt is
cal
cula
ted
usin
g th
e m
onth
ly e
.o.p
. ex
chan
ge r
ates
of
the
resp
ectiv
e fo
reig
n cu
rren
cies
. T
he d
ivis
ion
of t
he d
ebt
into
sho
rt-
and
long
-ter
m is
bas
ed o
n th
e or
igin
al m
atur
ity.
I. 20
16X
II. 2
015
VI.
2015
XII.
201
4X
II. 2
012
XII.
201
1X
II. 2
010
ХII.
200
9X
II. 2
007
XII.
200
6Х
II. 2
008
I. 20
15X
II. 2
013
II. 2
016
IX. 2
015
III. 2
015
15
GO
VE
RN
ME
NT
DE
BT
SE
CU
RIT
IES
, IS
SU
ED
ON
TH
E D
OM
ES
TIC
MA
RK
ET
AN
D O
WN
ED
BY
NO
N-R
ES
IDE
NTS
1
(EU
R m
illio
n)II.
201
6 –
XII.
201
5E
UR
mill
ion
%
ZU
NK
, inc
l. :
0.8
0.7
0.7
0.5
0.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
–
in E
UR
0.7
0.7
0.6
0.6
0.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.5
–
in U
SD
0.0
0.0
0.0
1.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.5
Reg
ulat
ion
5 2
8.8
8.8
14.0
14.1
14.1
16.4
18.7
35.7
151.
214
2.9
136.
613
4.7
137.
313
7.3
137.
213
7.2
-0.1
-0.1
TOTA
L9.
59.
514
.714
.714
.716
.518
.735
.815
1.2
142.
913
6.6
134.
713
7.3
137.
313
7.2
137.
2-0
.1-0
.1
1 Dat
a ba
sed
on q
uart
erly
rep
orts
of t
he p
rimar
y de
aler
s of
gov
ernm
ent d
ebt s
ecur
ities
.2 O
rdin
ance
No.
5 o
n th
e T
erm
s an
d P
roce
dure
for
Acq
uisi
tion,
Reg
istr
atio
n, R
edem
ptio
n an
d T
rade
in G
over
nmen
t Sec
uriti
es (
Pub
lishe
d in
the
Dar
jave
n V
estn
ik, a
men
ded;
issu
e 10
0 of
201
3).
(EU
R m
illio
n)II.
201
6 –
XII.
201
5E
UR
mill
ion
%
Glo
bal B
onds
1800
.217
00.3
1736
.715
76.1
1636
.516
58.1
2592
.517
38.2
3336
.424
43.0
5543
.055
43.0
5543
.055
93.0
5593
.055
93.0
0.0
0.0
– 20
13, i
ncl.:
835.
583
5.5
835.
581
8.5
818.
581
8.5
818.
50.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0-
o
wne
d by
res
iden
ts 1
188.
028
9.6
425.
837
2.9
238.
454
9.8
599.
40.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0-
– 20
15, i
ncl.:
964.
786
4.8
901.
275
7.7
818.
083
9.6
824.
178
8.2
893.
40.
00.
00.
00.
00.
00.
00.
00.
0-
o
wne
d by
res
iden
ts 1
143.
617
2.9
358.
820
6.0
238.
434
7.6
394.
443
8.1
366.
70.
00.
00.
00.
00.
00.
00.
00.
0-
– 20
17, i
ncl.:
950.
095
0.0
950.
095
0.0
950.
095
0.0
950.
095
0.0
950.
095
0.0
0.0
0.0
o
wne
d by
res
iden
ts 1
297.
638
2.3
341.
735
4.9
346.
439
1.5
426.
444
0.9
455.
245
8.4
17.4
4.0
– 20
24, i
ncl.:
1493
.014
93.0
1493
.014
93.0
1493
.014
93.0
1493
.014
93.0
0.0
0.0
o
wne
d by
res
iden
ts 1
223.
623
2.6
366.
040
9.0
500.
261
1.1
639.
064
0.8
29.7
4.9
– 20
22, i
ncl.:
1250
.012
50.0
1250
.012
50.0
1250
.012
50.0
0.0
0.0
o
wne
d by
res
iden
ts 1
566.
762
9.7
731.
579
6.0
847.
685
1.3
55.3
7.0
– 20
27, i
ncl.:
1000
.010
00.0
1000
.010
00.0
1000
.010
00.0
0.0
0.0
o
wne
d by
res
iden
ts 1
396.
756
7.4
617.
564
5.4
662.
667
3.5
28.1
4.4
– 20
35, i
ncl.:
850.
085
0.0
850.
090
0.0
900.
090
0.0
0.0
0.0
o
wne
d by
res
iden
ts 1
194.
521
5.3
243.
924
7.8
243.
124
2.4
-5.5
-2.2
Tota
l20
50.2
1700
.317
36.7
1576
.116
36.5
1658
.125
92.5
1738
.233
36.4
2443
.055
43.0
5543
.055
43.0
5593
.055
93.0
5593
.00.
00.
0
1 Dat
a so
urce
: ban
ks.
I. 20
16
I. 20
16
XII.
201
5
XII.
201
5
III. 2
015
III. 2
015
VI.
2015
XII.
201
2
XII.
201
3
XII.
201
3
XII.
201
2
XII.
201
1
XII.
201
1
XII.
201
0
XII.
201
0X
II. 2
007
XII.
200
7
XII.
200
6
Tab
le 6
Tab
le 7
GO
VE
RN
ME
NT
BO
ND
S, I
SS
UE
D O
N T
HE
INTE
RN
ATI
ON
AL
MA
RK
ETS
AN
D O
WN
ED
BY
RE
SID
EN
TS1
Bon
dsX
II. 2
006
XII.
200
8
XII.
200
8X
II. 2
009
XII.
200
9
I. 20
15
XII.
201
4
XII.
201
4IX
. 201
5
I. 20
15II.
201
6
II. 2
016
VI.
2015
IX. 2
015
16
Table 8
XII. 2015Multilateral Organizations
(EUR million) IMF World Bank EBRD EIB Other Total
I. General Government 2 0.0 708.3 59.2 1165.0 211.5 2144.0 146.3 0.0 178.2 67.7 3040.2 5576.3 Short-term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Long-term 0.0 708.3 59.2 1165.0 211.5 2144.0 146.3 0.0 178.2 67.7 3040.2 5576.3
II. Monetary Authorities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
III. Banks 3 0.0 0.0 46.6 403.2 335.9 785.7 18.4 0.0 1632.2 1570.0 120.1 4126.4 Short-term 0.0 0.0 11.6 40.0 119.8 171.5 18.4 0.0 1319.7 1566.4 0.0 3076.1 Long-term 0.0 0.0 35.0 363.2 216.0 614.2 0.0 0.0 312.5 3.6 120.1 1050.3
IV. Other Sectors 4 0.0 12.0 666.7 399.0 358.4 1436.1 0.1 0.0 4608.6 4532.9 1158.1 11735.9 Short-term 0.0 0.0 118.1 0.0 7.5 125.6 0.0 0.0 1637.4 2859.2 0.0 4622.2 Long-term 0.0 12.0 548.5 399.0 350.9 1310.5 0.1 0.0 2971.3 1673.7 1158.1 7113.7
Total by creditor sectors 0.0 720.3 772.5 1967.2 905.8 4365.7 164.9 0.0 6419.0 6170.6 4318.4 21438.6
V. Direct investment: Intercompany Lending 5 12652.4
Gross External Debt (I+II+III+IV+V) 34090.9XII. 2014
Multilateral Organizations
(EUR million) IMF World Bank EBRD EIB Other Total
I. General Government 2 0.0 779.4 69.1 1153.5 64.1 2066.1 158.9 0.0 1166.1 65.9 2569.4 6026.5 Short-term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 984.0 0.0 0.0 984.0 Long-term 0.0 779.4 69.1 1153.5 64.1 2066.1 158.9 0.0 182.1 65.9 2569.4 5042.5
II. Monetary Authorities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Long-term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
III. Banks 3 0.0 0.0 129.1 431.4 194.3 754.8 19.2 0.0 3187.3 1385.9 120.1 5467.2 Short-term 0.0 0.0 26.2 72.9 56.2 155.2 19.2 0.0 2720.6 1382.3 0.0 4277.4 Long-term 0.0 0.0 102.9 358.5 138.2 599.5 0.0 0.0 466.7 3.6 120.1 1189.9
IV. Other Sectors 4 0.0 18.1 579.9 214.3 304.2 1116.5 1.2 0.0 5129.7 4711.8 1025.7 11984.9 Short-term 0.0 0.0 67.8 0.0 7.5 75.3 0.2 0.0 1787.2 2985.2 0.0 4847.8 Long-term 0.0 18.1 512.1 214.3 296.7 1041.2 1.0 0.0 3342.5 1726.5 1025.7 7137.1
Total by creditor sectors 0.0 797.5 778.0 1799.2 562.7 3937.4 179.3 0.0 9483.1 6163.6 3715.2 23478.6
V. Direct investment: Intercompany Lending 5 15877.8 Short-term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Long-term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15877.8
Gross External Debt (I+II+III+IV+V) 39356.5DIFFERENCE (XII. 2015 / XII. 2014)
Multilateral Organizations
(EUR million) IMF World Bank EBRD EIB Other Total
I. General Government 2 0.0 -71.1 -9.9 11.5 147.4 77.9 -12.6 0.0 -988.0 1.7 470.8 -450.2 Short-term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -984.0 0.0 0.0 -984.0 Long-term 0.0 -71.1 -9.9 11.5 147.4 77.9 -12.6 0.0 -4.0 1.7 470.8 533.8
II. Monetary Authorities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Long-term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
III. Banks 3 0.0 0.0 -82.5 -28.2 141.5 30.9 -0.8 0.0 -1555.1 184.1 0.0 -1340.9 Short-term 0.0 0.0 -14.5 -32.9 63.7 16.2 -0.8 0.0 -1400.9 184.1 0.0 -1201.3 Long-term 0.0 0.0 -67.9 4.7 77.9 14.6 0.0 0.0 -154.2 0.0 0.0 -139.6
IV. Other Sectors 4 0.0 -6.1 86.8 184.7 54.1 319.6 -1.1 0.0 -521.1 -178.9 132.4 -249.0 Short-term 0.0 0.0 50.4 0.0 0.0 50.4 -0.2 0.0 -149.8 -126.0 0.0 -225.6 Long-term 0.0 -6.1 36.4 184.7 54.1 269.2 -0.9 0.0 -371.3 -52.9 132.4 -23.4
Total by creditor sectors 0.0 -77.2 -5.5 168.0 343.0 428.3 -14.5 0.0 -3064.1 7.0 603.1 -2040.1
V. Direct investment: Intercompany Lending 5 -3225.5 Short-term 0.0 Long-term -3225.5
Gross External Debt (I+II+III+IV+V) -5265.5
1 Preliminary data. In accordance with the BNB practice and with the ECB data revision requirements (included in the ECB Timetable for Exchange of Balance of Payments, International Investment Position and Reserve Assets Statistics within the ESCB). With the February 2016 report, external debt data for January 2016 are to be revised.
The Euro equivalent is calculated using the monthly e.o.p. exchange rates of the respective foreign currencies.2 Data source: The Register of Government and Government-guaranteed Debt of the Ministry of Finance. Preliminary data for December 2014 as of February 22, 2016.
Debt liabilities of the public companies and the government guaranteed debt are excluded.3 Data source: banks.4 Data source: Local individuals and legal entities (incl. state owned companies and government guaranteed loans from the Register of Government and Government-guaranteed Debt of the MoF).
Intercompany loans are excluded. Data comprise those credits that are declared before the BNB and for which the BNB has received information.5 Due to the fact that direct investment liabilities do not fall naturally into this presentation totals are shown for Direct investment: Intercompany lending. External Debt Statistics: Guide for Compilers and Users , Chapter 7, para 7.43.6 The Bonds, issued by residents in the international markets and held by residents are included.securities, purchased by non-residents are included.
Traded Debt Securities 6
Total
(by Creditor's Sector)
General Government
Monetary Authorities
BanksOther
Sectors
GROSS EXTERNAL DEBT 1
Traded Debt Securities 6
TotalGeneral
GovernmentMonetary Authorities
BanksOther
Sectors
Traded Debt Securities 6
TotalGeneral
GovernmentMonetary Authorities
BanksOther
Sectors
17
Table 9
( % )
Currency 2014 2015XII XII ХІІ XII XII XII XII III VI IX XII III VI IX XII
Euro 87.0 85.9 88.8 87.4 88.1 89.0 89.8 89.9 89.8 89.3 89.3 91.1 89.9 89.8 89.8US Dollar 8.0 6.5 6.3 6.8 6.8 6.8 6.1 6.2 6.1 6.5 6.2 4.7 5.3 5.5 5.5SDR 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Other 5.0 7.6 4.9 5.8 5.1 4.2 4.1 3.9 4.1 4.2 4.5 4.2 4.8 4.7 4.7Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
General Government 2
Currency 2012 2015XII XII ХІІ XII XII XII XII III VI IX XII III VI IX XII
Euro 70.4 70.2 73.8 73.2 75.7 80.9 84.0 84.6 84.7 87.9 86.8 95.7 95.6 95.4 94.8US Dollar 24.6 23.6 21.0 21.4 18.8 12.6 10.8 10.3 10.1 8.4 9.0 0.2 0.2 0.2 0.2SDR 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Japanese Yen 4.5 5.4 4.4 5.0 5.1 6.3 4.8 4.7 4.8 3.4 2.5 2.6 2.5 2.7 2.7Other 0.5 0.7 0.7 0.4 0.4 0.2 0.5 0.4 0.4 0.4 1.7 1.5 1.6 1.7 2.2Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Banks
Currency 2012 2015XII XII ХІІ XII XII XII XII III VI IX XII III VI IX XII
Euro 91.5 82.8 90.5 84.8 85.9 87.7 86.2 86.6 86.4 85.6 85.8 86.1 80.5 81.2 81.0US Dollar 2.2 2.9 2.3 2.7 3.0 5.2 4.6 5.1 5.5 5.5 4.7 5.4 7.3 7.5 7.5Bulgarian Lev 6.0 13.7 6.8 11.8 10.3 6.4 8.1 7.2 7.2 8.1 8.5 7.4 10.8 10.1 10.2Swiss Franc 0.0 0.2 0.2 0.2 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.1 0.1 0.1Other 0.2 0.4 0.4 0.5 0.6 0.5 0.8 0.8 0.7 0.6 0.8 0.9 1.3 1.1 1.1Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Other Sectors
Currency 2012 2015XII XII ХІІ XII XII XII XII III VI IX XII III VI IX XII
Euro 85.2 83.3 85.8 86.6 87.4 89.8 90.4 90.4 89.8 89.1 89.2 89.5 89.2 89.3 89.6US Dollar 7.4 7.3 7.3 6.5 6.2 5.6 6.2 6.2 6.2 6.7 6.4 6.3 6.4 6.4 6.3Other 7.4 9.4 6.9 6.9 6.4 4.6 3.4 3.3 4.0 4.2 4.4 4.2 4.4 4.2 4.1Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Direct Investment
Currency 2012 2015XII XII ХІІ XII XII XII XII III VI IX XII III VI IX XII
Euro 90.9 93.2 93.3 92.0 91.6 90.7 91.9 91.9 92.0 91.3 91.5 92.2 90.7 90.4 90.5US Dollar 6.9 4.9 4.8 6.0 6.5 7.1 5.7 5.7 5.5 6.0 5.5 5.1 6.0 6.4 6.4Other 2.3 1.9 1.9 2.0 1.9 2.2 2.4 2.5 2.5 2.6 2.9 2.7 3.3 3.2 3.1Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
1 Preliminary data. In accordance with the BNB practice and with the ECB data revision requirements (included in the ECB Timetable for Exchange of Balance of Payments, International Investment Position and Reserve Assets Statistics within the ESCB), the data for December 2015 are preliminary. With the February 2016 report, external debt data for January 2016 are to be revised.2 Data source: The Register of Government and Government-guaranteed Debt of the Ministry of Finance.
Gross External Debt
2008
2011
2011
2010
2010
2011
2011
20102009
2009
2012
CURRENCY STRUCTURE OF THE GROSS EXTERNAL DEBT 1
(by Institutional Sectors)
2014
2007
2010
2013
2007
2007
2008
2008
2008
2008
2014
2014
20142007
2010
2009
2007
2009
2009
2011
18
Tab
le 1
0
NE
T F
LOW
1
(by
Inst
itutio
nal S
ecto
rs)
(EU
R m
illio
n)
I.-II.
201
6 / I
.-II.
201
5E
UR
mill
ion
%
І. G
ener
al G
over
nmen
t32
6.1
-49.
7-1
52.4
574.
171
5.5
1272
.5-5
27.8
-489
.8-1
12.8
377.
0-7
7.0
ІІ. M
onet
ary
Aut
horit
ies
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-
II. B
anks
-739
.5-1
265.
0-1
239.
881
2.9
1033
.7-3
21.3
-750
.7-1
23.6
253.
037
6.6
-304
.7
IV. O
ther
Sec
tors
140.
423
4.8
-55.
634
1.0
2580
.6-4
7.9
-298
.6-1
04.7
-135
.4-3
0.6
29.2
V. D
irect
inve
stm
ent:
inte
rcom
pany
lend
ing
1026
.714
7.0
164.
134
4.1
2004
.550
3.9
-422
.348
.716
.7-3
2.0
-65.
7
TO
TA
L N
ET
FL
OW
753.
6-9
32.9
-128
3.8
2072
.163
34.3
1407
.3-1
999.
4-6
69.4
21.6
691.
0-1
03.2
1 The
diff
eren
ce b
etw
een
the
tota
l am
ount
of d
isbu
rsem
ents
and
the
tota
l am
ount
of p
rinci
pal p
aym
ents
.
2009
2010
I.-II.
201
6I.-
II. 2
015
2011
2012
2013
2014
2015
19
Table 11
DISBURSEMENTS(by Institutional Sector 1)
I. General Government 2 0.0 150.0 0.6 4.4 -145.6 Short-term 0.0 0.0 0.0 0.0 0.0 Long-term 0.0 150.0 0.6 4.4 -145.6
Bonds and Notes 3 0.0 0.0 0.6 4.4 4.4 Loans 0.0 150.0 0.0 0.0 -150.0
II. Monetary Authorities 0.0 0.0 0.0 0.0 0.0 Short-term 0.0 0.0 0.0 0.0 0.0 Long-term 0.0 0.0 0.0 0.0 0.0
III. Banks 4 72.0 101.1 336.5 371.8 270.7 Short-term 72.0 98.8 229.6 229.8 131.0
Loans 0.0 0.4 59.4 59.4 59.0 Currency and deposits 5 72.0 72.0 163.8 164.0 92.1 Other debt liabilities 0.0 26.5 6.4 6.4 -20.1
Long-term 0.0 2.2 106.9 141.9 139.7 Bonds and Notes 0.0 0.0 0.0 0.0 0.0 Loans 0.0 2.2 106.9 141.9 139.7
IV. Other Sectors 6 32.3 47.4 13.4 22.0 -25.4 Short-term 8.6 14.7 3.3 5.6 -9.1
Money Market Instruments 0.0 0.0 0.0 0.0 0.0 Loans 8.6 14.7 3.3 5.6 -9.1
Other debt liabilities 0.0 0.0 0.0 0.0 0.0 Long-term 23.7 32.7 10.0 16.4 -16.3
Bonds and Notes 0.2 0.2 0.0 0.0 -0.2 Loans 23.5 32.4 10.0 16.4 -16.1
V. Direct investment: intercompany lending 90.0 199.1 44.2 78.6 -120.5
GROSS EXTERNAL DEBT (I+II+III+IV+V) 194.2 497.6 394.7 476.8 -20.8
Memo items:Long-term external debt 7 113.7 384.0 161.8 241.3 -142.7Short-term external debt 80.5 113.5 232.9 235.5 121.9
Public sector external debt 0.0 150.0 0.6 4.4 -145.6Private sector external debt 194.2 347.5 394.0 472.3 124.8
Revolving credits 8 359.9 807.3 37.9 85.4 -721.9Trade Credits 8,9 0.0 0.0 0.0 0.0 0.0
1 Actual disbursements. Preliminary data. In accordance with the BNB practice and with the ECB data revision requirements (included in the ECB Timetable for Exchange of Balance of Payments, International Investment Position and Reserve Assets Statistics within the ESCB), the data for January 2016 have been revised. With the March 2016 report, external debt data for February 2016 are to be revised. The Euro equivalent is calculated using the monthly average exchange rates of the respective foreign currencies.
2 Data source: The Register of Government and Government-guaranteed Debt of the Ministry of Finance. Preliminary data for February 2016 as of March 25, 2016. Disbursements related to debt liabilities of the public companies and the government guaranteed debt are excluded. 3 The Bonds, issued by residents in the international markets and held by residents are included.
4 Data source: banks.
5 Deposits connected with contingent liabilities are not included.
6 Data comprise disbursements on those credits (excl. revolving and intercompany lending) that are declared before the BNB and for which the BNB has received information as well as disbursements on government guaranteed loans (source: The Register of Government and Government-guaranteed Debt of the Ministry of Finance. Preliminary data for February 2016 as of March 25, 2016). 7 In accordance with the EXTERNAL DEBT STATISTICS, Guide for Compilers and Users, IMF 2003 p .3.14 and p. 7.5 disbursements related to Direct investment are included in the long-term debt.
8 Not included in table Disbursements by Institutional Sector.
9 The net increase in the stock of the trade credits in the reporting month is reported in the Disbursements tables (tables 11 and 12), while the net decrease - in the Debt Service tables (tables 13 and 14).
II. 2015 I.-II. 2015 II. 2016 I.-II. 2016/ I.-II. 2015I.-II. 2016
20
Table 12
DISBURSEMENTS(by Instruments 1)
Securities 2 0.2 0.2 0.6 4.4 4.2Money Market Instruments 0.0 0.0 0.0 0.0 0.0Bonds and Notes 3 0.2 0.2 0.6 4.4 4.2
Loans 4,5 32.0 199.8 179.7 223.3 23.5Short-Term 8.6 15.1 62.7 65.0 49.9Long-Term 23.5 184.7 117.0 158.3 -26.4
Deposits 6 72.0 72.0 163.8 164.0 92.1 Other Debt Liabilities 0.0 26.5 6.4 6.4 -20.1 Direct investment: intercompany lending 90.0 199.1 44.2 78.6 -120.5
GROSS EXTERNAL DEBT (I+II+III+IV+V) 194.2 497.6 394.7 476.8 -20.8
Memo items:Revolving credits 7 359.9 807.3 37.9 85.4 -721.9Trade Credits 7,8 0.0 0.0 0.0 0.0 0.0
1 Actual disbursements.
Preliminary data. In accordance with the BNB practice and with the ECB data revision requirements (included in the ECB Timetable for Exchange of Balance of Payments, International Investment Position and Reserve Assets Statistics within the ESCB), the data for January 2016 have been revised. With the March 2016 report, external debt data for February 2016 are to be revised.
The Euro equivalent is calculated using the monthly average exchange rates of the respective foreign currencies. 2 The Bonds, issued by residents in the international markets and held by residents are included. 3 The change of bonds ownership from residents to non-residents constitutes an increase of liabilities towards non-residents and is reported with a plus sign. 4 The item includes government and government guaranteed credits and loans of enterprises from the public and private sector. Intercompany loans are not included. 5 Data source for government and government guaranteed debt: The Register of Government and Government-guaranteed Debt of the Ministry of Finance.
Preliminary data for February 2016 as of March 25, 2016. Data source for nonguaranteed debt: BNB preliminary data for February 2016 as of March 25, 2016. Data comprise those credits (incl. revolving and intercompany lending) that are declared before the BNB and for which the BNB has received information. 6 Data source: banks (incl. private and state banks). Deposits related to contingent liabilities are excluded.
7 Not included in table Disbursements by Institutional Sector (table 11).
8 The net increase in the stock of the trade credits in the reporting month is reported in the Disbursements tables (tables 11 and 12), while the net decrease - in the Debt Service tables (tables 13 and 14).
II. 2015 I.-II. 2015 II. 2016 I.-II. 2016/ I.-II. 2015I.-II. 2016
21
Tab
le 1
3
GR
OS
S E
XT
ER
NA
L D
EB
T S
ER
VIC
E(b
y In
stitu
tiona
l Sec
tors
1 )
(EU
R m
illio
n)II.
201
5I.-
II. 2
015
II. 2
016
I.-II
2016
I.-II.
201
6 / I
.-II.
201
5P
rinci
pal
Inte
rest
Tot
alP
rinci
pal
Inte
rest
Tot
alP
rinci
pal
Inte
rest
Tot
alP
rinci
pal
Inte
rest
Tot
alP
rinci
pal
Inte
rest
Tot
alI.
Gen
eral
Gov
ernm
ent
259
.81.
461
.263
9.8
39.1
679.
023
.51.
024
.611
7.2
1.1
118.
3-5
22.6
-38.
1-5
60.7
S
ho
rt-t
erm
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Lo
ng
-ter
m59
.81.
461
.263
9.8
39.1
679.
023
.51.
024
.611
7.2
1.1
118.
3-5
22.6
-38.
1-5
60.7
B
onds
and
Not
es 3
56.1
0.2
56.3
631.
637
.066
8.6
19.7
0.0
19.7
113.
30.
011
3.3
-518
.3-3
7.0
-555
.3
Loan
s3.
71.
24.
98.
22.
210
.43.
81.
04.
83.
91.
15.
0-4
.3-1
.1-5
.4
II. M
onet
ary
Aut
horit
ies
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
S
ho
rt-t
erm
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
L
on
g-t
erm
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
III. B
anks
424
.40.
925
.222
4.6
1.5
226.
211
4.7
0.1
114.
911
8.7
0.4
119.
2-1
05.9
-1.1
-107
.0
Sh
ort
-ter
m14
.90.
014
.920
7.6
0.0
207.
655
.00.
055
.048
.40.
048
.4-1
59.3
0.0
-159
.3
Loan
s0.
00.
00.
015
1.0
0.0
151.
055
.00.
055
.055
.10.
055
.1-9
6.0
0.0
-96.
0
Cur
renc
y an
d de
posi
ts0.
00.
00.
040
.70.
040
.70.
00.
00.
00.
00.
00.
0-4
0.7
0.0
-40.
7
Oth
er d
ebt l
iabi
litie
s14
.90.
014
.915
.90.
015
.90.
00.
00.
0-6
.70.
0-6
.7-2
2.6
0.0
-22.
6
Lo
ng
-ter
m9.
50.
810
.317
.01.
518
.559
.70.
159
.970
.40.
470
.853
.4-1
.152
.3
Bon
ds a
nd N
otes
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Lo
ans
9.5
0.8
10.3
17.0
1.5
18.5
59.7
0.1
59.9
70.4
0.4
70.8
53.4
-1.1
52.3
IV. O
ther
Sec
tors
5
84.0
16.6
100.
615
2.1
28.7
180.
861
.16.
467
.415
7.4
6.6
163.
95.
3-2
2.1
-16.
8
Sh
ort
-ter
m42
.18.
150
.257
.48.
265
.63.
83.
77.
54.
43.
78.
0-5
3.1
-4.5
-57.
6
Mon
ey M
arke
t Ins
trum
ents
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Lo
ans
42.1
8.1
50.2
57.4
8.2
65.6
3.8
3.7
7.5
4.4
3.7
8.0
-53.
1-4
.5-5
7.6
O
ther
deb
t lia
bilit
ies
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
L
on
g-t
erm
41.9
8.5
50.4
94.7
20.5
115.
157
.22.
759
.915
3.0
2.9
155.
958
.3-1
7.6
40.8
B
onds
and
Not
es0.
00.
00.
00.
50.
00.
53.
60.
03.
643
.70.
043
.743
.20.
043
.2
Loan
s41
.98.
550
.494
.220
.511
4.6
53.7
2.7
56.4
109.
42.
911
2.2
15.2
-17.
6-2
.4
V. D
irect
inve
stm
ent:
inte
rcom
pany
lend
ing
77.5
6.4
83.9
150.
420
.817
1.2
31.9
4.9
36.8
61.9
6.1
68.0
-88.
5-1
4.7
-103
.2
GR
OS
S E
XT
ER
NA
L D
EB
T (
I+II+
III+I
V+V
)24
5.7
25.2
271.
011
66.9
90.1
1257
.123
1.2
12.5
243.
745
5.2
14.1
469.
3-7
11.8
-76.
0-7
87.8
Mem
o it
ems:
Long
-ter
m e
xter
nal d
ebt 6
188.
817
.220
5.9
901.
981
.998
3.8
172.
48.
818
1.1
402.
510
.441
2.9
-499
.4-7
1.5
-570
.9S
hort
-ter
m e
xter
nal d
ebt
57.0
8.1
65.1
265.
08.
227
3.3
58.9
3.7
62.5
52.7
3.7
56.4
-212
.3-4
.5-2
16.9
Pub
lic s
ecto
r ex
tern
al d
ebt
64.2
1.5
65.7
647.
739
.368
7.0
26.5
1.1
27.5
123.
61.
112
4.7
-524
.1-3
8.2
-562
.3P
rivat
e se
ctor
ext
erna
l deb
t18
1.6
23.7
205.
351
9.3
50.8
570.
120
4.7
11.4
216.
233
1.6
13.0
344.
6-1
87.7
-37.
8-2
25.5
Rev
olvi
ng c
redi
ts 7
354.
52.
135
6.7
685.
44.
068
9.3
47.8
6.6
54.3
92.6
6.6
99.2
-592
.82.
6-5
90.2
Tra
de C
redi
ts 7,
80.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
1 Act
ual p
aym
ents
.
P
relim
inar
y da
ta. I
n ac
cord
ance
with
the
BN
B p
ract
ice
and
with
the
EC
B d
ata
revi
sion
req
uire
men
ts (
incl
uded
in th
e E
CB
Tim
etab
le f
or E
xcha
nge
of B
alan
ce o
f P
aym
ents
, Int
erna
tiona
l
Inve
stm
ent P
ositi
on a
nd R
eser
ve A
sset
s S
tatis
tics
with
in th
e E
SC
B),
the
data
for
Jan
uary
201
6 ha
ve b
een
revi
sed.
With
the
Mar
ch 2
016
repo
rt, e
xter
nal d
ebt d
ata
for
Feb
ruar
y 20
16 a
re to
be
revi
sed.
T
he E
uro
equi
vale
nt is
cal
cula
ted
usin
g th
e m
onth
ly a
vera
ge e
xcha
nge
rate
s of
the
resp
ectiv
e fo
reig
n cu
rren
cies
. 2 D
ata
sour
ce: T
he R
egis
ter
of G
over
nmen
t and
Gov
ernm
ent-
guar
ante
ed D
ebt o
f th
e M
inis
try
of F
inan
ce. P
relim
inar
y da
ta f
or F
ebru
ary
2016
as
of M
arch
25,
201
6.
Pay
men
ts r
elat
ed to
deb
t lia
bilit
ies
of th
e pu
blic
com
pani
es a
nd th
e go
vern
men
t gua
rant
eed
debt
are
exc
lude
d.
3In
acc
orda
nce
with
the
resi
denc
e co
ncep
t ext
erna
l deb
t pay
men
ts a
re r
educ
ed w
ith th
e pa
ymen
ts o
f se
curit
ies,
hel
d by
res
iden
ts a
nd a
re
in
crea
sed
with
the
secu
ritie
s (is
sued
fro
m r
esid
ents
in th
e in
tern
etio
nal f
inan
cial
mar
kets
), w
hich
cha
nged
ow
ners
fro
m n
on-r
esid
ents
to r
esid
ents
. 4 D
ata
sour
ce: b
anks
.
5 Dat
a co
mpr
ise
prin
cipa
l and
inte
rest
pay
men
ts o
n th
ose
cred
its (
excl
. int
erco
mpa
ny le
ndin
g) th
at a
re d
ecla
red
befo
re th
e B
NB
and
for
whi
ch th
e B
NB
has
rec
eive
d in
form
atio
n as
wel
l as
serv
ice
on
g
over
nmen
t gua
rant
eed
loan
s.
6 In
acc
orda
nce
with
the
EX
TE
RN
AL
DE
BT
ST
AT
IST
ICS
, Gui
de fo
r C
ompi
lers
and
Use
rs, I
MF
200
3 p
.3.1
4 an
d p.
7.5
deb
t ser
vice
r
elat
ed to
Dire
ct in
vest
men
t are
incl
uded
in th
e lo
ng-t
erm
deb
t. 7 N
ot in
clud
ed in
tabl
e D
ebt S
ervi
ce b
y In
stitu
tiona
l Sec
tor.
8 The
net
incr
ease
in th
e st
ock
of th
e tr
ade
cred
its in
the
repo
rtin
g m
onth
is r
epor
ted
in th
e D
isbu
rsem
ents
tabl
es (
tabl
e 11
and
12)
,
w
hile
the
net d
ecre
ase
- in
the
Deb
t Ser
vice
tabl
es (
tabl
es 1
3 an
d 14
).
22
Tab
le 1
4
GR
OS
S E
XT
ER
NA
L D
EB
T S
ER
VIC
E(b
y In
stru
men
ts1 )
(EU
R m
illio
n)II.
201
5I.-
II. 2
015
II. 2
016
I.-II
2016
I.-II.
201
6 / I
.-II.
201
5P
rinc
ipal
Inte
rest
Tot
alP
rinc
ipal
Inte
rest
Tot
alP
rinc
ipal
Inte
rest
Tot
alP
rinc
ipal
Inte
rest
Tot
alP
rinc
ipal
Inte
rest
Tot
al
Sec
uriti
es 2
56.1
0.2
56.3
632.
137
.066
9.1
23.3
0.0
23.3
157.
00.
015
7.0
-475
.1-3
7.0
-512
.1M
oney
Mar
ket I
nstr
umen
ts0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0B
onds
and
Not
es 3
56.1
0.2
56.3
632.
137
.066
9.1
23.3
0.0
23.3
157.
00.
015
7.0
-475
.1-3
7.0
-512
.1
Loan
s 4,
597
.218
.711
5.9
327.
932
.336
0.2
176.
07.
618
3.6
243.
18.
025
1.1
-84.
8-2
4.3
-109
.1S
hort
-Ter
m42
.18.
150
.220
8.4
8.2
216.
758
.93.
762
.559
.43.
763
.1-1
49.0
-4.5
-153
.6Lo
ng-T
erm
55.1
10.6
65.7
119.
424
.114
3.5
117.
23.
912
1.0
183.
64.
318
8.0
64.2
-19.
844
.5
Dep
osits
60.
00.
00.
040
.70.
040
.70.
00.
00.
00.
00.
00.
0-4
0.7
0.0
-40.
7
Oth
er D
ebt L
iabi
litie
s14
.90.
014
.915
.90.
015
.90.
00.
00.
0-6
.70.
0-6
.7-2
2.6
0.0
-22.
6
Dire
ct in
vest
men
t: in
terc
ompa
ny le
ndin
g77
.56.
483
.915
0.4
20.8
171.
231
.94.
936
.861
.96.
168
.0-8
8.5
-14.
7-1
03.2
GR
OS
S E
XT
ER
NA
L D
EB
T (
I+II+
III+I
V+V
)24
5.7
25.2
271.
011
66.9
90.1
1257
.123
1.2
12.5
243.
745
5.2
14.1
469.
3-7
11.8
-76.
0-7
87.8
Mem
o it
ems:
Rev
olvi
ng c
redi
ts 7
354.
52.
135
6.7
685.
44.
068
9.3
47.8
6.6
54.3
92.6
6.6
99.2
-592
.82.
6-5
90.2
Tra
de C
redi
ts 7,
80.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
1 Act
ual p
aym
ents
.
P
relim
inar
y da
ta. I
n ac
cord
ance
with
the
BN
B p
ract
ice
and
with
the
EC
B d
ata
revi
sion
req
uire
men
ts (
incl
uded
in th
e E
CB
Tim
etab
le fo
r E
xcha
nge
of B
alan
ce o
f Pay
men
ts, I
nter
natio
nal
Inve
stm
ent P
ositi
on a
nd R
eser
ve A
sset
s S
tatis
tics
with
in th
e E
SC
B),
the
data
for
Janu
ary
2016
hav
e be
en r
evis
ed. W
ith th
e M
arch
201
6 re
port
, ext
erna
l deb
t dat
a fo
r F
ebru
ary
2016
are
to b
e re
vise
d.
T
he E
uro
equi
vale
nt is
cal
cula
ted
usin
g th
e m
onth
ly a
vera
ge e
xcha
nge
rate
s of
the
resp
ectiv
e fo
reig
n cu
rren
cies
.
2 T
he B
onds
, iss
ued
by r
esid
ents
in th
e in
tern
atio
nal m
arke
ts a
nd h
eld
by r
esid
ents
are
incl
uded
.
3 In
acc
orda
nce
with
the
resi
denc
e co
ncep
t ext
erna
l deb
t pay
men
ts a
re r
educ
ed w
ith th
e pa
ymen
ts o
f sec
uriti
es, h
eld
by r
esid
ents
and
are
in
crea
sed
with
the
secu
ritie
s (is
sued
from
res
iden
ts in
the
inte
rnat
iona
l fin
anci
al m
arke
ts),
whi
ch c
hang
ed o
wne
rs fr
om n
on-r
esid
ents
to r
esid
ents
.
4 T
he it
em in
clud
es g
over
nmen
t and
gov
ernm
ent g
uara
ntee
d cr
edits
and
loan
s of
ent
erpr
ises
from
the
publ
ic a
nd p
rivat
e se
ctor
. Int
erco
mpa
ny lo
ans
are
not i
nclu
ded.
5 D
ata
sour
ce fo
r go
vern
men
t and
gov
ernm
ent g
uara
ntee
d de
bt: T
he R
egis
ter
of G
over
nmen
t and
Gov
ernm
ent-
guar
ante
ed D
ebt o
f the
Min
istr
y of
Fin
ance
. Pre
limin
ary
data
for
Feb
ruar
y 20
16 a
s of
Mar
ch 2
5, 2
016.
D
ata
sour
ce fo
r no
ngua
rant
eed
debt
: BN
B -
pre
limin
ary
data
for
Feb
ruar
y 20
16 a
s of
Mar
ch 2
5, 2
016.
Dat
a co
mpr
ise
th
ose
cred
its (
incl
. rev
olvi
ng a
nd in
terc
ompa
ny le
ndin
g) th
at a
re d
ecla
red
befo
re th
e B
NB
and
for
whi
ch th
e B
NB
has
rec
eive
d in
form
atio
n.
6 D
ata
sour
ce: b
anks
(in
cl. p
rivat
e an
d st
ate
bank
s). D
epos
its r
elat
ed to
con
tinge
nt li
abili
ties
are
excl
uded
.
7 N
ot in
clud
ed in
tabl
e D
ebt S
ervi
ce b
y In
stitu
tiona
l Sec
tor.
Pay
men
ts o
n ba
nks'
rev
olvi
ng c
redi
ts a
re n
ot in
clud
ed.
8 T
he n
et in
crea
se in
the
stoc
k of
the
trad
e cr
edits
in th
e re
port
ing
mon
th is
rep
orte
d in
the
Dis
burs
emen
ts ta
bles
(ta
bles
11
and
12),
whi
le th
e ne
t dec
reas
e -
in th
e D
ebt S
ervi
ce ta
bles
(ta
ble
13 a
nd 1
4).
23
Tab
le 1
5
NE
T E
XT
ER
NA
L D
EB
T
EU
R
mill
ion
%
Gro
ss E
xter
nal D
ebt,
EU
R m
illio
n20
690
.929
016
.837
246
.537
816
.437
026
.336
294
.937
713
.636
935
.639
356
.538
849
.839
417
.035
596
.334
376
.834
090
.933
915
.033
867
.8-
223.
1-
0.7
Gro
ss E
xter
nal A
sset
s, E
UR
mill
ion1
14 1
46.7
17 0
26.2
17 6
20.9
18 3
12.2
18 8
83.8
19 6
01.9
22 1
24.0
22 5
67.3
25 6
05.7
25 5
50.2
27 0
43.0
26 1
94.0
27 4
43.4
27 2
31.8
27 4
88.1
27 8
48.4
616
.6 2
.3
B
NB
Res
erve
Ass
ets,
EU
R m
illio
n 2
8 92
6.4
11 9
36.6
12 7
13.1
12 9
18.9
12 9
76.7
13 3
48.7
15 5
52.5
14 4
25.9
16 5
34.1
15 6
47.1
18 9
63.4
19 2
24.3
20 1
33.8
20 2
85.3
19 5
67.9
19 7
47.9
- 53
7.5
- 2.
6
B
anks
For
eign
Ass
ets,
EU
R m
illio
n34
227.
14
026.
33
909.
04
097.
54
075.
84
617.
05
128.
36
961.
07
815.
08
646.
66
677.
05
567.
15
802.
85
439.
76
413.
56
593.
81
154.
1 2
1.2
N
onfin
anci
al S
ecto
r D
epos
its A
broa
d, E
UR
mill
ion
4 9
93.2
1 06
3.2
998
.71
295.
91
831.
31
636.
11
443.
21
180.
41
256.
61
256.
61
402.
51
402.
51
506.
71
506.
71
506.
71
506.
7 0
.0 0
.0
Net
Ext
erna
l Deb
t, E
UR
mill
ion
56
544.
211
990
.719
625
.619
504
.218
142
.516
693
.015
589
.514
368
.313
750
.713
299
.512
374
.09
402.
36
933.
56
859.
16
426.
96
019.
4-
839.
7-
12.2
Net
Ext
erna
l Deb
t (%
of G
DP
)24
.739
.055
.455
.848
.140
.837
.434
.332
.230
.928
.721
.816
.115
.413
.913
.0-2
.4-1
5.5
1 Incl
udin
g B
NB
res
erve
ass
ets,
ban
ks a
sset
s ab
road
and
non
finan
cial
sec
tor
depo
sits
abr
oad.
2 Incl
udin
g m
onet
ary
and
non-
mon
etar
y go
ld. T
he B
NB
res
erve
ass
ets
are
calc
ulat
ed in
EU
R u
sing
the
resp
ectiv
e en
d of
per
iod
exch
ange
rat
es.
Sou
rce:
Issu
e D
epar
tmen
t, B
NB
.3 M
onet
ary
Sta
tistic
s, B
NB
.4 S
ourc
e: L
ocat
iona
l Ban
king
Sta
tistic
s, B
IS -
Bas
el.
5 Diff
eren
ce b
etw
een
Gro
ss e
xter
nal d
ebt s
tock
and
Gro
ss e
xter
nal a
sset
s.
I. 20
16X
II. 2
015
II. 2
016
/ XII.
201
5X
II. 2
012
XII.
201
3Х
II. 2
009
VI.
2015
III. 2
015
XII.
200
6X
II. 2
007
XII.
200
8X
II. 2
010
XII.
201
1II.
201
6IX
. 201
5I.
2015
XII.
201
4
24
Tab
le 1
6
Geo
grap
hica
l Str
uctu
re o
f the
Ext
erna
l Deb
t of O
ther
Sec
tors
(by
coun
try
of c
redi
tor)
1
Cou
ntry
of c
redi
tor
31.X
II.20
15 /
31.X
II.20
14
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R
Gre
at B
ritai
n12
65.7
12.1
%14
39.1
13.8
%12
78.1
12.2
%51
1.7
12.2
%49
7.0
5.1%
487.
15.
1%53
7.2
5.6%
395.
94.
1%37
2.0
3.9%
455.
94.
8%44
1.7
4.7%
422.
34.
6%26
.4N
ethe
rland
s14
61.0
14.0
%14
03.6
13.5
%14
27.5
13.8
%12
33.4
13.8
%12
85.7
13.2
%12
58.8
13.1
%11
46.6
11.9
%13
56.0
14.0
%13
33.8
14.0
%12
27.5
13.0
%11
30.3
12.0
%10
87.5
11.7
%-2
68.5
Luxe
mbo
urg
911.
58.
7%89
1.8
8.6%
854.
58.
2%83
4.1
8.2%
739.
87.
6%69
8.4
7.2%
691.
87.
2%65
4.0
6.8%
589.
16.
2%55
9.9
5.9%
532.
95.
7%52
1.5
5.6%
-132
.5In
tern
atio
nal F
inan
cial
Org
anis
atio
ns11
83.7
11.4
%12
30.3
11.8
%12
45.6
9.8%
1327
.49.
8%12
77.2
13.1
%12
33.2
12.8
%12
04.4
12.5
%11
93.2
12.4
%11
69.2
12.3
%11
08.8
11.8
%11
51.7
12.3
%11
63.1
12.5
%-3
0.2
Aus
tria
1169
.611
.2%
1148
.911
.1%
1131
.811
.0%
1394
.511
.0%
1558
.716
.0%
1496
.315
.5%
1514
.815
.8%
1440
.514
.9%
1467
.215
.4%
1446
.015
.3%
1473
.615
.7%
1408
.115
.2%
-32.
4F
ranc
e66
1.7
6.3%
459.
44.
4%43
9.1
4.2%
486.
44.
2%46
4.9
4.8%
433.
04.
5%41
5.2
4.3%
427.
64.
4%41
0.6
4.3%
408.
74.
3%39
0.7
4.2%
392.
54.
2%-3
5.2
US
A31
8.5
3.1%
306.
32.
9%30
5.6
5.1%
297.
55.
1%29
5.4
3.0%
303.
73.
2%31
2.9
3.3%
313.
73.
2%31
4.7
3.3%
346.
93.
7%36
7.7
3.9%
378.
04.
1%64
.4G
erm
any
281.
52.
7%27
8.6
2.7%
270.
93.
4%26
0.5
3.4%
258.
12.
7%29
6.0
3.1%
287.
73.
0%32
4.9
3.4%
315.
83.
3%31
3.7
3.3%
307.
73.
3%30
4.5
3.3%
-20.
4C
ypru
s34
5.0
3.3%
355.
23.
4%35
4.1
3.2%
350.
83.
2%33
6.7
3.5%
335.
53.
5%33
4.3
3.5%
320.
53.
3%32
3.5
3.4%
322.
63.
4%32
2.5
3.4%
319.
63.
4%-0
.9S
witz
erla
nd28
3.8
2.7%
303.
72.
9%32
1.0
2.9%
308.
42.
9%30
7.3
3.2%
297.
73.
1%28
7.9
3.0%
271.
42.
8%25
8.4
2.7%
252.
72.
7%25
1.9
2.7%
238.
72.
6%-3
2.7
Hun
gary
186.
31.
8%18
5.0
1.8%
182.
51.
7%17
9.6
1.7%
181.
31.
9%18
0.3
1.9%
177.
61.
8%21
0.6
2.2%
208.
12.
2%18
8.7
2.0%
192.
12.
0%18
7.5
2.0%
-23.
1V
irgin
Isla
nds,
Brit
ish
371.
43.
6%37
4.8
3.6%
398.
23.
6%40
5.6
3.6%
404.
54.
2%39
7.7
4.1%
420.
24.
4%40
5.6
4.2%
413.
54.
4%41
4.6
4.4%
413.
74.
4%43
8.1
4.7%
32.6
Japa
n19
5.7
1.9%
184.
01.
8%17
0.4
2.5%
160.
02.
5%15
2.2
1.6%
154.
01.
6%14
4.0
1.5%
135.
01.
4%14
1.4
1.5%
134.
01.
4%12
4.8
1.3%
125.
41.
4%-9
.6P
anam
a20
4.0
2.0%
202.
41.
9%21
1.8
1.8%
202.
41.
8%20
0.5
2.1%
199.
82.
1%20
4.7
2.1%
211.
82.
2%20
6.3
2.2%
206.
22.
2%20
5.4
2.2%
195.
32.
1%-1
6.5
Gre
ece
44.3
0.4%
44.8
0.4%
43.3
0.4%
46.0
0.4%
43.6
0.4%
48.9
0.5%
60.9
0.6%
86.2
0.9%
82.1
0.9%
91.3
1.0%
81.4
0.9%
81.1
0.9%
-5.1
Liec
hten
stei
n39
.00.
4%43
.20.
4%43
.00.
4%50
.70.
4%54
.50.
6%55
.70.
6%56
.70.
6%62
.20.
6%62
.30.
7%59
.70.
6%57
.00.
6%61
.20.
7%-1
.0R
ussi
an F
eder
atio
n78
.10.
7%79
.80.
8%82
.70.
7%86
.80.
7%86
.80.
9%86
.70.
9%86
.00.
9%94
.31.
0%94
.41.
0%10
2.5
1.1%
103.
31.
1%10
0.4
1.1%
6.1
Italy
63.6
0.6%
67.7
0.7%
74.4
0.9%
64.9
0.9%
67.2
0.7%
65.7
0.7%
61.2
0.6%
59.5
0.6%
58.3
0.6%
60.4
0.6%
60.6
0.6%
60.8
0.7%
1.3
Cze
ch R
epub
lic13
6.6
1.3%
132.
51.
3%13
0.4
1.3%
131.
21.
3%13
2.2
1.4%
109.
41.
1%10
7.4
1.1%
102.
71.
1%10
3.5
1.1%
100.
01.
1%96
.91.
0%92
.51.
0%-1
0.2
Isra
el77
.60.
7%76
.90.
7%77
.60.
7%77
.50.
7%78
.50.
8%79
.50.
8%78
.70.
8%78
.90.
8%80
.10.
8%80
.30.
9%80
.40.
9%80
.80.
9%1.
9Ir
elan
d49
.70.
5%50
.00.
5%49
.60.
5%50
.50.
5%50
.80.
5%59
.10.
6%57
.00.
6%57
.00.
6%51
.50.
5%51
.50.
5%42
.70.
5%43
.30.
5%-1
3.7
Sw
eden
37.3
0.4%
33.6
0.3%
33.4
0.3%
33.3
0.3%
32.0
0.3%
33.7
0.4%
33.7
0.4%
34.7
0.4%
31.8
0.3%
26.7
0.3%
26.3
0.3%
18.0
0.2%
-16.
7R
oman
ia6.
50.
1%3.
10.
0%3.
30.
0%3.
50.
0%4.
10.
0%4.
30.
0%5.
20.
1%7.
00.
1%6.
20.
1%5.
50.
1%5.
40.
1%5.
40.
1%-1
.6S
pain
87.7
0.8%
96.4
0.9%
91.4
0.9%
92.0
0.9%
94.2
1.0%
92.0
1.0%
95.2
1.0%
95.1
1.0%
94.4
1.0%
94.3
1.0%
95.1
1.0%
93.4
1.0%
-1.7
Bel
gium
21.8
0.2%
21.3
0.2%
26.7
0.2%
38.1
0.2%
39.4
0.4%
34.8
0.4%
33.0
0.3%
74.7
0.8%
72.3
0.8%
69.4
0.7%
101.
81.
1%97
.21.
0%22
.5E
ston
ia7.
70.
1%7.
80.
1%7.
90.
1%8.
20.
1%8.
80.
1%8.
80.
1%8.
80.
1%7.
70.
1%7.
70.
1%8.
50.
1%8.
50.
1%8.
50.
1%0.
8B
aham
as24
.80.
2%24
.30.
2%23
.60.
2%23
.20.
2%21
.60.
2%21
.70.
2%20
.00.
2%20
.40.
2%20
.70.
2%20
.70.
2%20
.70.
2%21
.60.
2%1.
2C
aym
an Is
land
s19
.80.
2%19
.80.
2%19
.80.
2%19
.60.
2%19
.70.
2%19
.70.
2%19
.80.
2%19
.90.
2%19
.90.
2%19
.70.
2%19
.70.
2%19
.70.
2%-0
.1M
alta
163.
71.
6%16
7.8
1.6%
223.
51.
8%19
0.5
1.8%
194.
42.
0%20
8.2
2.2%
212.
62.
2%17
7.6
1.8%
125.
31.
3%13
1.2
1.4%
119.
41.
3%10
7.4
1.2%
-70.
3S
eych
elle
s71
.70.
7%76
.00.
7%77
.50.
7%73
.80.
7%71
.10.
7%73
.90.
8%75
.70.
8%76
.10.
8%71
.60.
8%72
.10.
8%74
.60.
8%77
.90.
8%1.
8T
urke
y29
.60.
3%33
.30.
3%35
.10.
3%35
.30.
3%35
.70.
4%35
.30.
4%33
.30.
3%34
.50.
4%33
.60.
4%39
.80.
4%34
.20.
4%33
.40.
4%-1
.1La
tvia
20.5
0.2%
19.3
0.2%
19.2
0.2%
19.1
0.2%
18.9
0.2%
18.3
0.2%
19.2
0.2%
16.0
0.2%
15.9
0.2%
15.7
0.2%
15.4
0.2%
16.2
0.2%
0.2
Mar
shal
l Isl
ands
24.5
0.2%
24.6
0.2%
24.6
0.3%
24.6
0.3%
30.1
0.3%
27.9
0.3%
36.5
0.4%
33.5
0.3%
33.7
0.4%
38.2
0.4%
40.6
0.4%
35.3
0.4%
1.8
Fin
land
1.9
0.0%
1.9
0.0%
1.9
0.0%
1.9
0.0%
1.8
0.0%
1.1
0.0%
0.1
0.0%
0.1
0.0%
0.1
0.0%
0.1
0.0%
0.1
0.0%
0.1
0.0%
0.0
Slo
veni
a36
.00.
3%35
.60.
3%35
.70.
3%36
.10.
3%35
.20.
4%35
.30.
4%35
.20.
4%35
.20.
4%35
.20.
4%35
.20.
4%35
.20.
4%35
.10.
4%-0
.1D
enm
ark
12.1
0.1%
13.4
0.1%
13.8
0.1%
14.3
0.1%
15.3
0.2%
14.9
0.2%
15.4
0.2%
15.6
0.2%
15.1
0.2%
14.8
0.2%
14.9
0.2%
15.0
0.2%
-0.6
Bel
ize
73.3
0.7%
73.5
0.7%
76.1
0.8%
64.8
0.8%
63.7
0.7%
65.9
0.7%
78.1
0.8%
69.4
0.7%
71.1
0.7%
71.8
0.8%
72.7
0.8%
71.9
0.8%
2.4
Leba
non
10.3
0.1%
9.4
0.1%
9.3
0.1%
9.3
0.1%
9.2
0.1%
9.3
0.1%
9.4
0.1%
9.1
0.1%
10.0
0.1%
10.0
0.1%
10.1
0.1%
9.4
0.1%
0.3
Nor
way
22.6
0.2%
22.6
0.2%
22.5
0.2%
22.8
0.2%
22.1
0.2%
21.8
0.2%
22.3
0.2%
21.9
0.2%
21.4
0.2%
21.1
0.2%
21.1
0.2%
20.8
0.2%
-1.1
Por
tuga
l12
.10.
1%12
.10.
1%12
.20.
1%12
.40.
1%12
.40.
1%12
.50.
1%12
.50.
1%12
.40.
1%12
.30.
1%12
.30.
1%13
.60.
1%13
.60.
1%1.
3O
ther
416.
34.
0%44
1.0
4.2%
542.
24.
9%52
5.9
4.9%
520.
75.
4%61
7.0
6.4%
646.
46.
7%69
7.8
7.2%
751.
27.
9%79
3.6
8.4%
841.
38.
9%87
6.6
9.4%
178.
8T
otal
1042
8.4
100.
0%10
395.
010
0.0%
1039
1.9
100.
0%97
08.7
100.
0%97
23.5
100.
0%96
32.7
100.
0%95
99.5
100.
0%96
59.9
100.
0%95
05.3
100.
0%94
32.6
100.
0%93
99.7
100.
0%92
78.5
100.
0%-3
81.4
1 Pre
limin
ary
data
. In
acco
rdan
ce w
ith th
e B
NB
pra
ctic
e an
d w
ith th
e E
CB
dat
a re
visi
on r
equi
rem
ents
(in
clud
ed in
the
EC
B T
imet
able
for
Exc
hang
e of
Bal
ance
of
Pay
men
ts, I
nter
natio
nal
In
vest
men
t Pos
ition
and
Res
erve
Ass
ets
Sta
tistic
s w
ithin
the
ES
CB
). W
ith th
e F
ebru
ary
2016
rep
ort,
exte
rnal
deb
t dat
a fo
r Ja
nuar
y 20
16 a
re to
be
revi
sed.
31.X
II.20
1530
.VI.2
015
Mar
ch 2
013
– D
ecem
ber
2015
31.X
II.20
1330
.IX.2
013
30.V
I.201
430
.VI.2
013
31.II
I.201
330
.IX.2
014
30.IX
.201
531
.XII.
2014
31.II
I.201
531
.III.2
014
25
Tab
le 1
7
Bra
nch
Str
uctu
re o
f the
Ext
erna
l Deb
t of O
ther
Sec
tors
31.X
II.20
15 /
31.X
II.20
14
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R%
mln
. EU
R
Min
ing
and
quar
ryin
g34
.70.
3%32
.80.
3%31
.80.
3%30
.40.
3%10
.60.
1%9.
50.
1%9.
40.
1%7.
80.
1%9.
30.
1%7.
80.
1%7.
70.
1%7.
50.
1%-0
.3
Oth
er c
omm
unity
, soc
ial a
nd p
erso
nal s
ervi
ce a
ctiv
ities
32.3
0.3%
33.6
0.3%
36.3
0.3%
35.8
0.4%
34.2
0.4%
34.7
0.4%
34.0
0.4%
32.1
0.3%
29.6
0.3%
29.6
0.3%
28.9
0.3%
28.8
0.3%
-3.2
Pub
lic a
dmin
istr
atio
n an
d de
fenc
e; c
ompu
lsor
y so
cial
sec
urity
59.2
0.6%
58.3
0.6%
57.9
0.6%
56.9
0.6%
56.5
0.6%
55.4
0.6%
54.9
0.6%
76.5
0.8%
16.0
0.2%
15.0
0.2%
14.5
0.2%
13.3
0.1%
-63.
2
Edu
catio
n13
.60.
1%13
.40.
1%12
.80.
1%11
.90.
1%7.
90.
1%7.
90.
1%8.
20.
1%8.
40.
1%9.
00.
1%8.
70.
1%8.
30.
1%8.
50.
1%0.
1
Rea
l est
ate,
ren
ting
and
busi
ness
act
iviti
es28
37.0
27.2
%28
56.8
27.5
%29
09.5
28.0
%29
67.6
30.6
%29
87.0
30.7
%29
07.1
30.2
%29
46.3
30.7
%28
63.7
29.6
%29
62.2
31.2
%29
47.5
31.2
%29
60.6
31.5
%29
45.0
31.7
%81
.3
Man
ufac
turin
g86
6.0
8.3%
904.
08.
7%93
5.6
9.0%
1147
.811
.8%
1396
.114
.4%
1468
.215
.2%
1512
.415
.8%
1561
.016
.2%
1594
.716
.8%
1652
.517
.5%
1679
.517
.9%
1677
.218
.1%
116.
2
Pub
lishi
ng, p
rintin
g an
d re
prod
uctio
n of
rec
orde
d m
edia
3.1
0.0%
3.0
0.0%
2.9
0.0%
2.7
0.0%
2.6
0.0%
2.5
0.0%
2.5
0.0%
2.3
0.0%
7.8
0.1%
2.2
0.0%
2.1
0.0%
2.0
0.0%
-0.3
Man
ufac
ture
of b
asic
met
als
193.
11.
9%18
9.1
1.8%
169.
11.
6%16
1.5
1.7%
171.
11.
8%16
7.3
1.7%
168.
31.
8%16
7.5
1.7%
149.
11.
6%18
0.9
1.9%
174.
61.
9%16
5.3
1.8%
-2.3
Man
ufac
ture
of m
otor
veh
icle
s, tr
aile
rs a
nd s
emi-t
raile
rs1.
30.
0%1.
30.
0%1.
30.
0%1.
20.
0%1.
20.
0%1.
20.
0%1.
10.
0%1.
10.
0%0.
80.
0%0.
70.
0%0.
70.
0%0.
90.
0%-0
.2
Man
ufac
ture
of w
ood
and
woo
d pr
oduc
ts4.
40.
0%3.
90.
0%3.
90.
0%3.
80.
0%3.
70.
0%20
.60.
2%20
.50.
2%19
.00.
2%19
.50.
2%18
.00.
2%18
.90.
2%4.
20.
0%-1
4.8
Man
ufac
ture
of p
ulp,
pap
er a
nd p
aper
pro
duct
s26
.50.
3%28
.30.
3%26
.60.
3%25
.90.
3%25
.40.
3%24
.40.
3%9.
50.
1%9.
00.
1%7.
80.
1%7.
70.
1%7.
30.
1%7.
30.
1%-1
.8M
anuf
actu
re o
f ele
ctric
al m
achi
nery
and
app
arat
us n
.e.c
.18
.60.
2%17
.00.
2%19
.20.
2%19
.20.
2%20
.40.
2%19
.80.
2%19
.10.
2%29
.30.
3%29
.40.
3%29
.40.
3%29
.10.
3%28
.70.
3%-0
.7
Man
ufac
ture
of r
ubbe
r an
d pl
astic
pro
duct
s19
.40.
2%19
.20.
2%18
.00.
2%29
.40.
3%28
.00.
3%28
.60.
3%28
.30.
3%26
.90.
3%35
.20.
4%33
.80.
4%30
.70.
3%29
.00.
3%2.
1
Man
ufac
ture
of o
ffic
e m
achi
nery
and
com
pute
rs2.
60.
0%2.
60.
0%2.
60.
0%2.
60.
0%2.
50.
0%2.
50.
0%2.
50.
0%2.
40.
0%2.
40.
0%2.
40.
0%2.
30.
0%2.
20.
0%-0
.2
Man
ufac
ture
of c
oke,
ref
ined
pet
role
um p
rodu
cts
and
nucl
ear
fuel
68.1
0.7%
62.4
0.6%
67.2
0.6%
305.
93.
2%53
0.3
5.5%
555.
35.
8%56
7.8
5.9%
559.
25.
8%48
9.4
5.1%
482.
85.
1%49
3.0
5.2%
459.
35.
0%-9
9.9
Tan
ning
and
dre
ssin
g of
leat
her;
man
ufac
ture
of l
ugga
ge, h
andb
ags,
sad
dler
y,
harn
ess
and
foot
wea
r1.
30.
0%1.
20.
0%1.
20.
0%1.
20.
0%1.
20.
0%1.
10.
0%1.
10.
0%1.
10.
0%1.
10.
0%1.
10.
0%1.
00.
0%1.
00.
0%-0
.1
Man
ufac
ture
of m
achi
nery
and
equ
ipm
ent n
.e.c
.18
.30.
2%17
.60.
2%17
.10.
2%11
.60.
1%15
.70.
2%10
.20.
1%9.
90.
1%9.
90.
1%9.
30.
1%13
.70.
1%15
.00.
2%15
.10.
2%5.
2
Man
ufac
ture
of f
urni
ture
; man
ufac
turin
g n.
e.c.
27.8
0.3%
27.7
0.3%
26.0
0.3%
24.4
0.3%
24.1
0.2%
22.7
0.2%
22.7
0.2%
22.5
0.2%
20.7
0.2%
23.8
0.3%
20.8
0.2%
18.9
0.2%
-3.6
Man
ufac
ture
of m
edic
al, p
reci
sion
and
opt
ical
inst
rum
ents
, wat
ches
and
clo
cks
3.8
0.0%
4.5
0.0%
4.5
0.0%
4.5
0.0%
4.4
0.0%
4.2
0.0%
4.2
0.0%
4.0
0.0%
3.9
0.0%
3.9
0.0%
3.9
0.0%
2.6
0.0%
-1.4
Man
ufac
ture
of f
abric
ated
met
al p
rodu
cts,
exc
ept m
achi
nery
and
equ
ipm
ent
9.3
0.1%
9.3
0.1%
9.6
0.1%
9.8
0.1%
11.4
0.1%
11.5
0.1%
11.3
0.1%
10.6
0.1%
13.5
0.1%
13.3
0.1%
13.3
0.1%
13.7
0.1%
3.1
Man
ufac
ture
of w
earin
g ap
pare
l; dr
essi
ng a
nd d
yein
g of
fur
8.2
0.1%
7.7
0.1%
7.4
0.1%
7.4
0.1%
7.3
0.1%
7.2
0.1%
7.1
0.1%
9.2
0.1%
6.1
0.1%
6.1
0.1%
6.1
0.1%
6.1
0.1%
-3.1
Man
ufac
ture
of o
ther
tran
spor
t equ
ipm
ent
8.6
0.1%
8.4
0.1%
8.0
0.1%
7.8
0.1%
7.6
0.1%
7.4
0.1%
8.3
0.1%
8.0
0.1%
66.7
0.7%
65.8
0.7%
64.8
0.7%
63.9
0.7%
55.8
Man
ufac
ture
of o
ther
non
-met
allic
min
eral
pro
duct
s19
4.1
1.9%
187.
21.
8%18
5.5
1.8%
182.
41.
9%20
0.8
2.1%
172.
61.
8%16
7.0
1.7%
191.
72.
0%19
0.1
2.0%
177.
71.
9%17
7.0
1.9%
176.
21.
9%-1
5.5
Man
ufac
ture
of r
adio
, tel
evis
ion
and
com
mun
icat
ion
equi
pmen
t and
app
arat
us0.
40.
0%0.
70.
0%0.
70.
0%0.
40.
0%0.
40.
0%0.
40.
0%0.
40.
0%0.
40.
0%0.
40.
0%0.
40.
0%0.
40.
0%0.
40.
0%0.
0
Man
ufac
ture
of t
extil
es12
.30.
1%25
.40.
2%25
.30.
2%24
.30.
3%24
.00.
2%21
.80.
2%18
.60.
2%15
.60.
2%16
.80.
2%13
.90.
1%13
.30.
1%7.
00.
1%-8
.6
Man
ufac
ture
of t
obac
co p
rodu
cts
45.3
0.4%
42.5
0.4%
52.6
0.5%
42.8
0.4%
37.5
0.4%
47.1
0.5%
50.6
0.5%
45.5
0.5%
62.4
0.7%
58.2
0.6%
50.0
0.5%
48.0
0.5%
2.5
Man
ufac
ture
of c
hem
ical
s an
d ch
emic
al p
rodu
cts
37.5
0.4%
72.0
0.7%
98.3
0.9%
98.2
1.0%
104.
21.
1%18
5.5
1.9%
220.
72.
3%25
9.9
2.7%
299.
83.
2%35
2.6
3.7%
389.
54.
1%46
5.1
5.0%
205.
2
Man
ufac
ture
of f
ood
prod
ucts
and
bev
erag
es15
6.5
1.5%
168.
11.
6%18
4.0
1.8%
176.
71.
8%16
8.1
1.7%
150.
01.
6%16
6.6
1.7%
162.
11.
7%16
0.9
1.7%
162.
41.
7%16
4.1
1.7%
159.
31.
7%-2
.8
Rec
yclin
g5.
20.
1%4.
80.
0%4.
70.
0%4.
30.
0%4.
30.
0%4.
30.
0%4.
30.
0%3.
70.
0%1.
80.
0%1.
80.
0%1.
80.
0%1.
20.
0%-2
.6
Fis
hing
1.1
0.0%
1.2
0.0%
1.2
0.0%
1.5
0.0%
1.1
0.0%
1.2
0.0%
1.2
0.0%
1.2
0.0%
1.7
0.0%
1.7
0.0%
1.7
0.0%
1.4
0.0%
0.2
Agr
icul
ture
, hun
ting
and
fore
stry
72.5
0.7%
68.7
0.7%
69.6
0.7%
65.7
0.7%
66.8
0.7%
67.4
0.7%
67.3
0.7%
66.8
0.7%
59.6
0.6%
59.3
0.6%
58.1
0.6%
54.8
0.6%
-12.
0
Ele
ctric
ity, g
as a
nd w
ater
sup
ply
2135
.620
.5%
1912
.718
.4%
1856
.117
.9%
1845
.319
.0%
1865
.019
.2%
1797
.418
.7%
1725
.318
.0%
1675
.017
.3%
1599
.116
.8%
1570
.816
.7%
1509
.016
.1%
1482
.516
.0%
-192
.6
Con
stru
ctio
n88
5.2
8.5%
878.
88.
5%86
9.0
8.4%
864.
18.
9%87
1.7
9.0%
844.
48.
8%83
5.0
8.7%
744.
87.
7%71
1.8
7.5%
621.
56.
6%61
9.8
6.6%
629.
76.
8%-1
15.1
Tra
nspo
rt, s
tora
ge a
nd c
omm
unic
atio
n11
37.5
10.9
%11
15.0
10.7
%10
60.4
10.2
%45
6.3
4.7%
457.
14.
7%44
7.1
4.6%
425.
04.
4%40
9.2
4.2%
453.
24.
8%48
3.5
5.1%
474.
75.
1%48
4.7
5.2%
75.5
Who
lesa
le a
nd r
etai
l tra
de; r
epai
r of
mot
or v
ehic
les,
mot
orcy
cles
and
per
sona
l and
hou
seho
ld
good
s11
16.9
10.7
%13
63.5
13.1
%14
15.5
13.6
%12
19.1
12.6
%11
40.3
11.7
%11
77.4
12.2
%12
04.6
12.5
%13
01.4
13.5
%12
10.1
12.7
%12
14.3
12.9
%12
60.9
13.4
%12
18.1
13.1
%-8
3.3
Ret
ail t
rade
, exc
ept o
f mot
or v
ehic
les
and
mot
orcy
cles
; rep
air
of p
erso
nal a
nd
hous
ehol
d go
ods
335.
63.
2%33
3.4
3.2%
319.
53.
1%31
6.5
3.3%
410.
14.
2%43
6.7
4.5%
427.
24.
5%41
5.3
4.3%
376.
44.
0%36
2.7
3.8%
344.
63.
7%38
3.5
4.1%
-31.
9
Who
lesa
le tr
ade
and
com
mis
sion
trad
e, e
xcep
t of m
otor
veh
icle
s an
d m
otor
cycl
es72
4.4
6.9%
971.
99.
3%10
41.5
10.0
%87
2.2
9.0%
703.
37.
2%71
4.8
7.4%
751.
07.
8%86
0.7
8.9%
808.
98.
5%81
6.9
8.7%
881.
29.
4%80
1.2
8.6%
-59.
4
Sal
e, m
aint
enan
ce a
nd r
epai
r of
mot
or v
ehic
les
and
mot
orcy
cles
; ret
ail s
ale
of
auto
mot
ive
fuel
56.9
0.5%
58.3
0.6%
54.5
0.5%
30.4
0.3%
26.8
0.3%
25.9
0.3%
26.4
0.3%
25.4
0.3%
24.9
0.3%
34.7
0.4%
35.0
0.4%
33.4
0.4%
8.0
Fin
anci
al in
term
edia
tion
812.
37.
8%74
6.2
7.2%
741.
47.
1%77
7.4
8.0%
623.
36.
4%60
8.0
6.3%
589.
26.
1%72
5.6
7.5%
688.
87.
2%66
2.7
7.0%
622.
46.
6%57
6.7
6.2%
-148
.9
Hot
els
and
rest
aura
nts
177.
81.
7%17
8.1
1.7%
177.
61.
7%17
5.1
1.8%
152.
01.
6%15
2.7
1.6%
132.
41.
4%13
2.0
1.4%
106.
21.
1%10
4.0
1.1%
100.
11.
1%96
.91.
0%-3
5.1
Hea
lth a
nd s
ocia
l wor
k4.
80.
0%4.
70.
0%4.
70.
0%4.
70.
0%4.
70.
0%5.
20.
1%5.
10.
1%5.
10.
1%4.
60.
0%4.
50.
0%4.
40.
0%4.
30.
0%-0
.8
Priv
ate
hous
ehol
ds w
ith e
mpl
oyed
per
sons
241.
92.
3%22
7.1
2.2%
212.
42.
0%49
.20.
5%49
.20.
5%49
.20.
5%49
.20.
5%49
.20.
5%49
.20.
5%49
.20.
5%49
.20.
5%49
.20.
5%0.
0
TO
TA
L10
428.
410
0.0%
1039
5.0
100.
0%10
391.
910
0.0%
9708
.710
0.0%
9723
.510
0.0%
9632
.710
0.0%
9599
.510
0.0%
9659
.910
0.0%
9505
.310
0.0%
9432
.610
0.0%
9399
.710
0.0%
9278
.510
0.0%
-381
.4
1 Pre
limin
ary
data
. In
acc
orda
nce
with
the
BN
B p
ract
ice
and
with
the
EC
B d
ata
revi
sion
req
uire
men
ts (
incl
uded
in t
he E
CB
Tim
etab
le f
or E
xcha
nge
of B
alan
ce o
f P
aym
ents
, In
tern
atio
nal
In
vest
men
t P
ositi
on a
nd R
eser
ve A
sset
s S
tatis
tics
with
in t
he E
SC
B),
the
dat
a fo
r D
ecem
ber
2015
are
pre
limin
ary.
With
Feb
ruar
y 20
16 r
epor
t, e
xter
nal d
ebt
data
for
Jan
uary
201
5 ar
e to
be
revi
sed.
T
rade
cre
dits
and
deb
t se
curi
ties
are
not
incl
uded
. A
ccor
ding
to
the
Nat
iona
l Cla
ssifi
catio
n of
Eco
nom
ic A
ctiv
ities
- 2
003
the
Bra
nch
stru
ctur
e is
bas
ed o
n th
e B
ULS
TA
T r
egis
trat
ion
of t
he d
ebto
rs.
31.X
II.20
1530
.VI.2
015
30.V
I.201
4
Mar
ch 2
013
– D
ecem
ber
2015
1
30.V
I.201
331
.III.2
013
30.IX
.201
331
.III.2
014
31.X
II.20
1330
.IX.2
015
31.II
I.201
531
.XII.
2014
30.IX
.201
4
26
Tab
le 1
8
2013
2014
2015
Typ
e of
Cre
dit
long
-ter
msh
ort-
term
tota
llo
ng-t
erm
shor
t-te
rmto
tal
long
-ter
msh
ort-
term
tota
llo
ng-t
erm
shor
t-te
rmto
tal
long
-ter
msh
ort-
term
tota
llo
ng-t
erm
shor
t-te
rmto
tal
long
-ter
msh
ort-
term
tota
llo
ng-t
erm
shor
t-te
rmto
tal
long
-ter
msh
ort-
term
tota
llo
ng-t
erm
shor
t-te
rmto
tal
long
-ter
msh
ort-
term
tota
llo
ng-t
erm
shor
t-te
rmto
tal
Fix
ed In
tere
st R
ate
18.4
%9.
8%28
.1%
18.4
%9.
8%28
.2%
18.6
%9.
9%28
.5%
18.8
%10
.1%
28.9
%18
.4%
10.1
%28
.5%
18.3
%10
.1%
28.5
%18
.5%
10.3
%28
.7%
17.9
%10
.7%
28.6
%18
.3%
10.4
%28
.7%
18.0
%10
.6%
28.6
%18
.1%
10.6
%28
.7%
18.1
%10
.6%
28.7
%
Flo
atin
g In
tere
st R
ate
41.4
%12
.4%
53.8
%39
.1%
14.9
%54
.0%
38.2
%15
.0%
53.1
%41
.3%
12.4
%53
.7%
41.7
%12
.4%
54.0
%41
.7%
12.5
%54
.2%
41.7
%12
.5%
54.2
%41
.8%
12.2
%54
.0%
41.9
%12
.9%
54.8
%40
.9%
14.3
%55
.3%
41.0
%14
.2%
55.3
%41
.3%
14.1
%55
.3%
Oth
er T
ype
Inte
rest
Rat
e 29.
5%2.
7%12
.2%
9.2%
2.6%
11.8
%9.
1%2.
8%11
.8%
7.5%
2.8%
10.2
%7.
4%2.
7%10
.2%
7.3%
2.7%
10.0
%7.
5%8.
9%10
.2%
7.6%
2.8%
10.4
%6.
5%2.
9%9.
5%6.
5%2.
7%9.
1%6.
4%2.
7%9.
1%6.
5%2.
7%9.
2%
Inte
rest
-Fre
e1.
4%4.
6%5.
9%1.
4%4.
6%6.
1%1.
7%4.
8%6.
5%2.
3%4.
9%7.
2%2.
3%5.
0%7.
3%2.
4%4.
9%7.
3%2.
2%4.
8%6.
9%2.
1%4.
8%7.
0%2.
5%4.
5%7.
1%2.
6%4.
4%7.
0%2.
6%4.
3%6.
9%2.
4%4.
3%6.
7%
TO
TA
L70
.6%
29.4
%10
0.0%
68.1
%31
.9%
100.
0%67
.5%
32.5
%10
0.0%
69.8
%30
.2%
100.
0%69
.8%
30.2
%10
0.0%
69.7
%30
.3%
100.
0%69
.8%
30.2
%10
0.0%
69.5
%30
.5%
100.
0%69
.2%
30.8
%10
0.0%
68.0
%32
.0%
100.
0%68
.1%
31.9
%10
0.0%
68.3
%31
.7%
100.
0%
1 Pre
limin
ary
data
. In
acco
rdan
ce w
ith th
e B
NB
pra
ctic
e an
d w
ith th
e E
CB
dat
a re
visi
on r
equi
rem
ents
(in
clud
ed in
the
EC
B T
imet
able
for
Exc
hang
e of
Bal
ance
of P
aym
ents
, Int
erna
tiona
l
Inve
stm
ent P
ositi
on a
nd R
eser
ve A
sset
s S
tatis
tics
with
in th
e E
SC
B),
the
data
for
Dec
embe
r 20
15 a
re p
relim
inar
y. W
ith th
e F
ebru
ary
2016
rep
ort,
exte
rnal
deb
t dat
a fo
r Ja
nuar
y 20
16 a
re to
be
revi
sed.
The
sta
tistic
s do
not
incl
ude
bond
s an
d no
tes
of O
ther
Sec
tors
, tra
de a
nd r
evol
ving
cre
dits
, int
erco
mpa
ny lo
ans,
gua
rant
eed
debt
of e
nter
pris
es a
nd r
epor
ted
by h
ouse
hold
s lia
bilit
ies.
2 The
se e
ncom
pass
inte
rest
pay
men
ts’ s
chem
es, w
hich
util
ize
mor
e th
an o
ne in
tere
st r
ate
leve
l or
for
whi
ch a
t the
mom
ent o
f cre
dit d
ecla
ratio
n th
e in
tere
st c
anno
t be
defin
ed b
y th
e de
btor
.
XII
IXV
IIII
VI
IXV
IIII
Inte
rest
Rat
e S
truc
ture
of t
he L
oans
of O
ther
Sec
tors
1
XII
IIIIX
XII
27
EX
TER
NA
L S
EC
TOR
IND
ICA
TOR
S
III
2010
2011
2012
2013
2014
2015
2015
2016
2015
2016
Gro
ss E
xter
nal
Deb
t 1
Gro
ss e
xter
nal d
ebt,
Eur
o m
illio
n 2
3702
6.3
3629
4.9
3771
3.6
3693
5.6
3935
6.5
3409
0.9
3884
9.8
3391
5.0
3885
6.6
3386
7.8
P
ublic
Sec
tor
Ext
erna
l Deb
t, E
uro
mill
ion
343
26.9
4205
.045
78.9
4062
.265
52.0
5997
.761
58.5
5901
.760
95.5
5893
.7
Priv
ate
Sec
tor
Ext
erna
l Deb
t, E
uro
mill
ion
432
699.
432
089.
833
134.
632
873.
432
804.
428
093.
332
691.
328
013.
332
761.
127
974.
1G
ross
Ext
erna
l Deb
t (%
GD
P5 )
98.2
88.6
90.5
88.1
92.1
77.2
88.0
73.2
88.0
73.1
P
ublic
Sec
tor
Ext
erna
l Deb
t (%
GD
P)
11.5
10.3
11.0
9.7
15.3
13.6
13.9
12.7
13.8
12.7
P
rivat
e S
ecto
r E
xter
nal D
ebt (
% G
DP
)86
.778
.479
.578
.476
.763
.674
.060
.474
.260
.4G
ross
Ext
erna
l Deb
t (%
of e
xpor
ts o
f GN
FS
)618
0.0
141.
714
2.5
131.
914
1.7
117.
7S
hort
term
deb
t/Gro
ss e
xter
nal d
ebt (
%)
30.2
27.9
27.5
25.9
25.3
23.1
25.3
23.2
25.4
22.9
Sho
rt te
rm d
ebt (
% G
DP
)29
.724
.724
.822
.823
.317
.822
.317
.022
.316
.7
Gro
ss E
xter
nal
Deb
t S
ervi
ce 1
Gro
ss E
xter
nal D
ebt S
ervi
ce, E
uro
mill
ion
772
30.2
6807
.566
32.7
7044
.159
87.8
8212
.798
6.1
225.
612
57.1
469.
3
Prin
cipa
l, E
uro
mill
ion
6700
.161
54.4
5986
.365
07.2
5552
.078
15.5
921.
222
4.0
1166
.945
5.2
In
tere
st, E
uro
mill
ion
530.
165
3.1
646.
453
6.9
435.
739
7.2
64.9
1.6
90.1
14.1
Pub
lic S
ecto
r D
ebt S
ervi
ce, E
uro
mill
ion
361
7.1
753.
099
5.1
1496
.089
4.7
2986
.362
1.3
97.2
687.
012
4.7
P
rinci
pal,
Eur
o m
illio
n44
9.6
567.
383
6.3
1345
.375
7.4
2816
.958
3.5
97.1
647.
712
3.6
In
tere
st, E
uro
mill
ion
167.
518
5.7
158.
715
0.7
137.
316
9.4
37.8
0.0
39.3
1.1
Priv
ate
Sec
tor
Deb
t Ser
vice
, Eur
o m
illio
n 4
6613
.160
54.5
5637
.655
48.1
5093
.052
26.4
364.
812
8.5
570.
134
4.6
P
rinci
pal,
Eur
o m
illio
n62
50.5
5587
.151
49.9
5161
.847
94.6
4998
.633
7.7
126.
851
9.3
331.
6
Inte
rest
, Eur
o m
illio
n36
2.6
467.
448
7.7
386.
229
8.4
227.
827
.11.
650
.813
.0G
ross
Ext
erna
l Deb
t ser
vice
(%
of G
DP
)19
.216
.615
.916
.814
.018
.62.
20.
52.
81.
0G
ross
Ext
erna
l Deb
t Ser
vice
(%
of e
xpor
ts o
f GN
FS
)35
.126
.625
.125
.121
.628
.047
.911
.330
.511
.6
Bal
ance
of
Pay
men
ts
(ye
ar t
o d
ate)
1
(in
mill
ion
s E
uro
)C
urre
nt A
ccou
nt-6
58.4
136.
2-3
57.7
535.
636
4.6
609.
0-1
08.4
182.
6-3
18.1
168.
3T
rade
Bal
ance
8-3
583.
5-2
690.
2-3
992.
0-2
932.
7-2
776.
6-1
916.
6-1
24.7
43.0
-387
.1-3
1.6
Exp
orts
1418
5.6
1906
5.0
1967
4.9
2121
7.8
2102
6.3
2218
3.8
1628
.016
51.4
3278
.634
33.7
Exp
orts
( y
oy p
erce
ntag
e ch
ange
)32
.934
.43.
27.
8-0
.95.
510
.51.
48.
44.
7Im
port
s17
769.
021
755.
223
666.
924
150.
523
802.
924
100.
417
52.7
1608
.436
65.7
3465
.3Im
port
s (
yoy
perc
enta
ge c
hang
e)14
.722
.48.
82.
0-1
.41.
3-4
.8-8
.21.
6-5
.5C
urre
nt a
nd C
apita
l Acc
ount
-3
62.8
639.
918
8.3
1004
.913
24.2
2027
.0-9
8.9
288.
8-2
52.6
346.
4C
apita
l and
Fin
anci
al A
ccou
nt
993.
318
54.7
1503
.313
56.4
679.
642
09.0
-147
.135
0.3
64.4
653.
6F
inan
cial
Acc
ount
(in
mill
ions
Eur
o)69
7.8
1350
.995
7.3
887.
1-2
80.0
2791
.0-1
56.6
244.
1-1
.147
5.4
For
eign
Dire
ct In
vest
men
t 911
69.7
1476
.313
20.9
1383
.713
39.1
1593
.132
3.4
44.9
486.
481
.0F
DI/
CA
def
icit
(%)
177.
736
9.2
298.
315
2.9
Por
tfolio
Inve
stm
ent -
Ass
ets
1057
1.4
51.2
1453
.564
6.5
329.
5-2
93.9
61.8
116.
718
5.5
151.
3P
ortfo
lio In
vest
men
t - L
iabi
litie
s 10
-97.
0-3
12.7
562.
751
4.1
1541
.728
1.4
-565
.0-7
9.8
-626
.8-8
9.9
Oth
er in
vest
men
ts -
Ass
ets
10-2
.572
4.4
-666
.815
63.5
1098
.4-1
698.
171
5.0
781.
1-7
75.6
926.
0O
ther
inve
stm
ents
- L
iabi
litie
s 10
-120
2.8
-119
6.6
316.
9-8
60.2
1078
.8-2
837.
211
.3-1
42.5
-47.
3-1
88.1
(% o
f G
DP
)C
urre
nt A
ccou
nt
-1.7
0.3
-0.9
1.3
0.9
1.4
-0.2
0.4
-0.7
0.4
Tra
de B
alan
ce
-9.5
-6.6
-9.6
-7.0
-6.5
-4.3
-0.3
0.1
-0.9
-0.1
Exp
orts
37.6
46.6
47.2
50.6
49.2
49.7
3.7
3.6
7.4
7.4
Impo
rts
47.1
53.1
56.8
57.6
55.7
54.0
4.0
3.5
8.3
7.5
Ser
vice
s, n
et
6.4
6.7
6.2
6.3
5.9
6.1
0.3
0.2
0.5
0.2
Tra
vel b
alan
ce
5.2
4.9
4.8
4.9
4.8
4.1
0.1
0.1
0.2
0.2
Inco
me
bala
nce
-2.7
-3.9
-2.5
-3.8
-2.3
-4.1
-0.3
-0.1
-0.6
-0.1
Cur
rent
Tra
nsfe
rs b
alan
ce
4.0
4.1
5.0
5.7
3.8
3.7
0.1
0.2
0.3
0.3
Cur
rent
and
Cap
ital A
ccou
nt
-1.0
1.6
0.5
2.4
3.1
4.6
-0.2
0.6
-0.6
0.7
Cap
ital a
nd F
inan
cial
Acc
ount
2.
64.
53.
63.
21.
69.
5-0
.30.
80.
11.
4F
inan
cial
Acc
ount
1.
83.
32.
32.
1-0
.76.
3-0
.40.
50.
01.
0F
DI
3.1
3.6
3.2
3.3
3.1
3.6
0.7
0.1
1.1
0.2
Por
tfolio
Inve
stm
ent -
Ass
ets
1.5
0.1
3.5
1.5
0.8
-0.7
0.1
0.3
0.4
0.3
Por
tfolio
Inve
stm
ent -
Lia
bilit
ies
-0.3
-0.8
1.3
1.2
3.6
0.6
-1.3
-0.2
-1.4
-0.2
Oth
er In
vest
men
t - A
sset
s 0.
01.
8-1
.63.
72.
6-3
.81.
61.
7-1
.82.
0O
ther
Inve
stm
ent -
Lia
bilit
ies
-3.2
-2.9
0.8
-2.1
2.5
-6.4
0.0
-0.3
-0.1
-0.4
28
EX
TER
NA
L S
EC
TOR
IND
ICA
TOR
S
III
2010
2011
2012
2013
2014
2015
2015
2016
2015
2016
Oth
er in
dic
ato
rs 11
Gro
ss E
xter
nal A
sset
s (in
mill
ion
Eur
o) 12
1888
3.8
1960
1.9
2212
4.0
2256
7.3
2560
5.7
2723
1.8
2555
0.2
2748
8.1
2563
7.9
2784
8.4
BN
B r
eser
ve a
sset
s(in
mill
ion
Eur
o) 13
1297
6.7
1334
8.7
1555
2.5
1442
5.9
1653
4.1
2028
5.3
1564
7.1
1956
7.9
1718
0.2
1974
7.9
CB
fore
ign
asse
ts (
in m
illio
n E
uro)
40
75.8
4617
.051
28.3
6961
.078
15.0
5439
.786
46.6
6413
.572
01.2
6593
.8N
onfin
anci
al s
ecto
r de
posi
ts a
broa
d (in
mill
ion
Eur
o) 14
1831
.316
36.1
1443
.211
80.4
1256
.615
06.7
1256
.615
06.7
1256
.615
06.7
Net
Ext
erna
l Deb
t (in
mill
ion
Eur
o) 15
1814
2.5
1669
3.0
1558
9.5
1436
8.3
1375
0.7
6859
.113
299.
564
26.9
1321
8.7
6019
.4N
et E
xter
nal D
ebt (
% G
DP
)48
.140
.837
.434
.332
.215
.430
.113
.929
.913
.0In
tern
atio
nal I
nves
tmen
t Pos
ition
, Net
(in
mill
ion
Eur
o) 16
-351
49.7
-341
69.3
-326
58.3
-306
04.8
-319
99.8
-268
22.2
Inte
rnat
iona
l Inv
estm
ent P
ositi
on, N
et (
% o
f GD
P)
-93.
2-8
3.4
-78.
3-7
3.0
-74.
9-6
0.7
BN
B r
eser
ve a
sset
s in
mon
hts
of G
NF
S im
port
s 17
7.7
6.6
6.9
6.3
7.1
6.0
6.7
5.9
7.3
6.1
BN
B r
eser
ve a
sset
s/ S
hort
term
deb
t11
5.9
132.
015
0.2
150.
916
5.9
257.
315
9.1
248.
417
4.2
254.
6B
NB
res
erve
ass
ets
(%)/
FX
dep
osits
of p
opul
atio
n 18
154.
915
2.2
178.
515
5.8
198.
214
9.0
178.
314
6.5
191.
715
0.1
* T
he in
dica
tors
that
are
cal
cula
ted
usin
g ex
tern
al d
ebt d
ata
are
pres
ente
d w
ith th
e pu
blic
atio
n of
the
exte
rnal
deb
t dat
a fo
r th
e re
port
ing
perio
d. 1/
Pre
limin
ary
data
for
2015
and
201
6 co
mpi
led
acco
rdin
g th
e B
PM
6. In
acc
orda
nce
with
the
prac
tice
of th
e B
NB
and
the
EC
B d
ata
revi
sion
req
uire
men
ts (
incl
uded
in th
e E
CB
Tim
etab
le fo
r E
xcha
nge
of B
alan
ce o
f Pay
men
ts,
Inte
rnat
iona
l Inv
estm
ent P
ositi
on a
nd R
eser
ve A
sset
s S
tatis
tics
with
in th
e E
SC
B),
the
data
for
Janu
ary
2016
hav
e be
en r
evis
ed.
F
low
dat
a in
clud
e th
e pe
riod
from
the
begi
nnin
g of
the
year
to th
e re
port
ing
mon
th; s
tock
dat
a ar
e as
of t
he e
nd o
f the
rep
ortin
g m
onth
. 2
/ The
EU
R e
quiv
alen
t is
calc
ulat
ed u
sing
e.o
.p. e
xcha
nge
rate
s of
the
resp
ectiv
e fo
reig
n cu
rren
cies
. D
ata
on e
xter
nal l
iabi
litie
s on
trad
e cr
edits
are
incl
uded
in th
e de
bt s
tock
.
3 Incl
udes
Gen
eral
Gov
ernm
ent'
s ex
tern
al d
ebt,
the
exte
rnal
deb
t of b
anks
from
the
publ
ic s
ecto
r an
d of
non
-fin
anci
al e
nter
pris
es fr
om th
e pu
blic
sec
tor,
as
wel
l as
the
publ
icly
gua
rant
eed
exte
rnal
deb
t of t
he p
rivat
e se
ctor
(in
a
ccor
danc
ewith
par
as 5
.5–5
.6 o
f Ext
erna
l Deb
t Sta
tistic
s: G
uide
for
Com
pile
rs a
nd U
sers
, 20
03).
Sou
rces
: Min
istr
y of
Fin
ance
, Bul
garia
n N
atio
nal B
ank,
ban
ks, l
ocal
com
pani
es.
4/ S
ourc
es: b
anks
, loc
al c
ompa
nies
.
5/ T
he in
dica
tors
that
are
bas
ed o
n gr
oss
dom
estic
pro
duct
(G
DP
) ar
e ca
lcul
ated
usi
ng th
e fo
llow
ing
data
: GD
P fo
r 20
15 a
mou
ntin
g to
EU
R 4
4,16
1.5
mill
ion
(NS
I dat
a as
of 8
Mar
ch 2
016
acco
rdin
g to
ES
A 2
010)
,
and
EU
R 4
6,34
6 m
illio
n fo
r 20
16 (
BN
B fo
reca
st).
6/ G
oods
and
non
-fac
tor
serv
ices
. The
indi
cato
r is
cal
cula
ted
on a
n an
nual
bas
is.
7/ A
ctua
l pay
men
ts.
The
EU
R e
quiv
alen
t is
calc
ulat
ed u
sing
the
mon
thly
ave
rage
exc
hang
e ra
tes
of th
e re
spec
tive
fore
ign
curr
enci
es. P
aym
ents
on
revo
lvin
g cr
edits
are
not
incl
uded
. 8
/ For
201
5 an
d 20
16 -
pre
limin
ary
NS
I and
BN
B d
ata.
Dat
a ar
e co
mpi
led
on a
bal
ance
of p
aym
ents
bas
is.
9/ D
ata
are
prov
ided
by
dire
ct in
vest
men
t com
pani
es r
epor
ting
to th
e B
NB
, by
the
Age
ncy
for
Priv
atis
atio
n, th
e N
SI,
the
Cen
tral
Dep
osito
ry a
nd th
e ba
nks.
10/ A
pos
itive
sig
n (+
) de
note
s an
incr
ease
in a
sset
s an
d lia
bilit
ies,
and
a n
egat
ive
sign
(-)
den
otes
a d
ecre
ase
in a
sset
s an
d lia
bilit
ies.
Incl
udin
g fin
anci
al d
eriv
ativ
es.
11/ D
ata
sour
ce fo
r th
e m
onet
ary
aggr
egat
es, b
anks
' ass
ets
abro
ad a
nd th
e fo
rex
depo
sits
: Mon
etar
y S
urve
y, F
ebru
ary
2016
. 1
2/ In
clud
ing
BN
B r
eser
ve a
sset
s, b
anks
ass
ets
abro
ad a
nd n
onfin
anci
al s
ecto
r de
posi
ts a
broa
d. 1
3/ In
clud
ing
mon
etar
y an
d no
n-m
onet
ary
gold
. Sou
rce:
Issu
e D
epar
tmen
t, B
NB
.
1
4/ D
ata
sour
ce fo
r O
ther
sec
tors
: BIS
Inte
rnat
iona
l Ban
king
Sta
tistic
s. D
ata
till S
epte
mbe
r 20
15 p
ublis
hed
in J
anua
ry 2
016
have
bee
n us
ed.
15/ C
alcu
late
d as
the
diff
eren
ce b
etw
een
the
stoc
ks o
f gro
ss e
xter
nal d
ebt a
nd g
ross
ext
erna
l ass
ets.
15/ In
tern
atio
nal i
nves
tmen
t pos
ition
(IIP
) da
ta a
re p
ublis
hed
quar
terly
, with
in 3
mon
ths
afte
r th
e re
port
ing
perio
d. 1
7/ T
he p
ropo
rtio
n (in
mon
ths)
of B
NB
Res
erve
Ass
ets
as o
f the
end
of t
he r
epor
ting
mon
th to
the
aver
age
impo
rts
of G
oods
and
Non
-Fac
tor
Ser
vice
s fo
r th
e la
st 1
2 m
onth
s.
18/ F
orex
dep
osits
of t
he p
opul
atio
n an
d th
e no
n-fin
anci
al s
ecto
r.
29
External Debt Indicators
0
10
20
30
40
50
Short-Term External Debt
(% of GDP)
Sources: BNB and MoF.
`
0
20
40
60
80
100
Public and Private External Debt
Public and Publicly-Guaranteed External Debt
Private Non-Guaranteed External Debt
(% of GDP)
Sources: BNB and MoF.
0
20
40
60
80
100
120
External Debt
Gross Exterbal Debt Net External Debt
(% of GDP)
Sources: BNB and MoF.
0
10
20
30
40
Short-Term External Debt / Gross External Debt
(%)
Sources: BNB and MoF.
`
0
50
100
150
200
250
300
BNB Reserve Assets / Short-Term External Debt
Source: BNB.
(%)
69.8
72.1
72.5
74.4
74.7
76.9
30.2
27.9
27.5
25.6
25.3
23.1
2010
2011
2012
2013
2014
2015
Maturity Structure of the Gross External Debt (shares, %)
Short-Term Debt Long-Term Debt
Sources: BNB and MoF.
30
7.7
9.5
9.1
15.3
16.4
16.2
34.0
31.7
33.9
30.5
34.4
34.4
15.6
17.4
15.7
13.9
12.1
12.1
42.8
41.4
41.3
40.3
37.1
37.4
2011
2012
2013
2014
2015
II. 2016
Gross External Debt by Sectors(shares, %)
Direct Investment Banks Other Sectors General Government
Sources: BNB and MoF.
3
6
9
12
15
2011 2012 2013 2014 2015 II. 2016
General Government External Debt
Sources: BNB and MoF.
(% of GDP)
5
10
15
20
25
30
2011 2012 2013 2014 2015 II. 2016
Banks External Debt
Sources: BNB and MoF.
(% of GDP)
15
23
30
38
45
2011 2012 2013 2014 2015 II. 2016
Other Sectors' External Debt
Sources: BNB and MoF.
(% of GDP)
20
30
40
50
2011 2012 2013 2014 2015 II. 2016
Direct Investment Liabilities
Source: BNB.
(% of GDP)
2.7
4.1
5.6
9.4
12.7
12.3
40.4
41.0
41.3
40.0
38.3
38.7
4.0
3.7
4.1
3.3
3.8
3.8
10.1
9.5
7.5
6.7
7.8
7.5
0.1
0.2
0.2
0.2
0.3
0.3
42.8
41.4
41.3
40.3
37.1
37.4
2011
2012
2013
2014
2015
II.2016
Gross External Debt by Instruments (shares, %)
Direct Investment Other Liabilities
Deposits of Non-Residents Trade Credits
Financial Loans Securities
Sources: BNB and MoF.
31
49.2
51.0
53.9
59.7
48.6
49.2
14.3
13.5
16.0
13.0
16.5
16.7
36.1
34.7
29.4
26.4
33.8
32.8
0.4
0.8
0.8
0.8
1.1
1.1
2011
2012
2013
2014
2015
II.2016
Short-Term External Debt by Instruments (shares, %)
Other Liabilities Deposits of Non-Residents Trade Credits Financial Loans
Sources: BNB and MoF.
5.8
15.3
11.3
37.7
37.4
30.2
0.9
22.7
32.4
16.3
17.5
17.3
20.3
78.0
28.2
19.5
40.7
14.8
18.5
9.5
4.6
43.3
32.7
31.6
30.0
26.8
40.0
16.5
2011
2012
2013
2014
2015
I.-II. 2015
I.-II. 2016
Gross External Debt Disbursements by Sectors (shares, %)
Direct Investment Other Secotrs Commercial Banks General Government
Sources: BNB and MoF.
44.6
23.2
49.3
13.4
16.0
2.2
38.2
55.4
76.8
50.7
86.6
84.0
97.8
61.8
2011
2012
2013
2014
2015
I.-II. 2015
I.-II. 2016
Gross External Debt Disbursements of Commercial Banks, Maturity Structure
(shares, %)
Short-Term Long-Term
Sources: BNB and MoF.
78.4
86.7
79.9
82.1
85.3
68.9
74.4
21.6
13.3
20.1
17.9
14.7
31.1
25.6
2011
2012
2013
2014
2015
I.-II. 2015
I.-II. 2016
Gross External Debt Disbursements of Other Sectors, Maturity Structure
(shares, %)
Short-Term Long-Term
Sources: BNB and MoF.
0
5
10
15
20
25
30
Gross External Debt Service
(% of GDP)
Sources: BNB and MoF.
0
25
50
75
100
Gross External debt Service
(% of exports of GNFS)
Sources: BNB and MoF.
32
GROSS EXTERNAL DEBT SERVICE BY SECTORS
PRINCIPAL PAYMENTS BY SECTORS
INTEREST PAYMENTS BY SECTORS
General Government
25.2
Commercial Banks25.4
Other Sectors34.9
Direct Investment
14.5
JANUARY - FEBRUARY 2016
General Government
54.0
Commercial Banks18.0
Other Sectors14.4
Direct Investment
13.6
JANUARY - FEBRUARY 2015
Sources: BNB and MoF.
General Government
7.5
Commercial Banks
2.9
Other Sectors46.4
Direct Investment
43.2
JANUARY - FEBRUARY 2016
General Government
43.4
Commercial Banks
1.7
Other Sectors31.8
Direct Investment
23.1
JANUARY - FEBRUARY 2015
Sources: BNB and MoF.
General Government
25.7
Commercial Banks26.1
Other Sectors34.6
Direct Investment
13.6
JANUARY - FEBRUARY 2016
General Government
54.8
Commercial Banks19.3
Other Sectors13.0
Direct Investment
12.9
JANUARY - FEBRUARY 2016
Sources: BNB and MoF.
33
34
METHODOLOGICAL NOTES ON THE COMPILATION OF THE GROSS EXTERNAL DEBT OF
BULGARIA1
For the compilation of the Gross External Debt, the Bulgarian National Bank (BNB) follows the
international standards and requirements set in the "External Debt Statistics: Guide for Compilers and
Users, 2003"2 and in the "Balance of Payments Manual", IMF, 5-th edition, 1993. That ensures
international compatibility of the data on one hand, and on the other hand - consistency between the
external debt statistics and the balance of payments, international investment position and national
accounts. The data on the gross external debt are an important source of information for given items
in the balance of payments and in the international investment position.
The BNB compiles and disseminates monthly statistical data on the gross external debt
presented by institutional sectors.
Publications comprise monthly data on (1) gross external debt stock (2) gross external debt
service and (3) disbursements. Additional analytical external debt data by creditors is disseminated
quarterly.
I. ACCOUNTING PRINCIPLES AND CONVENTIONS When compiling the debt statistics, the BNB follows the international definition of gross external
debt - "Gross external debt, at any given time, is the outstanding amount of those actual current, and
not contingent, liabilities that require payment(s) of principal and/or interest by the debtor at some
point(s) in the future and that are owed to non-residents by residents of an economy."3.
The main criterion for a liability to be included in the gross external debt of the country is that it
is issued by a resident and is owed to a non-resident4, regardless of whether it is issued on domestic
or international, money or capital markets. The same principle is applied for transactions - only those
between residents and non-residents are recorded. In the debt tables the BNB records the amount of
tranches actually disbursed, not contingent.
The stock of the liabilities is recorded at nominal, not market value even in the case when they
are in the form of tradable securities. The Gross External Debt of Bulgaria is reported in EUR.
The distinction between short-term and long-term debt is based on the original, not residual
maturity of the liability. The long-term debt5 includes all liabilities with original maturity of more than a
year, liabilities without predefined maturity date as well as liabilities related to direct investment, and
the short-term - those with original maturity of one year or less. All arrears of principals and interests
are recorded as short -term debt.
1 Last updated: July 23 rd, 2013. 2 External Debt Statistics: Guide for Compilers and Users, IMF, 2003, (Bank for International Settlements, The Commonwealth Secretariat, Eurostat, International Monetary Fund, Organisation for Economic Co-operation and Development, The Paris Club Secretariat, The United Nations Conference on Trade and Development, the World Bank) 3 External Debt Statistics: Guide for Compilers and Users, Chapter Two, para 2.3. 4 For a definition of resident and nonresident see the "Balance of Payments Manual", IMF, 5-th edition, para 57-58. 5 In compliance with the recommendations of EXTERNAL DEBT STATISTICS, Guide for Compilers and Users, IMF 2003, p.3.14 and 7.5 direct investment liabilities are included in the long-term external debt.
35
II. GROSS EXTERNAL DEBT COMPONENTS А. By institutional sectors:
The structure of the gross external debt table by institutional sectors is in compliance with the
requirements of the "External Debt Statistics: Guide for Compilers and Users, 2003"6, prepared by
several international organizations and published by the IMF.
The main components of the gross external debt tables classified by sectors are General
Government, Monetary Authorities, Banks and Other Sectors. In accordance with the international
statistical standards, debt liabilities related to direct investment (intercompany lending) are presented
separately. The classification by institutional sectors is in compliance with the Fifth edition of the
Balance of Payments Manual (1993). Within the sectors the external debt liabilities are classified by
maturity – short-term and long-term and by instruments.
General Government General Government debt includes: (1) central government debt, (2) local government debt, (3)
debt of social security funds and (4) debt of all nonmarket nonprofit institutions that are controlled and
mainly financed by government units. Public corporations and unincorporated enterprises that function
as if they were corporations (so called quasi-corporations) are explicitly excluded from the general
government sector and are allocated to banks or other sectors as appropriate. The debt liabilities of
the General Government sector are long-term and are classified by instruments – Loans and Bonds
and Notes. Liabilities for which no issue of tradable securities is involved are recorded under Loans.
Loans received by the central government from the IMF are also recorded under Loans. The central
government liabilities on securities issued on the domestic and on the international markets are
recorded under Bonds and Notes, as the principle that only debt owed to non-residents is external
debt is followed.. The item comprises the entire stock of the issue abroad. The part of the issue
abroad, held by residents at the end of the reporting period, is recorded with a negative sign in item
Bonds and Notes, held by residents. The net decrease in the stock of Brady bonds, Eurobonds and
Global bonds, held by residents corresponds to a net increase in the holdings of non-residents and is
reported in the Disbursements table, and vice versa – in the tables on external debt service, as a
principal payment under the Bonds and Notes, held by residents sub-item.
The government securities, issued by the government on the domestic market and held by non-
residents, are also recorded under item Bonds and Notes.
Data sources: The main source of data is the Register of Government and Government-guaranteed
Debt of the Ministry of Finance (before 31.12.2002 the source of that data was the System for Debt
Registration, Service and Management of the Ministry of Finance and the Bulgarian National Bank).
Other sources are Government and Government Guaranteed Debts Depository Directorate with the
BNB, the Central Depository and the banks. The source of data on securities issued abroad and held
by residents are the custodians and the banks.
6 External Debt Statistics: Guide for Compilers and Users, IMF, 2003 (Bank for International Settlements, The Commonwealth Secretariat, Eurostat, International Monetary Fund, Organisation for Economic Co-operation and Development, The Paris Club Secretariat, The United Nations Conference on Trade and Development, the World Bank)
36
Monetary Authorities In accordance with the international methodology on external debt statistics included herein are
the external liabilities of the BNB. The data is derived from the Register of Government and
Government-guaranteed Debt of the Ministry of Finance.
Banks Short-term liabilities of the banks include short-term loans, non-residents’ deposits with
domestic banks as well as other payables to non-residents. In sub-item Deposits are included
deposits in foreign currencies and in leva of non-residents with domestic banks. The net increase in
deposits in the banking system is reported in the Disbursements table, and the net deposit withdrawal
– in the tables on external debt service, as a principal payment under the Deposits sub-item. In
accordance with the External Debt Statistics: Guide for Compilers and Users, deposits related to
contingent liabilities are excluded7. Long-term liabilities include loans and bonds and notes issued by
the banks and held by non-residents.
Data sources: Data on the amount and transactions on external loans is received monthly
directly from the banks through a statistical form on their external liabilities. Money and Banking
Statistics Division with the Statistics Directorate of the BNB provides monthly data for the Deposits
and Other liabilities items. Source for the data on Bonds and Notes item is the Central Depository.
Other Sectors In the Other sectors item the debt of private and state-owned non-bank enterprises (incl.
Government guaranteed debt) as well as external liabilities of the households are recorded.
Short-term liabilities of the Other sectors include short-term loans, trade credits as well as other
payables to non-residents. Long-term liabilities include loans and bonds and notes issued by the
companies and held by non-residents.
Data sources: Data on financial loans is collected through the statistical Form SPB-4 Report on
the Financial Credit Liabilities of Residents to Non-residents, that covers data on the stock and the
various types of transactions on the credits. As the Foreign Exchange Law envisages quarterly
reporting of these liabilities, for the first two months of each quarter the BNB publishes estimations on
the non-bank enterprises, based on the debt service schedules provided by companies on the loans
extended to them and on estimations. Under the Trade credits sub-item are recorded the respective
liabilities of residents to non-residents8 excluding trade credit liabilities towards foreign direct
investors. Such data are collected from the BNB through Form SPB-6B Report on the liabilities of local
bodies to non-residents. As the Foreign Exchange Law envisages quarterly reporting of these
liabilities, for the first two months of each quarter the BNB publishes estimations for the stock of trade
credits. Data on liabilities of the households is collected through the annual statistical Form SPB-8
Report on the Assets and Liabilities of Resident Physical Persons to Non-residents.
7 "External Debt Statistics: Guide for Compilers and Users, IMF 2003, para 2.10 8 For a definition of trade credits, see "Balance of Payments Manual", IMF, 5-th edition, 1993, chapter XX, para. 414, as well as “External Debt statistics: Guide for Compilers and Users", Chapter Three, para.133.
37
Direct investment: Intercompany lending
In accordance with the international methodology on external debt statistics a distinction is
made between liabilities owed to direct investors9 (Intecompany Lending) and such owed to other
creditors. Liabilities related to direct investment relationship are separately identified (equity liabilities
arising from direct investment i.e. equity capital and reinvested earnings except nonparticipating,
preferred shares are excluded from external debt). Liabilities related to direct investment are treated
as a long-term debt.
B. By creditors
In accordance with the structure recommended by the External Debt Statistics: Guide for
Compilers and Users quarterly external debt stock tables by creditor sectors are prepared and
published.
C. Public Sector and Private Sector External Debt
In accordance with para. 5.5-5.6 of the External Debt Statistics: Guide for Compilers and
Users, IMF 2003, the public sector external debt comprises of the debt of sector General Government,
sector Monetary Authorities, the public banks, the public non-financial enterprises, as well as of the
government guaranteed debt of the private sector. The private sector external debt comprises of the
banks’ and non-financial enterprises’ debt, which is not included in the public and publicly guaranteed
external debt. The data are monthly.
III. PERIODICITY, FREQUENCY AND TIMELINESS OF THE GROSS EXTERNAL DEBT
PUBLICATIONS The Bulgarian National Bank compiles and publishes data on the stock of the gross external
debt of the country, the debt service payments and the disbursements on a monthly basis. The
external sector debt indicators, including external debt indicators, are also disseminated monthly.
The Bulgarian National Bank publishes the data according to its advance release calendar. In
the case of a change, the BNB informs the users on the new release date at least a week before the
advance date.
IV. DATA REVISION POLICY The data revisions policy of the Bulgarian National Bank is based on the following principles:
(i) Each monthly publication includes revisions of the data for the previous three months, and
each quarterly publication includes revisions of the monthly data for the whole current year.
(ii) When on-going changes are made due to additional information collected, as well as
resulting from elimination of errors, the Bulgarian National Bank timely informs the users through the
monthly press releases, as well as through the notes at the end of the external debt tables.
9 The BNB follows the international definition of direct investment according to which the acquisition of 10% or more of the voting power in the investment enterprise is considered to establish a direct investment relationship.
38
(iii) When significant revisions are made due to changes in the methodology for reporting of
certain external debt components or for other reasons, the Bulgarian National Bank publishes in
advance information on the changes, in order to facilitate the users of the data.
V. DATA DISSEMINATION The Bulgarian National Bank publishes the monthly gross external debt data on the web site
of the Bulgarian National Bank – http://www.bnb.bg. The data are published also in the BNB Monthly
Bulletin and in the semi-annual and in the annual official reports of the Bulgarian National Bank. Data
are simultaneously released to all interested parties.
VI. CONTACTS If you have any questions on the methodology applied by the Bulgarian National Bank or on
the gross external debt data published, please do not hesitate to contact Mr. Emil Dimitrov, director of
the Statistics Directorate, via e-mail at [email protected], and Mrs. Liliana Bancheva, head of
the Balance of Payments and External Debt Division, via e-mail at [email protected], or by
mail to the following address:
Bulgarian National Bank
Balance of Payments and External Debt Division
1 “Knyaz Alexander I” Square
1000 Sofia
BULGARIA
39
40
INTERNATIONAL INVESTMENT
POSITION
41
INT
ER
NA
TIO
NA
L I
NV
EST
ME
NT
PO
SIT
ION
OF
BU
LG
AR
IA 1
(EU
R m
ln.)
XІІ.2
010
XІІ.2
011
XІІ.2
012
IIІ.2
013
VI.
2013
IX.2
013
XІІ.2
013
IIІ.2
014
VI.
2014
IX.2
014
XII
.201
4II
I.20
15V
I.20
15IX
.201
5X
II.2
015
Net
Int
erna
tion
al I
nves
tmen
t P
osit
ion2
-35
149.
7-3
4 16
9.3
-32
658.
3-3
2 38
1.6
-32
796.
9-3
1 75
0.0
-30
604.
8-3
2 45
1.5
-32
466.
6-3
2 06
1.3
-31
999.
8-3
0 48
4.4
-27
840.
0-2
7 33
3.7
-26
822.
2D
irect
inve
stm
ent,
net
-31
721.
9-3
3 08
2.0
-34
408.
9-3
4 41
1.7
-34
844.
8-3
5 00
7.9
-33
925.
2-3
6 21
1.5
-36
446.
3-3
6 86
6.8
-36
887.
2-3
7 38
3.6
-35
082.
9-3
5 94
3.7
-35
848.
3P
ortfo
lio in
vest
men
t, n
et79
6.0
1 07
4.0
2 43
7.0
2 91
7.9
3 11
8.7
3 28
0.4
2 54
9.6
2 71
1.1
2 78
9.6
1 32
4.5
1 57
0.3
736.
9-2
30.5
100.
654
2.1
Fin
anc
ial d
eriv
ativ
es (
othe
r th
an
rese
rves
) a
nd e
mpl
oyee
sto
ck o
ptio
ns,
net
-110
.7-4
3.8
-32.
432
.250
.448
.542
.3-3
6.4
-40.
8-4
9.5
-45.
4-4
5.3
-20.
1-4
4.6
-30.
5O
ther
inve
stm
ent,
net
-17
089.
7-1
5 46
6.2
-16
206.
6-1
5 41
2.6
-15
711.
6-1
5 00
8.3
-13
697.
4-1
2 87
4.6
-13
091.
6-1
2 03
3.7
-13
171.
6-1
2 75
5.9
-11
730.
8-1
1 57
9.7
-11
770.
9R
eser
ve a
sset
s12
976
.713
348
.715
552
.514
492
.614
590
.414
937
.414
425
.913
959
.914
322
.515
564
.216
534
.118
963
.419
224
.320
133
.820
285
.4
ASS
ET
S25
120
.626
791
.030
305
.930
734
.930
529
.331
344
.431
317
.631
964
.832
258
.634
659
.736
102
.438
193
.237
207
.437
848
.937
903
.0
Dir
ect
inve
stm
ent
2 79
6.5
3 15
4.1
3 40
4.6
3 61
9.4
3 62
3.9
3 67
5.4
3 57
4.8
3 61
3.7
3 82
9.0
4 00
0.4
4 04
9.1
4 14
8.0
4 17
5.5
3 92
6.0
4 05
3.2
Equ
ity a
nd r
einv
estm
ent
of e
arn
ings
3
985.
21
067.
31
239.
41
266.
51
305.
51
341.
81
350.
41
158.
61
234.
61
375.
81
336.
31
383.
51
417.
01
405.
71
405.
4
Deb
t in
stru
men
ts
4,
51
811.
32
086.
82
165.
22
352.
92
318.
42
333.
62
224.
32
455.
12
594.
42
624.
52
712.
82
764.
62
758.
42
520.
32
647.
8
Por
tfol
io in
vest
men
t 6
2 54
2.9
2 61
2.9
4 37
2.4
4 53
4.2
4 67
8.7
4 80
0.1
4 93
8.5
5 14
7.0
5 20
4.6
5 10
9.8
5 51
8.5
5 99
9.2
4 76
3.3
4 66
3.3
4 99
7.3
Equ
ity a
nd in
vest
men
t fu
nd s
hare
s57
2.4
395.
547
1.2
542.
854
1.1
585.
163
2.1
776.
590
6.8
965.
01
051.
41
268.
01
230.
71
201.
41
389.
2E
quity
sec
uriti
es18
5.5
113.
314
0.6
158.
517
9.9
193.
719
1.6
222.
131
6.0
338.
439
7.2
517.
548
4.1
468.
252
7.5
Inve
stm
ent
fund
sha
res
386.
828
2.2
330.
538
4.3
361.
239
1.4
440.
655
4.4
590.
762
6.6
654.
175
0.4
746.
673
3.2
861.
8D
ebt
secu
ritie
s1
970.
62
217.
53
901.
33
991.
44
137.
64
215.
04
306.
44
370.
54
297.
84
144.
94
467.
14
731.
23
532.
63
461.
93
608.
0S
hort
-ter
m33
4.1
581.
258
2.5
615.
564
8.7
655.
860
3.8
643.
838
2.0
138.
422
3.6
318.
679
.296
.491
.4Lo
ng-t
erm
1 63
6.4
1 63
6.2
3 31
8.7
3 37
5.9
3 48
8.9
3 55
9.2
3 70
2.5
3 72
6.8
3 91
5.8
4 00
6.5
4 24
3.5
4 41
2.6
3 45
3.4
3 36
5.5
3 51
6.6
Fin
anci
al d
eriv
ativ
es (
othe
r th
an r
eser
ves)
and
em
ploy
ee s
tock
opt
ions
25.4
72.4
51.5
41.1
58.5
58.5
52.5
12.3
13.2
23.6
29.2
65.5
49.9
38.6
46.8
Oth
er in
vest
men
t6
779.
17
602.
86
924.
88
047.
67
577.
87
872.
98
326.
09
231.
88
889.
39
961.
79
971.
59
017.
08
994.
49
087.
18
520.
4O
ther
Equ
ity62
.668
.170
.871
.173
.872
.871
.672
.075
.779
.480
.986
.773
.373
.373
.3
Cur
renc
y a
nd d
epos
its 74
839.
75
326.
64
272.
95
056.
04
494.
94
816.
35
163.
06
383.
15
979.
57
183.
87
097.
95
945.
75
847.
26
014.
55
578.
3C
entr
al b
ank
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Oth
er M
FIs
2 95
2.6
3 62
8.8
2 85
4.4
3 71
5.6
3 18
4.7
3 58
0.2
3 96
3.9
4 74
6.3
4 22
5.3
5 48
7.2
5 37
9.6
4 08
5.6
3 87
8.3
4 03
9.6
3 56
9.7
Gen
era
l gov
ernm
ent
55.7
61.6
17.5
15.9
19.7
24.0
18.7
150.
815
5.4
168.
811
4.6
138.
115
9.1
139.
110
0.5
Oth
er s
ecto
rs1
831.
31
636.
11
401.
01
324.
51
290.
51
212.
11
180.
41
486.
01
598.
81
527.
71
603.
71
722.
01
809.
81
835.
81
908.
1F
ina
ncia
l cor
pora
tions
oth
er t
han
MF
Is90
.297
.022
0.3
180.
713
9.5
160.
513
7.6
130.
012
8.2
146.
597
.512
5.1
143.
512
0.4
86.9
Non
-fin
anc
ial c
orpo
ratio
ns,
hous
ehol
ds,
and
non
-pro
fit in
stitu
tions
ser
ving
hou
seho
lds
1 74
1.1
1 53
9.1
1 18
0.7
1 14
3.8
1 15
1.1
1 05
1.7
1 04
2.9
1 35
6.0
1 47
0.6
1 38
1.3
1 50
6.3
1 59
6.9
1 66
6.3
1 71
5.3
1 82
1.2
Loa
ns 4
880.
497
5.5
1 03
9.1
1 21
4.2
1 37
4.3
1 32
1.3
1 49
0.3
1 17
2.3
1 16
2.1
1 15
0.5
1 14
7.5
1 24
0.1
1 27
5.4
1 35
9.3
1 38
4.4
Cen
tra
l ba
nk0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0O
ther
MF
Is32
6.4
358.
435
2.4
468.
762
6.1
586.
672
7.1
431.
941
1.8
400.
140
1.0
425.
646
8.3
544.
654
3.5
Gen
era
l gov
ernm
ent
168.
117
2.8
159.
316
3.5
160.
615
4.8
153.
115
3.3
154.
916
3.2
133.
814
9.5
144.
114
4.1
147.
8O
ther
sec
tors
385.
944
4.3
527.
458
2.0
587.
657
9.8
610.
258
7.1
595.
458
7.2
612.
866
5.0
663.
067
0.6
693.
1F
ina
ncia
l cor
pora
tions
oth
er t
han
MF
Is17
.716
.113
.113
.413
.814
.418
.118
.419
.818
.376
.177
.777
.579
.086
.2N
on-f
ina
ncia
l cor
pora
tions
, ho
useh
olds
, a
nd n
on-p
rofit
inst
itutio
ns s
ervi
ng h
ouse
hold
s 36
8.2
428.
251
4.3
568.
657
3.9
565.
559
2.1
568.
857
5.5
568.
853
6.6
587.
358
5.5
591.
660
6.9
Tra
de c
redi
ts a
nd a
dva
nces
5
788.
897
3.9
1 15
5.5
1 20
7.3
1 14
8.7
1 15
0.4
1 02
9.9
1 02
2.4
1 03
9.7
1 03
9.2
1 15
5.4
1 21
2.7
1 36
4.3
1 21
9.0
1 17
6.4
Oth
er a
ccou
nts
rece
iva
ble
207.
525
8.7
386.
449
8.9
486.
251
2.1
571.
258
2.0
632.
450
8.9
489.
753
1.8
434.
242
1.1
308.
0
Res
erve
ass
ets
812
976
.713
348
.715
552
.514
492
.614
590
.414
937
.414
425
.913
959
.914
322
.515
564
.216
534
.118
963
.419
224
.320
133
.820
285
.4 M
onet
ary
gol
d1
364.
91
561.
21
617.
11
600.
01
184.
31
271.
81
123.
41
208.
91
237.
61
235.
81
258.
21
416.
81
358.
31
292.
01
263.
3 S
peci
al d
raw
ing
right
s70
8.9
725.
171
2.5
714.
970
2.7
694.
268
3.3
685.
769
2.3
720.
772
8.5
784.
276
8.8
766.
477
6.4
Res
erve
pos
ition
in t
he I
MF
39.3
40.5
39.8
39.9
39.2
38.7
38.1
38.2
38.6
40.2
40.6
43.7
42.9
42.7
43.3
Oth
er r
eser
ve a
sset
s10
863
.611
022
.013
183
.112
137
.812
664
.212
932
.712
581
.012
027
.012
353
.913
567
.514
506
.816
718
.717
054
.418
032
.718
202
.5
LIA
BIL
ITIE
S60
270
.360
960
.262
964
.263
116
.563
326
.263
094
.461
922
.564
416
.364
725
.266
721
.168
102
.168
677
.665
047
.365
182
.564
725
.2
Dir
ect
inve
stm
ent
34 5
18.5
36 2
36.1
37 8
13.5
38 0
31.1
38 4
68.7
38 6
83.3
37 5
00.0
39 8
25.2
40 2
75.4
40 8
67.2
40 9
36.2
41 5
31.7
39 2
58.3
39 8
69.7
39 9
01.5
Equ
ity a
nd r
einv
estm
ent
of e
arn
ings
21
921
.622
855
.423
756
.723
752
.824
100
.424
329
.423
359
.825
510
.625
520
.426
288
.826
217
.426
511
.026
690
.927
653
.927
819
.1
Deb
t in
stru
men
ts
9,
10
12 5
96.8
13 3
80.7
14 0
56.8
14 2
78.3
14 3
68.2
14 3
54.0
14 1
40.2
14 3
14.6
14 7
55.0
14 5
78.4
14 7
18.8
15 0
20.7
12 5
67.5
12 2
15.8
12 0
82.4
42
INT
ER
NA
TIO
NA
L I
NV
EST
ME
NT
PO
SIT
ION
OF
BU
LG
AR
IA 1
(EU
R m
ln.)
XІІ.2
010
XІІ.2
011
XІІ.2
012
IIІ.2
013
VI.
2013
IX.2
013
XІІ.2
013
IIІ.2
014
VI.
2014
IX.2
014
XII
.201
4II
I.20
15V
I.20
15IX
.201
5X
II.2
015
Por
tfol
io in
vest
men
t 11
1 74
6.9
1 53
9.0
1 93
5.4
1 61
6.3
1 56
0.0
1 51
9.8
2 38
8.9
2 43
6.0
2 41
5.0
3 78
5.3
3 94
8.2
5 26
2.3
4 99
3.8
4 56
2.8
4 45
5.2
Equ
ity a
nd in
vest
men
t fu
nd s
hare
s38
7.4
490.
526
8.2
283.
628
3.4
269.
224
2.2
221.
223
0.2
218.
918
3.4
177.
518
5.8
181.
021
0.1
Equ
ity s
ecur
ities
383.
448
7.9
257.
527
3.3
273.
225
7.8
230.
920
9.6
217.
220
6.2
170.
716
3.1
166.
416
4.2
192.
7In
vest
men
t fu
nd s
hare
s4.
02.
610
.710
.310
.211
.411
.311
.513
.012
.712
.614
.519
.416
.917
.4D
ebt
secu
ritie
s1
359.
61
048.
41
667.
21
332.
61
276.
61
250.
52
146.
72
214.
82
184.
83
566.
43
764.
85
084.
84
808.
14
381.
74
245.
1S
hort
-ter
m0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
042
.16.
70.
0Lo
ng-t
erm
1 35
9.6
1 04
8.4
1 66
7.2
1 33
2.6
1 27
6.6
1 25
0.5
2 14
6.7
2 21
4.8
2 18
4.8
3 56
6.4
3 76
4.8
5 08
4.8
4 76
6.0
4 37
5.0
4 24
5.1
Fin
anci
al d
eriv
ativ
es (
othe
r th
an r
eser
ves)
and
em
ploy
ee s
tock
opt
ions
136.
111
6.2
83.9
8.9
8.1
10.0
10.1
48.8
54.0
73.2
74.7
110.
870
.083
.377
.3
Oth
er in
vest
men
t23
868
.723
069
.023
131
.423
460
.223
289
.422
881
.222
023
.422
106
.321
980
.921
995
.423
143
.121
772
.920
725
.220
666
.820
291
.3
Cur
renc
y a
nd d
epos
its 67
600.
26
533.
57
018.
07
004.
66
820.
86
563.
16
256.
66
072.
26
027.
25
892.
85
703.
55
269.
04
243.
24
305.
44
133.
2C
entr
al b
ank
35.9
66.7
41.3
67.4
33.7
20.2
43.1
20.3
26.6
23.7
78.7
12.4
8.7
69.1
50.3
Oth
er M
FIs
7 56
4.4
6 46
6.8
6 97
6.7
6 93
7.2
6 78
7.1
6 54
2.9
6 21
3.5
6 05
1.9
6 00
0.6
5 86
9.1
5 62
4.8
5 25
6.6
4 23
4.5
4 23
6.3
4 08
2.9
Gen
era
l gov
ernm
ent
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Oth
er s
ecto
rs0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0F
ina
ncia
l cor
pora
tions
oth
er t
han
MF
Is0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0N
on-f
ina
ncia
l cor
pora
tions
, ho
useh
olds
, a
nd n
on-p
rofit
inst
itutio
ns s
ervi
ng h
ouse
hold
s 0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0Lo
ans
13 9
74.3
14 2
12.3
13 7
97.5
13 9
36.6
13 8
62.3
13 8
35.5
13 3
55.6
13 5
68.0
13 5
99.3
13 6
44.1
14 8
73.7
13 8
32.3
13 8
71.5
13 8
48.0
13 7
30.2
Cen
tra
l ba
nk0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
Oth
er M
FIs
12
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Gen
era
l gov
ernm
ent
13
1 86
0.4
1 97
0.6
2 01
9.1
2 15
1.8
2 09
4.0
2 08
4.5
2 26
8.0
2 38
2.2
2 37
8.0
2 37
1.6
3 37
4.9
2 54
3.5
2 52
6.2
2 51
4.0
2 43
7.3
Oth
er s
ecto
rs
14
12 1
14.0
12 2
41.7
11 7
78.4
11 7
84.8
11 7
68.3
11 7
51.0
11 0
87.6
11 1
85.8
11 2
21.2
11 2
72.5
11 4
98.8
11 2
88.8
11 3
45.3
11 3
34.0
11 2
93.0
Fin
anc
ial c
orpo
ratio
ns o
ther
tha
n M
FIs
2 82
2.1
2 64
1.1
2 06
8.5
2 03
1.0
1 94
9.4
1 89
7.1
1 91
7.8
1 70
2.8
1 69
4.1
1 67
1.7
1 87
3.9
1 84
4.1
1 90
1.8
1 88
9.8
1 87
1.2
Non
-fin
anc
ial c
orpo
ratio
ns,
hous
ehol
ds,
and
non
-pro
fit in
stitu
tions
ser
ving
hou
seho
lds
9 29
1.8
9 60
0.6
9 70
9.9
9 75
3.8
9 81
8.9
9 85
3.9
9 16
9.8
9 48
3.0
9 52
7.1
9 60
0.8
9 62
4.9
9 44
4.7
9 44
3.5
9 44
4.2
9 42
1.7
Tra
de c
redi
ts a
nd a
dva
nces
1
01
356.
91
446.
61
400.
11
526.
41
563.
11
526.
61
541.
51
532.
31
375.
91
442.
81
606.
01
635.
91
568.
01
479.
01
403.
8O
ther
acc
ount
s re
ceiv
abl
e22
8.8
151.
720
3.6
277.
934
0.7
262.
018
7.1
248.
928
7.0
295.
823
2.2
252.
427
4.5
269.
024
8.6
SD
Rs 1
570
8.4
724.
871
2.2
714.
870
2.5
694.
068
2.7
684.
969
1.5
719.
872
7.7
783.
376
7.9
765.
577
5.5
1 Pre
limin
ary
da
ta a
s of
Ma
rch
31,
201
6. T
he
data
are
com
pile
d in
acc
orda
nce
with
IM
F 6
-th
edi
tion
of t
he
"Ba
lan
ce o
f Pa
ymen
ts a
nd
Inte
rna
tion
al I
nve
stm
ent
Pos
ition
Ma
nua
l".
Th
e m
eth
odol
ogic
al n
otes
on
th
e co
mpi
latio
n o
f th
e IIP
da
ta a
re p
ublis
hed
at
the
inte
rnet
pa
ge o
f th
e B
NB
- w
ww
.bn
b.bg
In a
ccor
dan
ce w
ith t
he
BN
B p
ract
ice
an
d w
ith t
he
EC
B d
ata
rev
isio
n r
equi
rem
ents
(in
clud
ed in
th
e E
CB
Tim
eta
ble
for
Exc
ha
nge
of B
ala
nce
of P
aym
ents
, In
tern
atio
na
l
In
vest
men
t P
ositi
on a
nd
Res
erve
Ass
ets
Sta
tistic
s w
ithin
th
e E
SC
B),
da
ta fo
r Q
1 -
Q2
2015
are
rev
ised
.2 T
he
EU
R e
quiv
ale
nt
is c
alc
ula
ted
usin
g e.
o.p.
exc
ha
nge
ra
tes
of t
he
resp
ectiv
e fo
reig
n c
urre
nci
es.
3 P
relim
ina
ry d
ata
com
pile
d in
acc
orda
nce
with
th
e A
sset
/Lia
bilit
y pr
inci
ple.
Da
ta a
re p
rovi
ded
by d
irec
t in
vest
men
t co
mpa
nie
s re
port
ing
to B
NB
, A
gen
cy fo
r P
riva
tiza
tion
, N
SI,
Cen
tra
l Dep
osito
ry,
ban
ks a
nd
oth
ers.
T
he
2014
da
ta in
clud
e on
ly b
an
ks’ d
ata
on
rei
nve
sted
ea
rnin
gs.
4 On
th
e ba
sis
of t
he
repo
rts
subm
itted
to
the
BN
B b
y th
e en
terp
rise
s w
ith fi
na
nci
al c
redi
ts r
ecei
ved
from
non
-res
iden
ts.
D
ue t
o qu
art
erly
rep
ortin
g da
ta a
re s
ubje
ct t
o re
visi
ons.
5 Da
ta o
n t
rade
cre
dits
an
d a
dva
nce
s-a
sset
s (p
aid
adv
an
ces
an
d re
ceiv
abl
es fr
om s
uppl
iers
), r
epor
ted
to t
he
BN
B a
re in
clud
ed in
th
is it
em.
Due
to
qua
rter
ly r
epor
ting
data
are
sub
ject
to
revi
sion
s.
6 S
ecur
ities
issu
ed b
y n
on-r
esid
ents
an
d h
eld
by r
esid
ents
. S
ourc
es:
On
th
e ba
sis
of m
onth
ly b
an
ks',
insu
ran
ce c
ompa
nie
s a
nd
pen
sion
fun
ds a
nd
oth
er n
on-b
an
k
fina
nci
al i
nst
itutio
ns
repo
rts
an
d th
e qu
art
erly
rep
orts
of o
ther
inve
stm
ent
inte
rmed
iari
es.
7 Th
e so
urce
s fo
r O
ther
sec
tors
are
BIS
da
ta a
nd
bala
nce
sh
eet
data
of o
ther
fin
an
cia
l in
stitu
tion
s.8 I
ncl
udin
g m
onet
ary
an
d n
on-m
onet
ary
gol
d a
t m
ark
et p
rice
s. S
ourc
e: I
ssue
Dep
art
men
t of
th
e B
NB
.9 O
n t
he
basi
s of
th
e re
port
s su
bmitt
ed t
o th
e B
NB
by
the
ente
rpri
ses
with
fin
an
cia
l cre
dits
len
t to
non
-res
iden
ts.
D
ue t
o qu
art
erly
rep
ortin
g da
ta a
re s
ubje
ct t
o re
visi
ons.
10 D
ata
on
tra
de c
redi
ts a
nd
adv
an
ces-
liabi
litie
s (r
ecei
ved
adv
an
ces
an
d pa
yabl
es t
o su
pplie
rs),
rep
orte
d to
th
e B
NB
are
incl
uded
in t
his
item
.
Due
to
qua
rter
ly r
epor
ting
data
are
sub
ject
to
revi
sion
s.
11 S
ourc
e: C
entr
al D
epos
itory
AD
.12
Sou
rce:
mon
thly
ba
nks
' rep
orts
.13
Da
ta s
ourc
e: T
he
Reg
iste
r of
Gov
ern
men
t a
nd
Gov
ern
men
t-gu
ara
nte
ed D
ebt
of t
he
Min
istr
y of
Fin
an
ce.
Deb
t lia
bilit
ies
of t
he
publ
ic c
ompa
nie
s a
nd
the
gove
rnm
ent
gua
ran
teed
deb
t a
re e
xclu
ded.
14 D
ebt
liabi
litie
s of
th
e pu
blic
com
pan
ies
an
d th
e go
vern
men
t gu
ara
nte
ed d
ebt
are
incl
uded
.
Inte
rcom
pan
y lo
an
s a
re e
xclu
ded.
Da
ta c
ompr
ise
th
ose
cred
its (
incl
. re
volv
ing
an
d in
terc
ompa
ny
len
din
g) t
ha
t a
re d
ecla
red
befo
re t
he
BN
B a
nd
for
wh
ich
th
e B
NB
ha
s re
ceiv
ed in
form
atio
n.
15 S
peci
al d
raw
ing
righ
ts a
lloca
tion
s, w
hic
h c
ompr
ise
liabi
litie
s to
th
e IM
F.
43
44
METHODOLOGICAL NOTES ON THE COMPILATION OF THE INTERNATIONAL
INVESTMENT POSITION OF BULGARIA
(in accordance with the sixth edition of the Balance of Payments and International Investment Position
Manual)
The Bulgarian National Bank is in charge of the compilation of international investment position (IIP) as part
of the financial accounts of the country. The legal basis for the IIP compilation in Bulgaria is provided for in
Article 42 of the Law on the Bulgarian National Bank (Adopted by the 38th National Assembly on 5 June
1997; published in the Darjaven Vestnik, issue 46 of 10 June 1997; amended, issues 49 and 153 of 1998;
issues 20 and 54 of 1999; issue 109 of 2001; issue 45 of 2002; issues 10 and 39 of 2005; issues 37 and 59 of
2006: in force on the date of entry into force of the Treaty of Accession of the Republic of Bulgaria to the
European Union; issue 108 of 2006; issues 52 and 59 of 2007; amended, issues 24, 42 and 44 of 2009;
amended; issues 97 and 101 of 2010). Data for the purposes of the IIP compilation are collected on the basis
of Article 42 of the Law on the Bulgarian National Bank as well as on the basis of the Currency Law
(Adopted by the 38th National Assembly on 8 September 1999; published in the Darjaven Vestnik, issue 83
of 21 September 1999; in force as of 1 January 2000; amended; issue 45 of 2002, issue 60 of 2003, issue 36
of 2004, issue 105 of 2005; issues 43, 54 and 59 of 2006, in force on the date of entry into force of the Treaty
of Accession of the Republic of Bulgaria to the European Union; amended, issue 24 of 2009, effective as of
31 March 2009; amended, issues 16, 23 and 96 of 2011) and Ordinance No 27 of the BNB (Issued by the
Bulgarian National Bank on 13 March 2014; published in the Darjaven Vestnik, issue 27 of 25 March 2014).
These data are processed by the “Balance of Payments and External Debt” Division within the Statistics
Directorate of the BNB, ensuring its confidentiality. At present, the Bulgarian National Bank compiles and
publishes the international investment position in accordance with the Sixth Edition of the “Balance of
Payments and International Investment Position Manual” (IMF, 2008) and the “Recommendation of the
European Central Bank of 23 January 2014 amending Recommendation ECB/2011/24 on the statistical
reporting requirements of the European Central Bank in the field of external statistics (ECB/2014/2).
The IIP’ methodology is conceptually related to that of the System of National Accounts (SNA). The
items of the international investment position correspond closely to the relevant categories of the rest of the
world account in the SNA and the Gross External Debt.
There is a close relationship between the International Investment Position and the balance of
payments as well. The BOP financial account measures an economy's transactions in external financial assets
and liabilities, which affect the stock of external financial assets and liabilities measured in the international
investment position.
I. ACCOUNTING PRINCIPLES AND CONVENTIONS
The time of recording of the stocks in the international investment position is as of the end of the
reporting period.
Stocks valuations are based on market prices. If the actual market prices are not available, the
average market prices are used as approximation.
45
Valuation (exchange rate or price) changes of the country’s external assets and liabilities are
included in the international investment position.
The units of account for the international investment position of Bulgaria are the EUR and the BGN.
The conversion into the unit of account is made using the exchange rate at the end of the reporting period.
II. INTERNATIONAL INVESTMENT POSITION COMPONENTS
The IIP is the balance sheet of the country’s stocks of external financial assets and liabilities at the
end of a specific period. The primary level of classification in the i.i.p. statement is the distinction between
assets and liabilities. The second level of classification by function is fully consistent with the b.o.p. financial
account. The functional categories of assets and liabilities are (i) direct investment, (ii) portfolio investment,
(iii) financial derivatives (other than reserves) and employee stock options and (iv) other investment.
Included in assets are also the reserve assets held by the monetary authorities. The liabilities in the IIP are a
broader concept than the liabilities that constitute the country’s gross external debt, as they include equity
related liabilities. The third level of classification is by investment instrument.
In the international investment position components are classified in the following main categories:
A. DIRECT INVESTMENT
Direct investment is a category of cross-border investment associated with a resident in one
economy having control or a significant degree of influence on the management of an enterprise that is
resident in another economy. As well as the equity that gives rise to control or influence, direct investment
also includes investment associated with that relationship, including investment in indirectly influenced or
controlled enterprises, investment in fellow enterprises, debt and reverse investment.
Direct investment covers most financial transactions and positions between affiliates resident in
different economies. Investment income associated with direct investment positions is also
included in direct investment.
Intercompany lending is used to describe direct investment debt positions between affiliated
enterprises. It includes debt instrument positions (in debt securities, loans, trade credits and advances and
other accounts payable) other than those between selected affiliated financial corporations (it is not classified
as direct investment because it is not considered to be so strongly connected to the direct investment
relationship). The financial corporations covered by this case are: deposit-taking corporations (both central
banks and deposit-taking corporations other than the central bank); investment funds and other financial
intermediaries except insurance companies and pension funds.
The Direct investment has two presentations: Asset/Liability presentation (used in the international
investment position statistics) and Directional Principle presentation. The directional principle is a
presentation of direct investment data organized according to the direction of the direct investment
relationship. It can be contrasted with the asset/liability presentation of aggregates used in the presentation
of the international investment position, which are organized according to whether the investment relates to
an asset or a liability.
The difference between the asset-liability and directional presentations arises from differences in the
treatment of reverse investment and some investment between fellow enterprises. Under the directional
46
principle, direct investment is shown as either direct investment abroad or direct investment in the reporting
economy:
(a) Direct investment abroad covers assets and liabilities between resident direct investors and their direct
investment enterprises. It also covers assets and liabilities between resident and nonresident fellow
enterprises if the ultimate controlling parent is resident. Direct investment abroad is also called outward
direct investment.
(b) Direct investment in the reporting economy includes all liabilities and assets between resident direct
investment enterprises and their direct investors. It also covers assets and liabilities between resident and
nonresident fellow enterprises if the ultimate controlling parent is nonresident. Direct investment in the
reporting economy is also called inward direct
investment.
Under the directional principle, direct investment abroad and direct investment in the reporting economy
include both assets and liabilities, and thus, negative values may arise.
Data on both the asset/liability and directional principle bases of compilation are useful for different kinds of
analysis:
• Data on an asset/liability basis are consistent with monetary, financial, and other balance sheet data, so
facilitating comparison between the datasets. These data are needed on an immediate counterparty basis to
adequately monitor flows and positions. For instance, if a jurisdiction of convenience that is the home to
large SPEs (special purpose entities) were to experience a currency or other financial crises, data users would
find data sets that look through SPEs (or that net data for SPEs without separate identification of gross
levels) to be of limited help. SPEs and other entities may transform debt to equity, long-term to short-term,
local currency to foreign currency, fixed to variable rates, etc., and these transformations alter risk
characteristics in important ways.
• Data on a directional principle basis assist in understanding the motivation for direct investment and take
account of control and influence. In the directional presentation, reverse investment can be seen as equivalent
to the withdrawal of investment. The directional principle may be particularly useful for an economy with
large values of pass-through funds or round tripping, because the large investment flows into and out of a
economy may not be of primary interest to analysts of direct investment.
The international investment position uses direct investment assets and direct investment liabilities (so that
reverse investment is not netted in totals).
The BNB publishes FDI data according to both presentations.
Sources: The Bulgarian National Bank receives monthly data on direct investments in the country
from the Privatisation Agency, from the Central Depository, from the reporting system of banks on
transactions between residents and non-residents, from notaries and registry offices; quarterly data from the
Financial Supervision Commission, from the direct investment enterprises, from the Banking Supervision
Department of the BNB, from the insurance companies and pension insurance companies; annual data from
the NSI on foreign direct investment stock in enterprises from the non-financial sector.
47
For data on direct investments abroad the Bulgarian National Bank uses the information from FDI
declaration forms, from quarterly reports of non-financial sector enterprises and from the reporting system of
banks on transactions between residents and non-residents.
B. PORTFOLIO INVESTMENT
Portfolio investment is defined ascross-border positions involving debt or equity securities or investment
fund’ shares, other than those included in direct investment or reserve assets. Debt securities are subdivided
into long-term (with an original maturity of one year or more) and short-term (with an original maturity of
less than one year). The stocks of portfolio investment assets cover securities issued by non-residents and
held by residents. The stocks of portfolio investment liabilities cover securities issued by residents and held
by non-residents.
Securities are debt and equity instruments that have the characteristic feature of negotiability.
Sources: The main sources of information on the liabilities side of the Portfolio investment are the
data provided by the Ministry of Finance, the Bulgarian National Bank, banks and the Central Depository.
Data on the assets side of the Portfolio investment is provided by banks and non-bank custodians (which give
information about their and their clients’ portfolio investments), non-bank financial institutions, insurance
companies and pension funds, the Bulgarian National Bank and the Ministry of Finance.
C. FINANCIAL DERIVATIVES
The assets and liabilities in financial derivatives (other than reserves) and employee stock options
include positions in forward and future contracts, swaps, options, etc.
Sources: The main source of information are the monetary financial institutions.
D. OTHER INVESTMENT
Other investment covers other equity, currency and deposits, loans, trade credits and advances, and
other accounts receivable/payable. The liability position includes also the SDR liabilities to the IMF.
The Currency and Deposits component presents on the assets side the positions in the residents’
currency deposits held abroad, and on the liabilities side – the positions in the liabilities of the resident banks
to non-residents in domestic and foreign currency.
Sources: The main sources on the asset side are the BIS-Basel and the balance sheet data of deposit
taking corporations and other financial institutions. On the liabilities side data are provided by the deposit
taking corporations and the BNB.
Loans item includes outstanding positions (including accrued interest) on short- and long-term loans
between residents and non-residents (if no issue of a tradable security is involved with these loans).
Sources: Data on the item Loans (assets and liabilities) is received by the Ministry of Finance, the
Bulgarian National Bank, the banks and directly by the enterprises that have lent to or borrowed from
abroad. The companies report on a quarterly or an annual basis to the BNB. The monthly data on Loans,
Other sectors (assets and liabilities) is revised upon receipt of the respondents’ reports.
According to the IIP conventions trade credit arises from the direct extension of credit from a
supplier to a buyer, i.e. this is a credit extended by a trade partner without issue of a tradable security.
Items Other accounts receivable/payable include all transactions on miscellaneous accounts
receivable and payable not included elsewhere and transactions in arrears.
48
Sources: The main source of information on trade credits and advances and other accounts
receivable/payable (assets and liabilities) are the quarterly reports of enterprises on their assets/liabilities to
non-residents.
E. RESERVE ASSETS
Reserve assets include those external assets that are readily available to and controlled by the central
bank (government) for direct financing of balance of payments imbalances. The reserve assets comprise
monetary gold, SDRs, reserve position in the Fund, foreign exchange assets (consisting of currency and
deposits and securities), and other claims. The entries under this category pertain to transactions in the BNB's
external holdings which are administered by the Issue Department.
III. PERIODICITY, FREQUENCY AND TIMELINESS OF THE BALANCE OF PAYMENTS
PUBLICATIONS
The Bulgarian National Bank compiles and publishes the international investment position of the
country on a quarterly basis. The schedule of the Bulgarian National Bank is to publish the data within three
months after the close of the reference period.
IV. DATA REVISION POLICY
Revisions to the preliminary international investment position data are mandatory international
practice. They are particularly important in compiling the balance of payments and international investment
position because of the short deadlines after the end of the reporting period, in which the data is compiled
and published. Various sources (banks, non-bank financial enterprises, direct investment enterprises, the
Central Depository, the National Statistical Institute, etc.) are used for the data compilation. The incoming
data from these sources are with different frequency, timeliness (deadline for submitting the information
after the reporting period) and coverage. The different frequency and timeliness of the incoming information
necessitate these revisions.
The periodic data revisions that the BNB implements are in compliance with the ECB Timetable for
Exchange of Balance of Payments, International Investment Position and Reserve Assets Statistics within the
ESCB (which includes a data revision timetable), as well as with the Eurostat Timetable for Exchange of
data and policy of revisions in the European Union. Observing this policy of revisions ensures the
comparability of statistics between Member States of the European Union and the European System of
Central Banks. These revisions provide users with timely information on the updated data by separate items1.
Following the requirements of the ECB and Eurostat Timetables, the policy on revisions pursued by the
Bulgarian National Bank is based on the following principles:
(i) Each publication might include, if necessary revisions of the data for the previous reporting
period. With the forth quarter data, published in March, and the second quarter data, published in September
of the current reporting year, the timetables give opportunity for revising the data for the previous up to four
years, if necessary. In December with the publication of the data for the third quarter, data revision for the
current and previous years is possible, if necessary.
49
(ii) When on-going changes are made due to additional information collected, as well as resulting
from elimination of errors, the Bulgarian National Bank timely informs the users through the notes at the end
of the IIP table.
(iii) When significant revisions are made due to changes in the methodology for reporting of certain
IIP components or other reasons, the Bulgarian National Bank publishes in advance information on the
changes to facilitate the users of the data.
V. DATA DISSEMINATION
The Bulgarian National Bank disseminates the quarterly IIP data on its web site – http://www.bnb.bg.
The data is published also in the Bulgarian National Bank Monthly Bulletin.
Data on the international investment position of the country is included in the semi-annual and in the
annual official reports of the Bulgarian National Bank.
Data are simultaneously released to all interested parties.
VI. CONTACTS
If you have any questions on the methodology applied by the Bulgarian National Bank or on the
international investment position data published, please do not hesitate to send them to Mr. Emil Dimitrov,
director of the Statistics Directorate, via e-mail at [email protected], and Mrs. Liliana Bancheva, head
of the Balance of Payments and External Debt Division, via e-mail at [email protected], or by mail
to the following address:
Bulgarian National Bank
Balance of Payments and External Debt Division
1 Knyaz Alexander I Square
1000 Sofia
BULGARIA
Last updated on 30th June, 2015
1 The annual data on foreign direct investment in the country are revised 15 months after the close of the reporting period (after the annual NSI data on the nonfinancial sector are received in the BNB).
50
Press ReleasesStatistical Press Releases
Balance of PaymentsFebruary 2016Previous Press Releases
Gross External DebtFebruary 2016Previous Press Releases
Research and PublicationsBNB Periodical Publications
Statistical PublicationsBalance of Payments of Bulgaria
January - February 2016Previous Publications
Foreign TradeJanuary 2016Previous Publications
Direct InvestmentsJanuary - February 2016Previous Publications
Gross External Debt of BulgariaFebruary 2016Previous Publications
StatisticsMacroeconomic Indicators
External Sector IndicatorsExternal Sector
Balance of PaymentsStandard Presentation (BPM6)
Balance of Payments - Standard Presentation 2010 - 2016 (EUR million)Balance of Payments - Standard Presentation 2007 - 2009 (EUR million)Balance of Payments - Standard Presentation 2010 - 2016 (BGN million)Balance of Payments - Standard Presentation 2007 - 2009 (BGN million)Services (EUR million)Primary income (EUR million)Secondary income (EUR million)Direct Investment (EUR million)Portfolio Investment (EUR million)Other Investment (EUR million)
Analytical Presentation (BPM6)Balance of Payments - Analytical Presentation 2010 - 2016 (EUR million)Balance of Payments - Analytical Presentation 2007 - 2009 (EUR million)Balance of Payments - Analytical Presentation 2010 - 2016 (BGN million)Balance of Payments - Analytical Presentation 2007 - 2009 (BGN million)
Foreign TradeExports
End-Use - monthly data (EUR million)End-Use - quarterly data (EUR million)End-Use - annual data (EUR million)Main Trade Partners and Regions - monthly data (EUR million)Main Trade Partners and Regions - quarterly data (EUR million)Main Trade Partners and Regions - annual data (EUR million)Main Trade Regions by End-Use - quarterly data (EUR million)Main Trade Regions by End-Use - annual data (EUR million)
ImportsEnd-Use - monthly data (EUR million)End-Use - quarterly data (EUR million)End-Use - annual data (EUR million)Main Trade Partners and Regions - monthly data (EUR million)Main Trade Partners and Regions - quarterly data (EUR million)Main Trade Partners and Regions - annual data (EUR million)Main Trade Regions by End-Use - quarterly data (EUR million)Main Trade Regions by End-Use - annual data (EUR million)
*As of 26 April 2016.
External Sector Statistics, Compiled by Balance of Payments and External Debt Division and Disseminated
through the BNB web-site (http://www.bnb.bg), by Items: *
51
StatisticsExternal Sector (continued)
Direct InvestmentIn Bulgaria (BPM6)
FDI flows by investment type - annual data FDI flows by investment type - quarterly data FDI flows by investment type- monthly data Foreign Direct Investment in Bulgaria - stocks - annual data (EUR million)Foreign Direct Investment in Bulgaria - stocks - quarterly data (EUR million)
Abroad (BPM6)DI flows by investment type - annual data DI flows by investment type - quarterly data DI flows by investment type - monthly data Direct investment abroad - stock - annual data (EUR million)Direct investment abroad - stock - quarterly data (EUR million)
International Investment Position (EUR million)International Investment Position (BPM6)
Quarterly data 2010 - 2015 (EUR million)Quarterly data 2010 - 2015 (BGN million)Annual data 2010 - 2014 (EUR million)Annual data 2010 - 2014 (BGN million)
Gross External DebtGross External Debt Stock by Sectors, 1999 - 2016
(monthly data in EUR million)Gross External Debt Stock by Instuments, 1999 - 2016
(monthly data in EUR million)Gross External Debt Stock by Creditors, 2004 - 2015
(quarterly data in EUR million)Currency Structure of the Gross External DebtGross External Debt Stock of Other Sectors whit Geographical Structure, 2004 - 2015
(quarterly data in EUR million)Gross External Debt Stock of Other Sectors whit Branch Structure, 2004 - 2015
(quarterly data in EUR million)Gross External Debt Service by Sectors, 2013 - 2016
(monthly data in EUR million)Gross External Debt Service by Sectors, 2010 - 2012
(monthly data in EUR million)Gross External Debt Service by Sectors, 2007 - 2009
(monthly data in EUR million)Gross External Debt Service by Sectors, 2002 - 2006
(monthly data in EUR million)Gross External Debt Service by Sectors, 1999 - 2001
(monthly data in EUR million)Gross External Debt Disbursements by Sectors, 1999 - 2016
(monthly, quarterly and annual data in EUR million)
Template on International ReservesPart I. Official Reserve Assets and Other Foreign Currency Assets Part II. Predetermined short-term net drains on foreign currency assets (nominal value) Part III. Contingent short-term net drains on foreign currency assets (nominal value)Part IV. Memo items
ArchiveReal Effective Exchange Rates
Balance of Payments (BPM5) - archiveStandard Presentation (BPM5) - archiveAnalytical Presentation (BPM5) - archive
52
StatisticsExternal Sector (continued)
Direct Investment (BPM5) - archiveIn Bulgaria (BPM5) - archive
FDI flows by investment type - annual data FDI flows by geographical region - annual data FDI flows by economic activity - annual data
FDI flows by investment type - quarterly data FDI flows by geographical region - quarterly data FDI flows by economic activity - quarterly data
FDI flows by investment type- monthly data
FDI stock by investment type - annual data FDI stock by geographical region - annual data FDI stock by economic activity - annual data
FDI stock by investment type - quarterly data FDI stock by geographical region - quaretrly data FDI stock by economic activity - quartelry data
Abroad (BPM5) - archive
DI flows by investment type - annual data DI flows by geographical region - annual data DI flows by industry - annual data
DI flows by investment type - quarterly data DI flows by geographical region - quarterly data DI flows by industry - quarterly data
DI flows by investment type - monthly data
DI stock by investment type - annual data DI stock by geographical region - annual data
DI stock by investment type - quarterly data
International Investment Position (BPM5) - archiveQuarterly Data (EUR million)Annual Data (EUR million)
Methodological NotesBalance of Payments
Publication of the Balance of Payments Data, Compiled in Accordance with the Sixth Edition of Manual the Balance of Payments and International Investment Position Compilation of the balance of payments in accordance with the methodology of the sixth edition of the Balance of Payments and International Investment Position ManualThe Implementation of the Sixth Edition of the Balance of Payments and International Investment Position Manual and its Effects on the Balance of Payments of Bulgaria for 2014Methodological Notes (BPM6)Standard and Analytic Concepts (BPM5)Methodological Notes (BPM5)Methodology for estimation of items „Travel”, “Passenger Transportation” and “Compensation of Employees - credit” of the Balance of Payments of BulgariaMethodology for Estimation of Item Workers’ Remittances, CreditMethodology for Compilation of Imports at FOB Prices and Receipts and Payments Regarding the Freight Transportation for the Balance of PaymentsMethodology for Estimation of Flows due to Unofficial Employment
Foreign TradeMethodological NotesMessage about the changes in the reporting of Foreigh Trade (16 January 2007)Announcement about the coverage and quality of the data on imports and exports for the period January - March 2007 (as of 18 May 2007)
Real Effective Exchange RateMethodological Notes
International Investment PositionPublication of the International Investment Position, Compiled in Accordance with the Sixth Edition of Manual the Balance of Payments and International Investment Position Compilation of the International Investment Position in accordance with the methodology of the sixth edition of the Balance of Payments and International Investment Position ManualThe Implementation of the Sixth Edition of the Balance of Payments and International Investment Position Manual and its Effects on the International Investment Position of Bulgaria for 2014Methodological Notes (BPM6)Methodological Notes (BPM5)
Direct InvestmentsMethodological Notes
Gross External DebtMethodological Notes
Template on International Reserves and Foreign Currency LiquidityMethodological Notes
Reporting Forms and Instructions
Electronic Services
53
Statistics (continued)Statistical Data Base
Selection of StatisticsBalance of Payments (BPM6)
Selection of:FrequencyAccounting entriesInternational accounts itemFunctional categoryInstrument and assets classificationCounterpart areaReference sectorUnit Measure
Foreign TradeSelection of:
FrequencyDirectionEnd-UseCounterpart area
Foreign Direct Investment in Bulgaria (BPM6)Selection of:
FrequencyFlows and stocks indicatorInstrument and assets classificationCounterpart areaUnit MeasureResident Economic Activity NACE 2008
Direct Investment of Bulgaria Abroad (BPM6)Selection of:
FrequencyFlows and stocks indicatorInstrument and assets classificationCounterpart areaUnit MeasureResident Economic Activity NACE 2008
Template on International Reserves and Foreign Currency LiquiditySelection of:
FrequencyItemData TypeSeries Denominated
Balance of Payments (BPM5)Selection of:
FrequencyData TypeItemCounterpart areaSeries Denominated
Foreign Direct Investment in Bulgaria (BPM5)Selection of:
FrequencyData TypeItemCounterpart areaSeries DenominatedResident economic activity
Direct Investment of Bulgaria Abroad (BPM5)Selection of:
FrequencyData TypeItemCounterpart areaSeries DenominatedResident Economic Activity
International Investment Position (BPM5)Selection of:
FrequencyData TypeItemCounterpart areaSeries Denominated
Real Effective Exchange Rate (Archive)Selection of:
FrequencyDeflator
54