Bulgaria’s Fiscal Reserve at 2.1 Bln Euro as of Feb 25

Bulgaria’s Fiscal Reserve at 2.1 Bln Euro as of Feb 25

Bulgaria's fiscal reserve stood at 4.01 billion levs ($2.68 billion/2.05 billion euro) as of February 25, according to finance ministry data.

The fiscal reserve is lower than a month earlier, when it stood at 4.14 billion levs, but higher than 3.8 billion levs in February 2012, data published by the ministry showed.

"Traditionally, at the beginning of the fiscal year, the reserve decreases due to debt servicing and lower revenue at the beginning of the year," the ministry said.

The ministry also noted the transfer of 1.9 billion levs to repay maturing debt issued by the government of Simeon Saxe-Coburg Gotha, and the advance payments made to local farmers amounting to 840 million levs, as an additional burden to the fiscal reserve.

At the end of last year, Bulgaria's fiscal reserve totalled 6.08 billion levs, up from some 5.0 billion levs at the end of 2011.

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