The ratio rose after a steady drop since the middle of 2011. The ratio of net external debt, calculated excluding debt on parent company loans, fell steadily from 55.7% of GDP at the end of September 2011 to 37.1% at the end of March 2014, before rising to 39.0%.
Debt-type liabilities rose, however, only moderately and their rise was largely offset by the increase of nominal GDP, the report said. But the forint weakened about 1% in the three months to the end of June and the yield of forint government securities fell about 150 basis points.
The MNB noted that dropping yields are favourable from the aspect of sustainability but they also increase the value of government securities held by foreign investors, thus raising the external debt ratios.
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