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Central budget liabilities reach HUF 20,470 billion at end-June

Total liabilities of Hungary's central budget reached HUF 20,470.5 billion at the end of June, up 7.9% from twelve months earlier, detailed fiscal data for January-June published by the National Economy Ministry show.

Total central budget debt rose 6.4% to HUF 20,155.7 billion during the period.

Foreign currency debt climbed 11.9% to HUF 9,478.2 billion. The stock rose HUF 387.3 billion because of foreign bond issues and climbed HUF 641.5 billion because of exchange rate changes, but it was reduced HUF 19.1 billion by repayments.

Gross foreign currency debt accounted for 46.3% of total central budget debt at the end of June. Net foreign currency debt - corrected for foreign currency deposits from Hungary's IMF and EU support package - was 43.6% of the total.

Hungary issued a €2 billion, 10-year fixed-rate bond in January. The bond accounted for practically the entire planned foreign currency issues for the year.

The entire outstanding stock of foreign currency bonds, adjusted for a HUF 272.1 billion exchange rate loss, came to HUF 5,012.3 billion at the end of June, up HUF 658.3 billion from the end of 2009.

Total foreign currency loans from foreign and domestic institutions stood at HUF 4,465.9 billion at the end of June, up HUF 351.4 billion as the result of HUF 18.0 billion in repayments and HUF 369.3 billion in exchange rate losses.

Stock of deposits and loans paid out from Hungary's IMF and EU support package reached HUF 1,214.8 billion at the end of June, rising HUF 90.0 billion in six months mainly because of exchange rate changes.

Forint debt of the central budget rose 1.9% to HUF 10.677.4 billion at the end of June from twelve months earlier. The debt rose because of HUF 46.5 billion in loans from international development organizations. Stock of forint loans from such organizations financing projects came to HUF 485.2 billion.

Stock of outstanding forint government securities rose by HUF 154.7 billion to HUF 10,192.2 billion to account for 49.8% of total debt. Within government securities, stock of bonds rose HUF 281.2 billion and stock of retail papers climbed HUF 12.3 billion, but stock of discount T-bills fell HUF 112.4 billion from the end of December.

Within the HUF 434.3 billion stock of retail papers, stock of interest-bearing T-bills for retail investors fell HUF 47.0 billion to HUF 106.8 billion, stock of one- and two-year treasury saving bills dropped HUF 31.6 billion to HUF 228.7 billion and stock of inflation-linked “Premium” bonds rose HUF 66.3 billion to HUF 98.7 billion.

Holdings of government securities by non-resident investors rose HUF 30.2 billion from the end of December to HUF 2,185.7 billion at the end of June. They held HUF 54.0 billion of discount T-bills and HUF 2,131.7 billion of bonds. The average run left on state debt held by non-resident investors was 4.57 years.

Stock of other liabilities grew HUF 294.7 billion to HUF 314.8 billion because of exchange rate changes. (MTI-Econews)