Serbia's public debt at 60.5 percent of GDP at end-November 2012

Serbia's public debt at the end of November amounted to EUR 17.56 billion and its ratio to gross domestic product (GDP) was 60.5 percent, Tanjug news agency reports.

This was announced by the Serbian government's Public Debt Administration.

The country's public debt increased from EUR 16.59 billion at the end of October, mainly due to an additional issuance in mid-November of USD 750 million eurobonds that mature in November 2017.

During November, Serbia borrowed additional RSD 25.1 billion through securities denominated in the Serbian dinars and EUR 38.5 million through euro-denominated securities.

The public debt has increased from EUR 14.78 billion at the end of 2011 to EUR 17.56 billion at the end of November 2012.

Viewed in dinars, the public debt at the end of November amounted to RSD 1.978 billion.

The most important items in public debt servicing had to do with long term government securities, to the amount of RSD 13 billion, short term government securities, to amount of RSD 4.4 billion and liabilities to banks, to the amount of RSD 1.2 billion.

Most of the public debt remains denominated in foreign currencies. The debt by currency denomination is as follows: 51 percent in euros, 23.1 percent in U.S. dollars, 18.3 percent in dinars, 5.7 percent in special drawing rights and 1.9 percent in other currencies.

Securities issued on the domestic market had the greatest share in principal payments, which amounted to EUR 2.1 billion, while the relevant interest paid amounted to EUR 245 million.

In line with the Public Debt Management Strategy, the government managed to increase the level of participation of the domestic currency in the public debt from 16.2 percent at the end of 2011 to 18.3 percent at the end of November 2012.