The total gross foreign debt of the Slovak Republic was USD 13.188 billion at the end of December 2002, up USD 1.018 billion in one month. Exchange rate differences caused by the movement of the EUR/USD cross rate contributed by a 45 percent to the increase in Slovak foreign debt. In December, the euro appreciated towards the USD by 4.9 percent, reported the central bank NBS.

Total long-term foreign debt grew by USD 517.9 million in one month to stand at USD 8.952 billion in late December. Official debts of the Slovak government and the central bank increased by USD 301.9 million to USD 3.740 billion. An increase in the volume of bonds denominated in the Slovak currency held by foreign investors, contributed USD 183.8 million to the increase in the central government’s and bank’s debt.

Slovakia’s short-term foreign debt stood at USD 4.237 billion at the end of December, up USD 500.4 million over the month. Short-term liabilities of commercial banks increased by USD 309.5 million to USD 1.290 billion while short-term liabilities of corporate entities increased by USD 202.1 million to USD 2.947 billion.

Total gross foreign debt per capita was USD 2,452, compared with USD 2,095 at the end of 2001. Short-term debt accounted for 32.12 percent of Slovakia’s total foreign debt, up 1.42 percentage points from November.