Georgian gross external debt layout
07 October, 2010
Georgian gross external debt layout

Gross External Debt of Georgia by June 30, 2010 amounted to USD 8. 720 billions, National Bank of Georgia informed on October 1, 2010.


Gross External Debt Statistics is harmonized with Balance of Payments (BOP) statistics. Besides public sector debt, it includes private sector’s (Banking and Other sector) external debt.
The gross debt figure breaks down as following: about USD 2. 862 billion [that translates into 32.8% of the total debt] is public sector, USD 852.6 million (9.8%) - National

Bank’s debt, USD 1456. million (16.7%) - Banking sector’s debt, USD 1336 million (15.3%) - other sector’s debt and USD 2212.8 million (25.4%) is intercompany lending. 95.1 % of the Gross External Debt of Georgia is denominated in foreign currency.


In General, during the second quarter of 2010, Gross External Debt of Georgia decreased by USD 53.4 million of which USD 50.7 million comes from the public sector. The National Bank’s foreign liabilities have decreased by USD 26.2 million. Like preceding quarters, external liabilities of banking sector continued to decline. Banking sector’s foreign debt shrunk by USD 1 million during the reported quarter. At the same time other sectors’ external liabilities decreased by USD 12.2 million. To the contrary, intercompany lending increased by USD 36.7 million.


Increase in foreign liabilities mainly was observed in loans denominated in national currency. During the reporting period gross external debt in foreign currency declined by USD 93.7 million and for the end of the quarter amounted to USD 8293 million. On the other hand, the national currency-denominated external debt increased by USD 40.3 million and by the end of reported period stood at USD 427 million.


The public sector’s external debt increase, caused by operational changes, amounted to USD 14.9 million. While due to the exchange rates changes, gross external liabilities of public sector declined by USD 65.7 million.
External liabilities of the National Bank of Georgia (NBG) decreased by USD 26.2 million within the second quarter out of which USD 3.4 million decline in indebtedness was due to the operational changes (13% of the NBG’s total external debt decrease). Exchange rate changes led to decline NBG’s debt by USD 22.7 million (or 87% of an overall slump).
Long-term loans of the banking sector decreased by USD 28.4 million in the reported period.  To the contrary, there was a USD 27.3 million growth in short-term external liabilities of the banking sector. Due to exchange rate changes banking sector’s external debt decreased by USD 7 million.


The other sector’s external debt decrease [caused by operational and other changes] amounted to USD 4.4 million and USD 20.9 million respectively. Due to the exchange rates changes, gross external liabilities of other sector declined by USD 37.4 million. As a result of operational changes, intercompany lending increased by USD 58.3 whiles USD 20 decrease was caused by exchange rate changes. Within the second quarter of 2010, intercompany lending decrease due to other changes amounted to USD 1.6 million. That mainly was caused by reclassification of other sectors’ external liabilities into the category under consideration. 
In general operational and other changes led to increase the gross external debt of Georgia by USD 80.1 million and USD 19.3 million correspondingly in the reported period. On the other hand it has declined by USD 152.9 million due to exchange rate changes.

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