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Bulgaria Foreign Debt Drops 2,8% By End Of January

Bulgaria's gross foreign debt falls 2,5% to 27,4 billion EUR at the end of January.

The reason according to the central bank is the withdrawn of foreign deposits from local banks, Reuters informed.

The foreign debt has jumped to almost 36% y / y mainly due to strong private borrowing through the last year, data showed.

The debt slowed to 83,7% of GDP by the end of January, down from 97,3% a month earlier.

The private foreign debt fell 3% on a monthly basis to 23,4 billion EUR, after mainly foreign banks have withdrawn some 788 million EUR from their Bulgarian deposits.

Bulgaria paid a total of 1,02 billion EUR to service its gross foreign debt through January, up from 721 million in 2007.