For the first 6 months of 2025, the net external financing of the state reached a positive value, amounting to about $118.43 million. At the same time, the fluctuation of the exchange rate of the U.S. dollar against other currencies during this period amounted to $362.77 million and affected the amount of debt obligations.
Thus, the balance of external public debt as of June 30, 2025 increased by $481.20 million (about 11.5%) compared to the beginning of the year and amounted to $4,671.49 million ($4,190.29 – as of the beginning of 2025). External receipts on a cumulative basis since the beginning of the year amounted to $435.45 million. In June alone, the government received the equivalent of $340.08 million in external borrowings.
It should be reminded that the external public debt, according to the National Bank’s calculations, accounts for about 41% of the total external debt, and its servicing in the first quarter of the year was ahead of schedule, which allowed reducing short-term liabilities by 14%.
The IMF is currently assessing whether further large-scale depreciation of emerging market currencies could have adverse consequences for financial stability. Since the beginning of the year, currencies have depreciated by an average of 4% against the US dollar, even after a partial recovery in recent weeks. However, preliminary observations suggest that the currencies of Central and Eastern Europe and Africa have experienced more moderate depreciation.
