Foreign obligations declared to the Central Bank by the private sector totaled US$
53,799 million as of March 31, 2010, of which US$50,621 million corresponded to the non-financial private sector
(NFPS) and US$3,178 million to the private financial sector (SPF).
The increase of US$ 167 million observed in the first quarter of the year was due to the behavior
of the NFPS’ external liabilities, which increased by US$ 446 million due to higher commercial obligations. The SPF, following the trend observed in the sector’s external liabilities, registered a net decrease of US$ 279 million. In year-on-year terms, the decrease in total private sector liabilities
reached US$ 2,736 million.
Liabilities for the financing of imports of goods totaled US$ 14,914 million, a level
higher by US$ 453 million than the records at the end of 2009. External debt for advances and
pre-financing of exports increased by US$ 454 million in the quarter, reaching a
stock of US$ 5,245 million. This level represented 8% of the estimated exports for the
next twelve months.
The NFPS received fresh funds for only US$ 256 million, mainly from companies of the same group
(62%). Also noteworthy were placements of the NFPS in the local capital market for US$ 122
million. These values were a reflection of the postponement of new placements pending the improvement
in the conditions of placement of new debt, as of the closing of the second debt
swap offered by the National Government.
The average rate paid for interest-bearing debt was 5.70% per annum; while
the implied rate of the total external debt of the NFPS stood at 3.05% per annum.
The fall in SPF debt was recorded in almost all categories, with the largest reduction in financial and import financing credit lines and debt securities (US$ 136
million). The SPF continued to develop its activities in a framework of strong local liquidity, did not take
fresh funds in the quarter, and allocated US$ 74 million to the repurchase of securities in the capital market
.
