New government may soon review public debt management strategy

The bonds with an interest of 2.24% were bought mainly by Japanese institutional investors such as banks, insurance companies and investment funds. The value of foreign issues realized from the beginning of the year amounts to EUR 9.4 billion and their number now amounts to 14, which means that the activity of the Finance Ministry in this respect significantly increased since in 2004 there were just 6 foreign issues the value of which slightly exceeded EUR 3 billion. The strategy of public debt management for 2006-2008 approved by the former Finance Minister Mirosław Gronicki assumed that the foreign financing ratio will further increase to zł.20.1 billion in 2006. However, Cezary Mech, who was yesterday appointed as a Deputy Finance Minister earlier declared that the public debt management strategy would be thoroughly scrutinized and the increase of exposure to foreign markets "raises concerns". (Parkiet, p. 8) E.B.