Poland to complete financing of 2012 borrowing needs in Oct.
September 20, 2012
Poland has already financed 95% of 2012 borrowing needs and will complete this year's financing in October, hoping to pre-finance over 20% of 2013 borrowing needs defined at PLN 145 billion yet this year, deputy Finance Minister Wojciech Kowalczyk told reporters on Wednesday.
"We have financed 95% of this year's borrowning needs and we still have one bond auction in September," Kowaczyk said. "Hence, in October we will complete financing this year's needs."
Poland wants to increase pre-financing of next year's needs versus the level of pre-financing for this year [18%], according to Kowalczyk.
"With a good market situation and stable demand, we should pre-finance this year over 20% of next year's borrowing needs amounting to PLN 145 billion," he said.
Pre-financing should be accomplished mostly through switching auctions and foreign currency accumulation but the Finance Ministry will adjust to the situation on the market.