Investor Presentaiton
GOVERNMENT DEBT MANAGEMENT (CONT'D)
INDICATORS CHARACTERIZING GOVERNMENT DEBT AND BENCHMARKS FOR 2021-2023
24
Benchmark
4.3
31.12.2020 30.09.2021
actual
actual
4.5
Weighted Average Interest Rate, %
Refinancing risk
Weighted Average Time to Maturity (ATM), years
Debt Share Maturing in Upcoming 365 Days, %
8-11
8.8
8.6
5.8
5.7
The share of Government Treasury Securities maturing in the
next year in total TS (at the end of the year), %
maximum 20%
11.5
11.1
Interest rate risk
The share of fixed rate debt in the total debt, %
Weighted Average Time to Refixing (ATR), years
Debt Share Refixing in Upcoming 365 Days, %
Exchange rate risk
Share of domestic debt in total debt, %
at least 80%
80.4
82.6
7.1
7.4
25.7
22.5
at least 25%
25.4
27.7
Share of AMD denominated debt in total debt, %
at least 25%
24.4
27.0
Abstract from Debt Strategy
In the medium-term and long-term, the share of the domestic net
borrowings in the State budget deficit financing will be increased
along with the targeted change of the structure and composition,
as well as the significant increase in the number of market
participants. It will be aimed at reducing the foreign exchange
rate risk, as well as will establish a background for the
application of new instruments in the financial market (floating,
index linked, targeted, etc.) and for the further development of
the market. Driven by the progress of the pension and insurance
reforms, it will be possible to speed-up the process of increasing
the weight of the State budget deficit financing from the
domestic sources.
The increase of the liquidity of the Government treasury
securities through enhancing volumes of the outstanding
Government treasury securities will continue to be considered
as a domestic public debt management target.View entire presentation