In September 2023, the debt of the central government decreased to €22.5 billion, showing a reduction of €1.33 billion or 5.6% compared to the end of June of the same year.
Compared to the corresponding period last year (September 2022), the government debt has decreased by €1.24 billion, equivalent to a percentage decrease of 5.2%.
According to the quarterly report from the Public Debt Management Office, during the third quarter of the year, the Republic of Cyprus made an early repayment of a domestic bond worth €300 million, which was originally due to mature in January 2024.
Additionally, in July 2023, a European Medium-Term Note (EMTN) of €1 billion matured.
Government bond maturities for the third quarter of 2023 amounted to €75 million, and bond repayments for individuals, including early repayments, totaled €18 million.
Loan repayments amounted to €17 million.
The Public Debt Management Office reported that the auctions of 13-week Treasury Bills in the third quarter of 2023 reached around €35 million, with an average weighted yield of 3.9%.
This marked an increase compared to the corresponding yield in the second quarter of 2023, which was 3.5%.
The debt coverage ratio for the same reporting quarter experienced a decrease from 3.8 in the previous quarter to 2.7.
Funds disbursed by the European Investment Bank for infrastructure projects in July and August amounted to €45 million.
Regarding the debt structure, 58.4% is allocated to external bonds, followed by loans from the European Stability Mechanism (ESM) at 28.8%, and 8% in loans from the European Investment Bank, the Council of Europe Development Bank, and the EU’s SURE fund.
It is noteworthy that 96% of the debt is external, with only 4% being internal debt. Long-term debt constitutes 99% of the total government debt, with only 1% in short-term duration.