June 30, 2020 / 1:06 PM / 7 days ago

Croatia central bank buys more state bonds as government prepares new debt

ZAGREB, June 30 (Reuters) - Croatia’s central bank said on Tuesday it had bought state bonds nominally worth 1.32 billion kuna ($196 million) at an auction, boosting liquidity for the second consecutive day as the state gears up for a new local borrowing.

The central bank bought 2.75 billion kuna worth of bonds on Monday, part of its operations that began in March to boost local liquidity and ease state borrowing at a time when budget revenues fell sharply due to the coronavirus lockdown.

So far, the central bank has bought 17.9 billion kuna worth of state bonds in five such operations.

Croatia is likely to issue a local bond again next month to keep financing its budgetary needs in a year when the deficit is projected at 6.8% of gross domestic product, or about 25 billion kuna.

$1 = 6.7470 kuna Reporting by Igor Ilic; Editing by Edmund Blair

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