Foreign debt up in first quarter of 2008

The Czech Republic’s foreign debt rose in the first quarter of 2008 by 137 billion crowns (9 billion USD) year-on-year to 1,354 billion crowns (89.2 billion USD). This figure accounts for 37.4 percent of GDP. The Czech National Bank released the figures on Monday, linking the rise in foreign debt to a rise in the number of short term loans commercial banks had taken out since the start of the year.