Sweden's budget deficit exceeded the estimate by SEK 75 billion in January due to on-lending to the central bank, the National Debt Office said Thursday. The central government payments showed a deficit of SEK 96.3 billion in January.
The Riksbank requested SEK 100 billion in foreign currency from the Debt Office to strengthen the foreign currency reserve. The Debt Office borrowed the equivalent of SEK 73.2 billion in January, which were then lent to the Riksbank.
Tax revenue in January was SEK 5.6 billion lower than forecast. The Debt Office's net lending to government agencies, excluding on-lending was SEK 2.7 billion lower than estimated, it said.
At the same time, interest payments on central government debt were SEK 1.3 billion lower than expected in January.
For the twelve-month period up to the end of January 2013, central government payments resulted in a deficit of SEK 106.6 billion.
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