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Public Debt

Prior to March 1985, successive governments had borrowed under a fixed exchange-rate regime to finance the balance of payments deficit. Since the adoption of a freely floating exchange-rate regime, governments have undertaken new external borrowing only to rebuild the nation's external reserves and to meet refinancing needs.

Direct public debt decreased by a net amount of $2,679 million including swaps between 1 July 2012 and 30 June 2013. This decrease was due to a net decrease in internal debt of $1,765 million and a decrease of $914 million in external debt.

Government gross direct debt amounted to 33.2% of GDP in the year ended June 2013, down from 35.5% the previous year.

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