Bulgaria's state debt declined EUR 114.5 million to EUR 8.656 billion at the end of November 2003, month on month. That was mainly due to debt payments made and the depreciation of the dollar to the euro. Internal debt amounted to EUR 1.149 billion, external, to EUR 7.507 billion. The ratio between debt and GDP decreased to 48%, compared to 48.6% at the end of October. More substantial changes were observed in the government's domestic debt: euro-denominated debt increased from 21.2% at the end of October to 22.3% as of November 31. That resulted from the sale of EUR 20 million worth of 15-year euro-denominated bonds by the finance ministry. For the first 11 months of the year debt payments in BGN prevailed (BGN 770.8 million), followed by payments in dollars (equivalent to BGN 575.9 million) and euro (BGN 474.4 million).