The German government has announced a reduction in its planned federal debt sales for Q4 2023, marking a significant decrease from its previously outlined plan. The cutback, which signals a decrease in financial aid for corporations and households grappling with escalating energy expenses, amounts to €31 billion ($33 billion). This information was disclosed on Tuesday.

The Federal Finance Agency revealed that bond issuance would see a reduction of €8 billion, while bill sales would be lowered by €23 billion. This contrasts with a plan that was released in December 2022.

This latest reduction, along with the cutback implemented in Q3 2023, brings the total sales decrease for this year to €45 billion. However, despite these reductions, the total sales for the year are projected to reach approximately €500 billion. While this figure is lower than initially planned, it still marks an all-time high.