Bulgaria's broad money supply M3 rose 8.9% y/y to BGN 67.2bn ( EUR 34.4bn ) as of end-December 2013 , slowing its annual growth from 9.6% at end-November, central bank data showed. In monthly terms, M3's rate of increase accelerated to 1.5%, reaching a four-month high. The M1 money supply aggregate, which includes money outside financial institutions and overnight deposits, grew 17.5% y/y to BGN 27bn at the end of 2013. However, M1 shrank 0.8% in December as compared to the previous month. Meanwhile, money in the narrowest sense (currency in circulation) rose 7.4% on the year to BGN 10.3bn at the of 2013 as a result of an improvement in Bulgaria's current account, which balanced a surplus in six consecutive months from June to November and had most probably ended the year this way. The central bank also reported that domestic credit (loans to the government and the private sector) increased at an yearly rate of 3.6% to BGN 57bn at end-December, speeding up from an annual growth of 2.3% at end-November. The stock of outstanding corporate loans ticked up 0.1% y/y to BGN 35bn and the supply of consumer loans advanced 2.2% y/y to BGN 7.4. On the other hand, the value of mortgage loans dropped 1.2% on the year to BGN 8.8bn. The share of bad and restructured loans in total loans edged up 0.1pps y/y to 18.1% in December 2013 .
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