News Column

Bulgaria's M3 money supply up 10.1% y/y to EUR 34.6bn at end-Jan, domestic credit rises 3.3% y/y

February 26, 2014



Bulgaria's broad money supply M3 rose 10.1% y/y to BGN 67.6bn (EUR 34.6bn) at end-January 2014, speeding up from the annual growth of 8.9% at end-December, central bank data showed. In monthly terms, M3's rate of increase slowed down to 0.6% in January from 1.5% the month before.

The M1 money supply aggregate, which includes money outside financial institutions and overnight deposits, grew 22.4% y/y to BGN 27.6bn at the end of January. M1 also expanded by 2.3% from the previous month. Meanwhile, money in the narrowest sense (currency in circulation) rose 8.8% on the year to BGN 9.6bn.

The central bank also reported that domestic credit (loans to the government and the private sector) increased 3.3% y/y to BGN 57.8bn at end-January, cooling from an annual growth of 3.6% at end-December. The stock of outstanding corporate loans edged down 0.6% y/y to BGN 34.8bn and the supply of consumer loans advanced 2.2% y/y to BGN 7.4bn. On the other hand, the value of mortgage loans dropped 0.8% on the year to BGN 8.8bn.

The share of bad and restructured loans in total loans ticked down 0.1pps y/y to 18.1% in January but remained unchanged from December.



Annual growth rates, %



Dec-09



Dec-10



Dec-11



Dec-12



Dec-13



Jan-14



M3 Money supply



4.2



6.4



12.2



8.4



8.9



10.1



M1 Money supply 



-8.8



1.4



14.4



9.5



17.5



22.4



Domestic credit 



6.8



5.1



7.5



2.4



3.6



3.3



Companies' loans 



2.3



2.4



5.7



4.8



0.1



-0.6



Consumer loans 



6.9



-2.8



-1.5



-2.3



2.2



2.2



Mortgages 



8.4



3.8



1.9



0.8



-1.2



-0.8



Source: Central bank (BNB)



 



 



 



 



 



 


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Source: IntelliNews - Weekly Reports


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