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, %
M3 Money supply
M1 Money supply
Source: Central bank (BNB)
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