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Bulgaria's bank deposits up 5.4% y/y to EUR 33.7bn at end-2013

February 4, 2014

The value of deposits in Bulgarian commercial banks increased 5.4% y/y to BGN 66bn ( EUR 33.7bn ) as of end-2013, according to central bank data. The banking sector's loans-to-deposits ratio rose to 103.2% from 96.8% at end-2012. Household deposits climbed 9.4% y/y to BGN 39.2bn and corporate deposits rose 7% y/y to BGN 23.6bn. Some analysts have associated the increase in the deposit base throughout 2013 with the consumer price deflation from the last five months of the year. The drop in the CPI was said to be at least partially caused by a cash-building deflation as Bulgarians decided to reduce their current spending on consumer goods below their income, preferring instead to add the unspent income to their cash balance held in bank deposits.


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Source: IntelliNews - Weekly Reports


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