Bulgaria Grapples with Soaring Corruption Rates: New Report Reveals Shocking Data
Corruption in Bulgaria has soared to its third highest peak in history, according to a recent report by the Center for the Study of Democracy
The revenues in Bulgaria's banking system have registered an impressive increase of 31.6% for the first two months of 2015 as compared to the same period of 2014.
Thus the total revenues have reached BGN 196 M, as reported by the monitoring data provided by the Bulgarian National Bank, Kapital daily reported.
The net interest has increased by BGN 18,5 M ( 4,4%) reaching BGN 441 M. Net income from taxes and commissions is now BGN 132.6 M , increasing by 5,6%. Devaluation losses remain practically unchanged, whilke administrative expenses have decreased to BGN 276 M.
The data presented does not involve financial information regarding the failed Corporate Commercial Bank (KTB).
However, the positive effect does not come from the regular bank activities. Rather, it has been based upon gains from financial assets and debts that have drastically increased from BGN 14 M in 2014 to BGN 85 M in the beginning of 2015.
Additionally, unusually high losses have been registered from shifts in currency rates - over BGN 55 M. In february, part of them have been eliminated through various bank activities, but another BGN 24.7 M remain.
Meanwhile, both personal and company credits have been on the decrease over the past three months. Bank assets have increased by BGN 307 M to BGN 86.47 B, thus showing a decrease from the 2014 levels. However, the data again don't include assets and debts owned by the Corporate Commercial Bank (KTB).
The reason for the overall development has been atributed to the increase in bank savings. Furthermore, almost the entire government subsidy provided by the Bulgarian Deposit Insurance Fund for KTB customers with deposits lower than BGN 100,000 has been redistributed to other Bulgarian banks.
Additionally, the negative credit interest in the Eurozone has stimulated local banks to store additional assets in the Bulgarian National Bank.
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