International Monetary Fund: ‘Bulgaria Needs Further Banking Supervision Strengthening’

Business » FINANCE | May 25, 2017, Thursday // 09:45| Views: | Comments: 0
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Bulgaria: International Monetary Fund: ‘Bulgaria Needs Further Banking Supervision Strengthening’ pixabay.com

Owing to reforms, capital and liquidity buffers the Bulgarian banking system has stabilized in the wake of the closure of Corporate Commercial Bank in 2014. This is the finding of the International Monetary Fund following its evaluation of the stability of Bulgaria’s financial system, BNR reported.

IMF recommends further strengthening of banking supervision.

Another key IMF recommendation to Bulgaria is cutting non-serviced bank loans. After the completion of stress tests and a review of bank assets last summer, the Bulgarian National Bank issued recommendations to two banks where problems had been found – First Investment Bank and Investbank.

In latest BNB figures non-serviced and rescheduled business loans account for less than 17% of all approved loans. The total amount of bad loans in business crediting was 10% down for a year. It comes to the tune of EUR 2.65. 

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Tags: National Bulgarian Bank, banking system, Investbank, loans, financial system
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