IMF: Bulgaria Bank System Stable though Bad Loans Rise
Bulgaria's banking industry is stable even though it ranks third in the European Union in terms of bad loans, IMF data shows.
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Bulgaria's banking industry is stable even though it ranks third in the European Union in terms of bad loans, IMF data shows.
Bulgarians' monthly allowance has increased by 2% for the period January-March 2012 and by 3.6% on an annual basis.
The European Parliament have backed a plan to introduce a compulsory pan-EU business tax system, a move that will likely be greeted with concern in Bulgaria.
Bulgarians stop "working for the government" for this year on Friday, April 20, according to data provided by the Institute for Market Economics (IME)
Bulgarians will stop "working for the government" for this year on April 20, according to data provided by the Institute for Market Economics (IME)
Yordan Tsonev, an economist and Deputy Chair of the ethnic Turkish Movement for Rights and Freedoms (DPS) party, has termed the proposal of Finance Minister Simeon Djankov concerning the Silver Fund as a blow against the stability of the Bulgarian lev.
Bulgaria's economy may shrink drastically by 5% in the first three months of the year, the country's Industrial Chamber has warned.
Bulgaria's finance minister has made an attempt to defend the proposed changes to the state fund for guaranteeing the stability of the state pension system, criticized by the European Central Bank.
Bulgaria got only EUR 85 M of foreign direct investment in the first two months of 2012, according to preliminary data of the Bulgarian National Bank (BNB).
The European Central Bank has strongly advised Bulgaria against investing the assets of the state fund for guaranteeing the stability of the state pension system in domestic assets.
The srping World Economic Outlook of the International Monetary Fund has reduced the 2012 economic growth projection for Bulgaria by almost half.
Bulgaria's inflation rate was 1.7% in March 2012, EU's third lowest after Sweden (1.1%) and Greece (1.4%).
Bulgaria's economy hovers on the brink of its second recession in three years in the wake of the slump in the euro zone, a Sofia-based think-tank has warned.
The consumer price index (CPI) in March 2012 compared to February 2012 was 100.
Retirement pensions in Bulgaria will be raised starting 2013 announced Bulgarian Finance Minister Simeon Djankov following a cabinet sitting Wednesday.
The Greek Alpha Bank has refuted the reports that it plans to sell 30% in its Eastern European units to European Bank for Reconstruction and Development.
Bulgarian analysts and institutions have cut their growth forecast for 2012 to just below 1.5% instead of the previously forecast 2-3%, citing slumping exports and stagnant domestic demand.
Bulgaria's government, which plans to issue eurobonds worth up to EUR 1 B in the second quarter, may be forced to struggle with volatile markets if it misses out on the current benign conditions, analysts have warned.
Alpha Bank will reportedly sell 30% in its Eastern European units to European Bank for Reconstruction and Development.
EFG Eurobank, one of Greece's major banks with Bulgarian subsidiaries, announced it is about to sell its 70% stake in Turkish unit Tekfen to Kuwait's Burgan Bank.
Bulgaria's government issued on Wednesday a mandate for the sale of Eurobonds on international markets to raise funds for repaying debt maturing in early 2013.
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