Deposits in Bulgarian Banks to Grow Thanks to Financial Crisis - Report

Business | January 2, 2009, Friday // 00:00| Views: | Comments: 2
  • Send to Kindle

Deposits in Bulgarian banks are going to continue to grow because of aggressive banking campaigning to attract fresh capital necessitated by global financial crisis.

This is forecasted by the market research firm RNCOS in its new report "Bulgaria Banking Sector Analysis", published Friday at the paid website emailwire.com.

The forecast states that before the global crunch, Bulgarian banks had easy access to credit, and had no incentive to launch aggressive campaigns to attract deposist.

The report points out that Bulgarian banks were now offering unprecedented annual interest rates on deposits in BGN and EUR, and that Bulgarian consumers preferred bank deposits as investment instrument.

Bank deposits accounted for 65.2% of the BGN 33,5 B in financial wealth accumulated by Bulgarians, rising by 28% over the previous 12 months (December 2007 to November 2008).
Business » Be a reporter: Write and send your article
Tags: Global Financial Crisis
Expats.bg All Are Welcome! Join Now!
Advertisement
Advertisement
Please, log in to post a comment.
» To the forumComments (2)
#2
pk - 3 Jan 2009 // 15:44:55

Brilliant reasoning...

They got it all backwards- first "sniff" of a problem, there will be a run on the bank too!!

#1
Mat - 2 Jan 2009 // 23:25:24

They're offering crazy interest rates for a reason - I'd hate to have to try and claim state insurance on a failed bank account in this country. Good luck all.

Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria