Bulgarians Convert Hundreds of Millions of Leva into Euro
Amidst rumours of a change in the exchange rate of the Bulgarian Lev to the Euro, the public have reacted by converting Leva into Euro on a massive scale.
Bulgarian National Bank data regarding deposits of households show that there is a drop in accounts in Leva by over 352 million and an increase in accounts in Euro – by over 250 million. In total, bank accounts in Leva have shrunk by almost 1.2 billion, whereas accounts in Euro have increased by 350 million.
In January, 2020, the deposits of the NGO sector in the Bulgarian banking system amounted to over EUR 42 billion or 66.2 percent of the projected GDP. The annual increase of bank deposits in the sector is by 7.9 percent, after an increase of 9.7 percent a month earlier./BNR
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