Bulgarian banks should increase their loans to the economy in order to weather the fall in their yields caused by the global economic slowdown, Svetoslav Gavriiski, Bulgarian National Bank director, said at an Annual Meeting of the Association of Commercial Banks held in Sofia. According to him unless banks do this they won’t be able to cover their expenses. Profit of Bulgarian banks for the first ten months of 2001 reached BGN 293 M, figures of the Bulgarian National Bank show. Gavriiski also expressed the hope that foreign banks will keep the current levels of activity in their Bulgarian subsidiaries. A total of 76% of Bulgarian banking system’s assets are controlled by foreign banks.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!