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

Business | January 2, 2009, Friday // 00:00| Views: | Comments: 2
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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

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).
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» To the forumComments (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!!

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.

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