FlixBus Expands Routes from Bulgaria: New Connections to Thessaloniki, Athens, and More
FlixBus, the renowned European bus company, is set to launch new routes to and from Bulgaria in anticipation of the summer season
Bulgaria's population managed to put aside regular savings over the last year, leading to a sharp increase in the money stashed in bank deposits, official data shows.
Bulgarian citizens have saved in deposits BGN 2.8 B, while companies – BGN 1.2 B over the last year, according to figures from the central bank.
The figures mark an increase of 11% and 10% respectively, bringing the total amount of money put aside in bank deposits to BGN 28.4 B in personal accounts and another BGN 13 B in corporate ones.
The data comes to confirm a recent trend - in times of crisis people with larger deposits tend to increase the amounts in the bank accounts, while those with smaller savings have them downloaded.
Bulgarians keep over 90% of their savings as bank deposits, which is three times higher than the average for the citizens of other European Union countries, according to a survey of investment company Pioneer Investments, based on data of researches by Cap Gemini and Merrill Lynch.
The remaining 10% of their assets are distributed among pension funds, stocks and other types of financial instruments, the survey says.
Estimates have shown a significant difference in the distribution of savings in Bulgaria and Europe. For comparison, in Europe, people kept below 30% of their money in deposits. About 35% of their investments are in pension and insurance funds and the rest of the savings are directed towards capital markets.
Culturally Bulgarians are very far from the typical Anglo-Saxon high level of indebtedness and are pretty conservative in this respect.
Over the last two years banks have been reporting a significant growth of deposits, a fact, which means that Bulgarians think twice before going for credit.
Bankers, who have been preaching modest conservatism since the crisis set in, say this is a good sign because it shows that clients have adopted a prudent approach as well.
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