Sofia Celebrates 145 Years as Bulgaria's Capital
As Sofia marks 145 years since its declaration as the capital of Bulgaria, the capital municipality is abuzz with celebrations commemorating this historic milestone
Bulgaria's bank system has enough buffers to cover bad credits, according to Open Society economist Georgi Angelov.
Giving a lecture Saturday, Angelov commented that although bad credits have reached unprecedented highs, the banking system in the country remains stable.
According to data quoted by the economists, 14.45% of all loans (outside of loans to financial institutions) in Bulgaria around September 2011 are delinquent.
Loans amounting to BGN 3.8 B have been discounted as uncollectible around the same date.
At the same time, the amount of loans not covered by bank provisions is only BGN 0.7 B, or 1.1% of the total amount of loans in Bulgaria.
Angelov commented that the Bulgarian banks' own capital and a good level of liquidity (25.9%) provide good buffers for bad credits.
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