Bulgaria Sees Surge in Mortgage Loans: Record-Breaking Growth Fuels Property Market
Bulgaria witnessed a staggering surge in mortgage loans in 2023, totaling a monumental BGN 6.39 billion
The European Central Bank will ask euro area banks to set aside more cash to cover bad loans from next year, it said on Wednesday, as it tries to tackle the sector’s persistent problem with soured loans, reported Reuters.
Starting Jan. 1, banks will have at most two years to set aside funds to cover 100 percent of the value of their newly classified non-performing unsecured debt and seven years to cover all secured bad debt, it said in a statement, confirming an earlier Reuters report.
“Furthermore, banks are expected to explain any deviation from the guidance to supervisors,” the ECB said. “Based on the banks’ explanations the ECB will assess the need for additional supervisory measures.”
The measures will not affect the nearly 1 trillion euros’ worth of bad debt already on the books but the ECB said it may present further policies by the end of the first quarter to address the existing stock of bad debt.
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The price of retail lamb in Bulgaria has surged by 8.4% on an annual basis, according to statistics released by the Ministry of Agriculture and Food, with data sourced from SAPI indicating an average price of BGN 25.27 per kilogram as of April 10
According to recent data from the Confederation of Independent Trade Unions of Bulgaria (CITUB), the financial strain on Bulgarian households continues to intensify
Experts suggest that Bulgaria's admission to the Eurozone is more realistic in January 2026
February witnessed a surge in remittances from Bulgarians residing abroad, reaching a remarkable EUR 110.5 million, marking the highest value since last July
Amidst financial fluctuations and strategic fiscal decisions, Bulgaria's Minister of Finance, Lyudmila Petkova, unveils the nation's robust fiscal reserve, standing tall at BGN 10.9 billion as of April 18th
Sofia, the vibrant capital of Bulgaria, is experiencing a surge in its economic landscape, surpassing the average European standard of living, according to senior researcher Peter Ganev from the Institute for Market Economics
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Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022