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News: Bulgaria >> North-Western region >> Pleven district >> Cherven bryag municipality >> Town of Cherven bryag>> Bulgarian banks have exported nearly BGN 10 bln to their foreign subsidiaries

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Current date: 2013-06-18 07:53

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Bulgarian banks have exported nearly BGN 10 bln to their foreign subsidiaries


Finances: Tuesday, 2012-03-13 11:56
Article by: Focus Agency

Bulgarian banks have exported nearly BGN 10 bln to their foreign subsidiaries since the start of the crisis, Raiffeisen Research reads in its monthly analysis. In the last year alone, lenders commissioned as much as BGN 3.4 bln, which matches the rate of decrease in cash inflows from the parent companies to their local subsidiaries. Net foreign assets were at - BGN 12.3 bln in Nov. 2008, shrinking to levels of - BGN 2.4 bln in Jan. 2012.

This money has left Bulgaria instead of servicing investments in the country, the experts commented, adding such fluctuations indicate high liquidity levels of the banking system and confirm the lack of good investment projects to draw lenders` attention.

The currency board is well secured (171%), which is nearly twice the required 100%. Currency reserves stood at BGN 13 bln in late January 2012, covering 171.2% of the money supply.

Scope: Bulgaria
More: Finances news Bulgaria banks;


Last news and articles from Town of Cherven bryag
  • 2009-02-24 08:30 Workers from a tailoring company in Cherven bryag on strike
  • 2009-02-15 14:00 Rich gas deposit discovered near village of Deventsi
  • 2009-01-26 14:00 Cherven Bryag-based arms company declared insolvent
  • 2009-01-16 13:47 Train passengers evacuated at station in Cherven Bryag because bomb threat
  • 2008-09-05 18:20 BDZ Trains Reach Speed of 130 km/h in Northern Bulgaria
  • 2008-08-15 11:24 Huge gas and oil deposits discovered in Bulgaria
  • 2008-03-26 15:12 Train burns again
  • 2008-03-10 12:46 Expert: Almost Sure Bulgarian Train Fire Was Terror Act
  • 2008-03-08 13:46 No Signs of Terrorism in the Burned Train
  • 2008-03-06 11:59 Bulgaria President Went Hunting after Train Fire Tragedy
  • 2008-03-05 11:19 Chief Prosecutor: Terrorist Attack against Bulgarian Killer Train Investigated
  • 2008-03-04 12:28 Death Toll in Bulgarian Train Blaze Rises to 9, All Victims Identified
  • 2008-02-29 14:52 8 Charred to Death in Train Blaze in Bulgaria
  • 2008-02-29 09:13 3 Die in Train Blaze in Bulgaria
  • 2008-01-25 08:00 Palfinger to add new production units at Bulgarian plant

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