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.