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Bulgaria banks to raise credit interest rates

Date: 31.01.2008

Bulgarian banks are expected to raise their credit interest rates in response to the recent US and European financial market turmoil.

"There will be about 0,5-0,7 percent increase in the interests on credits during the next month," Deputy Chair of the Association of Banks in Bulgaria (ABB) Violina Marinova told reporters on Wednesday.

"The increase is necessary, as the resources are not enough for the banks to maintain their credit activities," Marinova added.

Last week, Bulgarian stock market indices fell sharply in the wake of the slump across world markets amidst fears of a recession in the US leading to a global economic slowdown.

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