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Top Balkans Bankers Believe Financial Crisis Would Affect Region Slightly

Date: 07.10.2008

The heads of the central banks of eight Southeast European states agreed Friday that the region would be affected slightly by the global financial crisis.

The central bank directors from Albania, Bulgaria, Bosnia and Herzegovina, Cyprus, Greece, Macedonia, Montenegro, Romania, and Serbia held their regular meeting in Sofia on Friday.

The Director of the Bulgarian National Bank Ivan Iskrov explained there were no banks in Southeast Europe, which owned securities of the type that caused problems in the USA.

He did point out, however, that the crisis was going to an indirect impact on the region by raising the credit interest rates by an average of 1,5%.

Another potential indirect effect could ensue in case the global crisis leads to a recession some of the Western European states, which are primary export partners of the Balkans states, because this would reduce their exports, and would stifle the economic growth.

Iskrov announced that the Bulgarian banks had an average profit of over 30%. He pointed out that the European banks had sufficient assets but that they kept them off the market because of lack of trust.

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