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Bulgaria Credit Interest Rates Without Decrease until End of 2009

Date: 07.06.2009

The interest rates of bank credits in Bulgaria will not decreased until the end of 2009.

The Chair of the Bulgarian Deposit Insurance Fund, Biser Manolov, made this statement Sunday during a seminar in Borovets.

Currently, the Fund has a reserve of BGN 855 M, and the overall amount of bank deposits in Bulgaria is over BGN 12,8 B.

In Manolov's words, the banks system is functioning adequately in the situation of global financial crisis.

The banks are willing to give credits, but the companies are not able to show positive money flows. This makes the projects inactive, and the banks have reasons to put extra conditions.

The Bulgarian Deposit Insurance Fund guarantees deposits up to BGN 100 000. However, the European Commission ruled that after 2010 all EU members must guarantee deposits up to EUR 100 000, Manolov reminded.

Deposits, which interest rate is contracted as different from the official bank rates, are excluded from the Funds protection.

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