Household Deposits in Bulgaria Reached Almost €57 Billion in the First Six Months of the Year

Household deposits in banks increased by 18.6% year-on-year to €56.47 billion at the end of June this year, according to data from the Bulgarian National Bank (BNB). The growth rate slowed after reaching 19.3% in May, the transitional month.

Deposits of non-financial companies stood at €26.63 billion at the end of the first half of the year, increasing by 11% compared with the same period a year earlier.

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Deposits of financial companies recorded an annual increase of 3.8% to €2.36 billion.

At the end of June, total deposits of the non-government sector in Bulgaria reached €85.47 billion, equivalent to 68.6% of the country’s projected gross domestic product.

The amount increased by 15.7% year-on-year, although the pace of growth has slowed. For comparison, annual growth in May stood at 16.2%.

One of the reasons for the accelerated growth in deposits (including term deposits and current accounts) over the past year was the exchange of Bulgarian levs into euros following the country’s accession to the eurozone.

Source: BTA