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© Bulgarian National Bank |
In June 2008, the annual growth rate of broad money (monetary aggregate M3) was 24.4% compared to 27.3% in May. At the end of June M3 amounted to BGN 43.965 billion (68.5% of GDP1). Its most liquid component – the monetary aggregate M1 – increased by 14.2% annually in June (20.7% growth in May). Quasi-money2 rose by 34.7% compared to June 2007 (33.7% in May).
Monetary Aggregates (annual change) (chart)
Net domestic assets reached BGN 38.429 billion at the end of June 2008, which is a 48.8% increase compared to the same month of 2007 (49.6% annual growth in May). The annual growth rate of their basic component – domestic credit – was 47.8% in June compared to 48.6% in May 2008. Claims on the Non-government sector3 rose by 52% compared to 54.4% in May.
At the end of June 2008, claims on loans to the Non-government sector stood at BGN 44.563 billion (69.4% of GDP) and their annual growth rate was 53.5% (55.5% in May). Loans to Non-financial corporations increased by 55.5% annually in June (59.3% in May) and at the end of the month amounted to BGN 27.665 billion (43.1% of GDP). Loans to Households and NPISHs (Non-Profit institutions Serving Households) were BGN 16.273 billion (25.3% of GDP) at the end of June, posting annual growth of 48.9% (48.8% annual growth in May). In June 2008, loans for house purchases grew by 53.3% on an annual basis compared to 55.2% in May. The annual growth rate of consumer loans was 47.3% in June and 48.8% in May 2008, while that of other loans – 18.5% and 7.9%, respectively.
Claims on Loans to Non-financial Corporations and Households and NPISHs (annual change) (chart)
The total amount of loans to Financial corporations4 was BGN 624.5 million at the end of June 2008 and, compared to June 2007, it increased by 99.5% (85.4% annual growth in May).
The annual rates of changes in claims on loans were influenced by net sales of loans by Other MFIs5 - their volume for the last 12 months was BGN 2.286 billion. On an annual basis, loans sold amounted to BGN 2.882 billion, while the amount of loans repurchased were BGN 596 million.
Net foreign assets amounted to BGN 16.706 billion at the end of June 2008 and decreased by 6.1% on an annual basis compared to the 0.3% annual drop in May. The annual growth rate of foreign assets was 29.5% in June 2008 compared to 26.2% in May, while that of foreign liabilities was 110.2% in June and 91.4% in May 2008.
The document contains the following tables:
Monetary and credit indicators for Bulgaria June (table)
Monetary and credit indicators for Bulgaria, contributions of components to annual growth rate (table)
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Monetary Credit Indicators June 2008.pdf, 143 Kb
