June ≠ July 2008 - bnb.bg · GB Government Budget GDP Gross Domestic Product IABs Interest...
166
June ≠ July 2008
Transcript of June ≠ July 2008 - bnb.bg · GB Government Budget GDP Gross Domestic Product IABs Interest...
June ≠ July 2008
Monthly BulletinMonthly BulletinMonthly BulletinMonthly BulletinMonthly BulletinMonthly BulletinMonthly BulletinMonthly BulletinMonthly BulletinMonthly BulletinJune ≠ July 2008
Contents
Charts Financial Sector 5 External Sector 12 Fiscal Sector 15 Real Sector 16
Tables Financial Sector 22 External Sector 88 Fiscal Sector 123 Real Sector 125
Methodological Notes Financial Sector 130 External Sector 142 Fiscal Sector 157 Real Sector 158
BNB Publications 159
Banksí Head Offices 163
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BNB MONTHLY BULLETIN 6≠7/2008
Abbreviations
BGL (Lev) National Currency of the Republic of BulgariaBGN The Abbreviation of the Redenominated LevBIR Base Interest RateBNB Bulgarian National BankCEE Central and Eastern EuropeCEFTA Central European Free Trade AssociationCG Central governmentCIF Cost, Insurance, FreightCIS Commonwealth of Independent StatesCM Council of MinistersCPI Consumer Price IndexDISCs Discount BondsEBRD European Bank for Reconstruction and DevelopmentECB European Central BankEFTA European Free Trade AssociationEIB European Investment BankEMU European Monetary UnionESA’95 European System of Accounts, 1995EU European UnionFLIRBs Front-loaded Interest Reduction BondsFOB Free on BoardGB Government BudgetGDP Gross Domestic ProductIABs Interest Arrears BondsIAS International Accounting StandardsICs and PFs Insurance Companies and Pension FundsIMF International Monetary FundLG Local governmentLIBOR London Interbank Offered RateLTIR Long-term Interest RateM1 Narrow moneyM2 M1 and quasi-moneyM3 Broad moneyMF Ministry of FinanceMFIs Monetary Financial InstitutionsMMFs Money market fundsMU Monetary UnionNBPS National Border Police ServiceNLO National Labour OfficeNPISHs Non-profit Institutions Serving HouseholdsNSI National Statistical InstituteOECD Organisation for Economic Cooperation and DevelopmentOFIAs Other Financial Intermediaries and Auxiliaries Except for Insurance Companies and Pension FundsOMFIs Other monetary financial institutionsSDDS Special Data Dissemination StandardSDR Special Drawing RightsSNA’93 System of National Accounts, 1993SSFs Social Security FundsZUNK Law on Settlement of Non-performing Credits Negotiated prior to 31 December 1990
Legend
0 The indicator is less than 0.05 but more than nil.- The indicator is nil.p Preliminary data.r Revised data.
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6≠7/2008 BNB MONTHLY BULLETIN
Charts
1 Financial Sector1.1. Gross International Reserves ....................................................................................................... 51.2. Foreign Assets and Liabilities of the Banking Sector ................................................................ 51.3. Domestic Credit of the Banking Sector ...................................................................................... 51.4. Dynamics of Domestic Credit Components ............................................................................... 61.5. Dynamics of Banking Sector Claims on Households ................................................................ 61.6. Deposits Included in Money Supply by Sector ........................................................................... 61.7. Dynamics of Deposits Included in Money Supply by Sector .................................................... 71.8. Deposits Included in Money Supply by Type ............................................................................. 71.9. Dynamics of Deposits Included in Money Supply by Type ...................................................... 71.10. Monetary Aggregates .................................................................................................................... 81.11. Monetary Aggregates Dynamics .................................................................................................. 81.12. Broad Money ................................................................................................................................. 81.13. Interbank Money Market ............................................................................................................. 91.14. Foreign Exchange Market ............................................................................................................ 91.15. Interbank Money Market Interest Rates ..................................................................................... 91.16. Interest Rates on New Business on Loans to Non-financial Corporations ............................ 101.17. Interest Rates on New Business on Loans to Households ...................................................... 101.18. Interest Rates on New Business on Deposits with Agreed Maturity
of Non-financial Corporations ................................................................................................... 101.19. Interest Rates on New Business on Deposits with Agreed Maturity of Households ............ 111.20. Interest Rate Differential between Annual Yield of Base Interest Rate
and Monthly EUROLIBOR ...................................................................................................... 111.21. Average Market Price Indices of Bulgarian Eurobonds and Global Bonds .......................... 11
2 External Sector2.1. Balance of Payments
2.1.1. Current Account ................................................................................................................ 122.1.2. Capital and Financial Account ........................................................................................ 12
2.2. Gross External Debt ................................................................................................................... 122.3. Debt Indicators
2.3.1. Gross External Debt ......................................................................................................... 132.3.2. External Debt Service ....................................................................................................... 13
2.4. BGN/USD Exchange Rate, June 2008 ...................................................................................... 132.4. BGN/USD Exchange Rate, July 2008 ....................................................................................... 14
3 Fiscal Sector3.1. Budget Deficit Financing............................................................................................................ 153.2. Execution of the Republican Budget ......................................................................................... 15
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BNB MONTHLY BULLETIN 6≠7/2008
4 Real Sector4.1. Unemployment ............................................................................................................................ 164.2. Average Monthly Salary Dynamics ........................................................................................... 164.3. Monthly Change in Consumer Prices on Previous Month ...................................................... 164.4. Consumer Price Changes by Month on Corresponding Month of Previous Year ................ 17
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6≠7/2008 FINANCIAL SECTOR
1 Financial Sector1.1. Gross International Reserves
(assets of the Issue Department)
1.2. Foreign Assets and Liabilities of the Banking Sector
1.3. Domestic Credit of the Banking Sector
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BNB MONTHLY BULLETIN 6≠7/2008
1.4. Dynamics of Domestic Credit Components(claims on households excluded)
1.5. Dynamics of Banking Sector Claims on Households
1.6. Deposits Included in Money Supply by Sector
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6≠7/2008 FINANCIAL SECTOR
1.7. Dynamics of Deposits Included in Money Supply by Sector
1.8. Deposits Included in Money Supply by Type
1.9. Dynamics of Deposits Included in Money Supply by Type
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BNB MONTHLY BULLETIN 6≠7/2008
1.12. Broad Money
1.11. Monetary Aggregates Dynamics
1.10. Monetary Aggregates
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6≠7/2008 FINANCIAL SECTOR
1.13. Interbank Money Market
1.14. Foreign Exchange Market
1.15. Interbank Money Market Interest Rates
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BNB MONTHLY BULLETIN 6≠7/2008
1.18. Interest Rates on New Business on Depositswith Agreed Maturity of Non-financial Corporations
1.17. Interest Rates on New Business on Loans to Households
1.16. Interest Rates on New Businesson Loans to Non-financial Corporations
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6≠7/2008 FINANCIAL SECTOR
1.19. Interest Rates on New Businesson Deposits with Agreed Maturity of Households
1.20. Interest Rate Differential between Annual Yieldof Base Interest Rate and Monthly EUROLIBOR
1.21. Average Market Price Indices of BulgarianEurobonds* and Global Bonds
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BNB MONTHLY BULLETIN 6≠7/2008
2 External Sector2.1. Balance of Payments
2.1.2. Capital and Financial Account
2.1.1. Current Account
2.2. Gross External Debt
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6≠7/2008 EXTERNAL SECTOR
2.3. Debt Indicators
2.3.1. Gross External Debt
2.3.2. External Debt Service
2.4. BGN/USD Exchange Rate, June 2008
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BNB MONTHLY BULLETIN 6≠7/2008
2.4. BGN/USD Exchange Rate, July 2008
15
6≠7/2008 FISCAL SECTOR
3 Fiscal Sector
3.2. Execution of the Republican Budget
3.1. Budget Deficit Financing
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BNB MONTHLY BULLETIN 6≠7/2008
4 Real Sector4.1. Unemployment
4.2. Average Monthly Salary Dynamics(quarterly moving average)
4.3. Monthly Change in Consumer Prices on Previous Month
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6≠7/2008 REAL SECTOR
4.4. Consumer Price Changes by Monthon Corresponding Month of Previous Year
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BNB MONTHLY BULLETIN 6≠7/2008
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6≠7/2008 BNB MONTHLY BULLETIN
Tables
1 Financial Sector1.1. Balance Sheet of BNB Issue Department ................................................................................. 221.2. Balance Sheet of BNB Banking Department ........................................................................... 231.3. Monetary Survey and Analytical Reporting ............................................................................. 24
1.3.1. Short Monetary Survey ..................................................................................................... 241.3.2. Detailed Monetary Survey ............................................................................................... 261.3.3. BNB Analytical Reporting ............................................................................................... 311.3.4. Analytical Reporting of Other MFIs ............................................................................... 351.3.5. Foreign Assets and Liabilities of the BNB...................................................................... 401.3.6. Loans to Non-financial Corporations, Households and Non-profit Institutions Serving Households ............................................................. 431.3.7. Memoranda to the Analytical Reporting of the BNB .................................................... 451.3.8. Memoranda to the Analytical Reporting of Other MFIs .............................................. 46
1.4. Sectoral Survey of Monetary Financial Institutions ................................................................. 481.4.1. Monthly Sectoral Survey of the BNB as of June 2008 ................................................... 481.4.2. Monthly Sectoral Survey of Other MFIs as of June 2008 ............................................. 51
1.5. Monetary Aggregates .................................................................................................................. 541.5.1. Monetary Aggregates ≠ ECB Presentation ..................................................................... 541.5.2. Counterparts of Monetary Aggregates ≠ ECB Presentation ......................................... 55
1.6. Balance Sheets and Income Statements of the Banking System ............................................. 561.6.1. Balance Sheet of the Banking System as of June 2008 .................................................. 561.6.2. Income Statement of the Banking System as of June 2008 ........................................... 58
1.7. Bank Groups ............................................................................................................................... 601.8. Capital Adequacy of the Banking System and of Banks by Group as of 30 June 2008 ........ 611.9. Liquidity of Banks as of 30 June 2008 ...................................................................................... 621.10. Balance Sheets and Income Statements of Banks by Group .................................................. 63
1.10.1. Balance Sheet of Group I Banks as of June 2008 ........................................................ 631.10.2. Income Statement of Group I Banks as of June 2008 ................................................. 651.10.3. Balance Sheet of Group II Banks as of June 2008....................................................... 671.10.4. Income Statement of Group II Banks as of June 2008 ................................................ 691.10.5. Balance Sheet of Group III Banks as of June 2008 ..................................................... 711.10.6. Income Statement of Group III Banks as of June 2008 .............................................. 73
1.11. Classified Risk Exposures and Allocation of Specific Provisions for Credit Riskof the Banking System and of Banks by Group ....................................................................... 751.11.1. Classified Risk Exposures and Allocation of Specific Provisions for Credit Risk of the Banking system as of June 2008 .......................................................................... 751.11.2. Classified Risk Exposures and Allocation of Specific Provisions for Credit Risk of Group I Banks as of June 2008 ................................................................................. 761.11.3. Classified Risk Exposures and Allocation of Specific Provisions for Credit Risk of Group II Banks as of June 2008 ............................................................................... 77
1.12. Interbank Money Market ........................................................................................................... 781.13. Foreign Exchange Market .......................................................................................................... 781.14. Currency (Including Euro Components) Bought and Sold at BNB Tills ............................... 79
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BNB MONTHLY BULLETIN 6≠7/2008
1.15. Base Interest Rate ....................................................................................................................... 791.16. Interest Rates on New Business on Loans, Other than Overdraft
by Period of Initial Rate Fixation .............................................................................................. 801.17. Volumes on New Business on Loans, Other than Overdraft by Period
of Initial Rate Fixation ............................................................................................................... 811.18. Interest Rates on Balances on Loans ........................................................................................ 821.19. Volumes on Balances on Loans ................................................................................................. 831.20. Interest Rates on New Business on Deposits with Agreed Maturity ...................................... 841.21. Volumes on New Business on Deposits with Agreed Maturity ............................................... 841.22. Interest Rates on Balances on Deposits .................................................................................... 851.23. Volumes on Balances on Deposits ............................................................................................ 851.24. Yields on Government Securities .............................................................................................. 861.25. Interbank Market Indices ........................................................................................................... 861.26. Interest Differential between Base Interest Rate and Monthly EUROLIBOR .................... 871.27. Quotations of Bulgarian Global Bonds ..................................................................................... 87
2 External Sector
2.1. Balance of Payments ................................................................................................................... 882.2. Exports and Imports ................................................................................................................... 91
2.2.1 Exports by Use, 2008 ......................................................................................................... 912.2.2 Exports by Use, 2007 ......................................................................................................... 922.2.3. Imports by Use, 2008 ........................................................................................................ 932.2.4. Imports by Use, 2007 ........................................................................................................ 942.2.5. Exports by Major Trading Partner and Region, 2008 ................................................... 952.2.6. Exports by Major Trading Partner and Region, 2007 ................................................... 962.2.7. Imports by Major Trading Partner and Region, 2008 ................................................... 972.2.8. Imports by Major Trading Partner and Region, 2007 ................................................... 98
2.3. Gross External Debt ................................................................................................................... 992.3.1. Gross External Debt for 2008 .......................................................................................... 992.3.2. Gross External Debt for 2007 ........................................................................................ 100
2.4. Gross External Debt Disbursements ....................................................................................... 1012.4.1. Gross External Debt Disbursements in 2008 ................................................................ 1012.4.2. Gross External Debt Disbursements in 2007 ................................................................ 102
2.5. Gross External Debt Service .................................................................................................... 1032.5.1. Gross External Debt Service, 2008 ................................................................................ 1032.5.2. Gross External Debt Service, 2007 ................................................................................ 105
2.6. Debt Indicators ........................................................................................................................ 1102.7. Bulgariaís International Investment Position .......................................................................... 1112.8. Template on International Reserves and Foreign Currency Liquidity ................................. 112
2.8.1. Part I. Official Reserve Assets and Other Foreign Currency Assets (Approximate Market Value) ......................................................................................... 1122.8.2. Part II. Predetermined Short-term Net Drains on Foreign Currency Assets (Nominal Value) in the Following 12 Months ............................................................... 1132.8.3. Part III. Contingent Short-term Net Drains on Foreign Currency Assets (Nominal Value) in the Following 12 Months ............................................................... 1152.8.4. Part IV. Memo Items ...................................................................................................... 120
2.9. Central Exchange Rates of Some Convertible Currencies, June 2008 ................................. 1212.9. Central Exchange Rates of Some Convertible Currencies, July 2008 .................................. 1212.10. BGN/USD Exchange Rate ....................................................................................................... 122
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6≠7/2008 BNB MONTHLY BULLETIN
3 Fiscal Sector3.1. Consolidated State Budget ....................................................................................................... 1233.2. Execution of the Republican Budget ....................................................................................... 1233.3. Domestic Government Debt .................................................................................................... 124
4 Real Sector4.1. GDP by Component of Final Demand ................................................................................... 1254.2. GDP by Economic Sector ........................................................................................................ 1254.3. Economic Activity ..................................................................................................................... 126
4.3.1. Employed under Labour Contract ................................................................................ 1264.3.2. Unemployment ................................................................................................................ 126
4.4. Average Monthly Salary of Employed under Labour Contract ............................................ 1274.5. Change in Consumer Prices ..................................................................................................... 127
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BNB MONTHLY BULLETIN 6≠7/2008
1 F
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23
6≠7/2008 FINANCIAL SECTOR1.2
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820
1 43
4 13
11
409
919
1 39
8 27
71
386
401
1 38
4 13
6 1
19 5
32 1
18 8
65 1
18 3
75 1
17 6
72 1
17 1
04 1
16 4
66 1
16 6
18 1
15 5
98 1
14 8
26 1
14 9
92 1
15 9
23 1
16 6
74 4
685
4 9
98 5
385
5 7
34 4
894
7 4
08 6
672
6 6
31 6
731
5 5
85 5
287
9 3
491
928
206
1 99
5 18
81
991
042
1 83
7 07
61
853
930
1 86
1 78
41
916
968
1 97
7 18
52
107
367
2 21
9 06
42
247
058
2 36
4 98
1
4 0
54 0
62
4 0
91 7
35
4 0
49 6
91
3 4
12 7
02
3 4
35 3
11
3 4
43 7
61
3 4
92 3
96
3 5
52 8
68
3 6
59 3
27
3 7
59 2
37
3 7
75 7
85
3 8
97 3
25
509
896
495
158
463
966
0 0
0 0
0 0
0 0
01
365
900
1 35
2 43
71
346
403
1 32
7 90
71
335
036
1 33
2 28
81
326
190
1 32
7 53
81
303
313
1 29
1 67
81
278
894
1 27
5 42
0 1
4 87
3 1
3 70
7 1
3 31
7 1
3 38
0 1
2 51
0 1
3 33
3 1
2 52
9 1
1 97
1 1
2 07
1 1
0 30
1 9
432
10
092
1 8
90 6
69
1 8
61 3
02
1 8
23 6
86
1 3
41 2
87
1 3
47 5
46
1 3
45 6
21
1 3
38 7
19
1 3
39 5
09
1 3
15 3
84
1 3
01 9
79
1 2
88 3
26
1 2
85 5
12
20
000
20
000
20
000
20
000
20
000
20
000
20
000
20
000
20
000
20
000
20
000
20
000
1 79
7 92
41
832
776
1 79
5 69
51
920
574
1 90
2 92
41
879
119
1 89
1 25
71
904
527
1 98
7 30
62
051
923
2 03
3 19
72
104
802
345
469
377
657
410
310
130
841
164
841
199
021
242
420
288
832
336
637
385
335
434
262
487
011
2 1
63 3
93
2 2
30 4
33
2 2
26 0
05
2 0
71 4
15
2 0
87 7
65
2 0
98 1
40
2 1
53 6
77
2 2
13 3
59
2 3
43 9
43
2 4
57 2
58
2 4
87 4
59
2 6
11 8
13
4 1
07 7
85
4 1
95 7
86
4 1
06 4
57
3 7
99 1
88
3 8
51 9
76
3 8
77 5
38
3 9
99 5
23
24
434
25
848
25
385
22
555
23
009
23
688
23
014
00
00
00
01
380
930
1 36
7 98
01
342
052
1 34
7 82
41
347
959
1 33
5 95
31
339
841
116
540
116
097
115
038
116
009
115
835
120
901
123
058
10
993
9 1
16 1
0 35
6 9
914
9 5
79 7
446
6 2
962
574
888
2 67
6 74
52
613
626
2 30
2 88
62
355
594
2 38
9 55
02
507
314
4 1
07 7
85
4 1
95 7
86
4 1
06 4
57
3 7
99 1
88
3 8
51 9
76
3 8
77 5
38
3 9
99 5
23
0 0
0 0
0 0
01
273
538
1 26
0 56
61
234
676
1 24
0 41
21
240
331
1 22
8 39
71
232
246
8 8
50 8
212
8 0
72 8
125
6 0
56 1
4 86
6 6
451
1 2
82 3
88
1 2
68 7
78
1 2
42 7
48
1 2
48 5
37
1 2
46 3
87
1 2
43 2
63
1 2
38 6
97
20
000
20
000
20
000
20
000
20
000
20
000
20
000
2 25
8 47
72
313
294
2 19
8 55
02
328
469
2 33
3 60
42
299
308
2 35
8 66
4 5
46 9
20 5
93 7
14 6
45 1
59 2
02 1
82 2
51 9
85 3
14 9
67 3
82 1
622 8
25 3
97
2 9
27 0
08
2 8
63 7
09
2 5
50 6
51
2 6
05 5
89
2 6
34 2
75
2 7
60 8
26
24
BNB MONTHLY BULLETIN 6≠7/20081.3
. M
ON
ET
AR
Y S
UR
VE
Y A
ND
AN
AL
YT
ICA
L R
EP
OR
TIN
G
1.3.
1. S
HO
RT
MO
NE
TA
RY
SU
RV
EY
(BG
Ní0
00)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
Exc
hang
e ra
te: B
GN
/USD
1
BG
N/E
UR
1
FO
RE
IGN
AS
SE
TS
(N
ET
)
in B
GN
in f
orei
gn c
urre
ncy
F
orei
gn a
sset
s
in
BG
N
in
for
eign
cur
renc
y
Les
s: fo
reig
n lia
bilit
ies
in B
GN
in f
orei
gn c
urre
ncy
DO
ME
ST
IC A
SS
ET
S (
NE
T)
D
OM
EST
IC C
RE
DIT
in B
GN
in f
orei
gn c
urre
ncy
C
LA
IMS
ON
GE
NE
RA
L G
OV
ER
NM
EN
T
in
BG
N
in
for
eign
cur
renc
y
CL
AIM
S O
N N
ON
-GO
VE
RN
ME
NT
SE
CT
OR
in B
GN
in f
orei
gn c
urre
ncy
F
IXE
D A
SSE
TS
O
TH
ER
IT
EM
S (N
ET
)
in
BG
N
in
for
eign
cur
renc
yB
RO
AD
MO
NE
Y M
3
MO
NE
Y M
1
Cur
renc
y ou
tsid
e M
FIs
O
vern
ight
dep
osits
in B
GN
in f
orei
gn c
urre
ncy
MO
NE
Y M
2 (M
1 +
QU
ASI
-MO
NE
Y)
QU
ASI
-MO
NE
Y
Dep
osits
with
agr
eed
mat
urity
up
to 2
yea
rs
in
BG
N
in
for
eign
cur
renc
y
Dep
osits
red
eem
able
at n
otic
e up
to 3
mon
ths
in B
GN
in f
orei
gn c
urre
ncy
(con
tinue
d)
1.44
823
1.42
688
1.42
709
1.37
939
1.35
380
1.32
500
1.33
122
1.31
529
1.28
953
1.23
693
1.25
858
1.26
117
1.24
069
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
17 7
90 3
7018
577
413
19 4
97 7
0419
860
181
19 7
66 6
4719
803
250
19 1
30 3
6518
385
493
17 4
88 1
9417
706
739
17 6
24 1
0117
291
078
16 7
06 0
26
426
438
427
939
214
675
254
068
111
936
-179
335
-195
626
-134
478
-138
869
-147
415
-154
802
-171
224
-28
594
17 3
63 9
3218
149
474
19 2
83 0
2919
606
113
19 6
54 7
1119
982
585
19 3
25 9
9118
519
971
17 6
27 0
6317
854
154
17 7
78 9
0317
462
302
16 7
34 6
2025
641
054
26 4
44 6
2627
818
036
29 0
33 2
9329
420
347
30 4
94 3
2931
250
222
29 0
93 3
2828
765
393
29 9
15 4
3631
180
527
30 7
76 0
2333
204
291
1 00
6 87
41
011
164
808
734
844
758
717
445
431
700
452
788
468
481
497
338
518
920
525
399
504
266
655
760
24 6
34 1
8025
433
462
27 0
09 3
0228
188
535
28 7
02 9
0230
062
629
30 7
97 4
3428
624
847
28 2
68 0
5529
396
516
30 6
55 1
2830
271
757
32 5
48 5
317
850
684
7 86
7 21
38
320
332
9 17
3 11
29
653
700
10 6
91 0
7912
119
857
10 7
07 8
3511
277
199
12 2
08 6
9713
556
426
13 4
84 9
4516
498
265
580
436
583
225
594
059
590
690
605
509
611
035
648
414
602
959
636
207
666
335
680
201
675
490
684
354
7 27
0 24
87
283
988
7 72
6 27
38
582
422
9 04
8 19
110
080
044
11 4
71 4
4310
104
876
10 6
40 9
9211
542
362
12 8
76 2
2512
809
455
15 8
13 9
1125
834
501
26 4
90 9
6027
248
777
27 7
64 0
5328
815
563
29 8
14 5
9533
215
873
33 7
97 5
8535
047
736
35 4
07 4
2835
863
490
36 7
36 5
3438
429
487
26 0
38 5
8926
743
956
27 5
32 0
5828
091
115
29 0
65 6
6730
101
034
33 4
86 1
5234
014
857
35 3
40 9
0435
570
315
36 0
59 5
3937
046
254
38 4
73 0
0212
228
262
12 2
78 6
5312
569
522
12 8
01 3
2113
209
526
13 5
77 3
7315
747
846
15 7
67 1
1916
026
319
15 5
22 0
7614
855
908
14 7
32 6
5714
770
676
13 8
10 3
2714
465
303
14 9
62 5
3615
289
794
15 8
56 1
4116
523
661
17 7
38 3
0618
247
738
19 3
14 5
8520
048
239
21 2
03 6
3122
313
597
23 7
02 3
26-3
825
032
-4 1
21 0
05-4
611
764
-5 0
72 9
44-5
389
987
-5 8
48 7
71-4
296
867
-4 3
98 8
53-4
167
778
-4 7
92 7
07-5
931
678
-6 4
79 4
56-6
905
942
-3 1
78 7
28-3
540
037
-4 0
03 5
43-4
344
067
-4 5
12 7
67-4
759
172
-3 1
37 9
65-3
391
106
-3 4
89 1
78-4
160
944
-5 2
42 1
84-5
837
002
-6 2
47 1
73-6
46 3
04-5
80 9
68-6
08 2
21-7
28 8
77-8
77 2
20-1
089
599
-1 1
58 9
02-1
007
747
-678
600
-631
763
-689
494
-642
454
-658
769
29 8
63 6
2130
864
961
32 1
43 8
2233
164
059
34 4
55 6
5435
949
805
37 7
83 0
1938
413
710
39 5
08 6
8240
363
022
41 9
91 2
1743
525
710
45 3
78 9
4415
406
990
15 8
18 6
9016
573
065
17 1
45 3
8817
722
293
18 3
36 5
4518
885
811
19 1
58 2
2519
515
497
19 6
83 0
2020
098
092
20 5
69 6
5921
017
849
14 4
56 6
3115
046
271
15 5
70 7
5716
018
671
16 7
33 3
6117
613
260
18 8
97 2
0819
255
485
19 9
93 1
8520
680
002
21 8
93 1
2522
956
051
24 3
61 0
951
953
554
1 98
4 08
72
015
326
2 03
0 32
82
089
039
2 12
4 61
02
158
555
2 17
8 00
32
209
751
2 24
7 07
72
274
541
2 29
5 10
62
324
448
-2 1
57 6
42-2
237
083
-2 2
98 6
07-2
357
390
-2 3
39 1
43-2
411
049
-2 4
28 8
34-2
395
275
-2 5
02 9
19-2
409
964
-2 4
70 5
90-2
604
826
-2 3
67 9
63-1
663
189
-1 7
27 3
09-1
880
230
-1 8
81 5
02-1
904
572
-1 9
43 3
84-1
840
966
-1 9
48 8
71-2
020
152
-2 0
07 9
84-1
903
848
-2 0
36 3
48-1
896
582
-494
453
-509
774
-418
377
-475
888
-434
571
-467
665
-587
868
-446
404
-482
767
-401
980
-566
742
-568
478
-471
381
35 3
48 6
8536
372
574
37 7
95 1
4738
233
183
38 7
68 1
9639
617
623
42 0
61 6
1041
584
947
41 6
83 8
2742
248
711
42 8
32 9
2143
180
792
43 9
64 7
87
17 8
06 6
5718
278
650
18 9
02 8
1319
173
536
19 2
97 4
0519
319
645
20 7
26 6
5319
881
807
19 5
90 0
9219
848
046
20 0
75 2
4620
338
045
20 3
26 6
986
390
980
6 64
9 01
26
841
798
6 93
1 07
76
812
190
6 78
6 52
87
433
358
6 95
1 79
46
992
046
6 99
0 15
77
223
681
7 24
5 09
97
364
333
11 4
15 6
7711
629
638
12 0
61 0
1512
242
459
12 4
85 2
1512
533
117
13 2
93 2
9512
930
013
12 5
98 0
4612
857
889
12 8
51 5
6513
092
946
12 9
62 3
657
561
134
7 82
4 66
67
872
995
7 98
1 16
68
191
177
8 15
7 98
68
951
140
8 59
5 13
98
332
027
8 44
1 36
08
363
793
8 35
7 18
48
401
734
3 85
4 54
33
804
972
4 18
8 02
04
261
293
4 29
4 03
84
375
131
4 34
2 15
54
334
874
4 26
6 01
94
416
529
4 48
7 77
24
735
762
4 56
0 63
135
333
040
36 3
65 2
5937
787
607
38 2
21 1
4538
756
159
39 5
94 2
3842
041
560
41 5
51 6
5741
648
752
42 2
10 4
0642
793
122
43 1
41 8
0543
928
875
17 5
26 3
8318
086
609
18 8
84 7
9419
047
609
19 4
58 7
5420
274
593
21 3
14 9
0721
669
850
22 0
58 6
6022
362
360
22 7
17 8
7622
803
760
23 6
02 1
7714
460
360
14 9
14 7
9115
611
592
15 7
12 6
6716
126
011
16 8
74 3
9817
780
591
18 1
32 4
6318
392
354
18 5
37 5
9318
780
550
18 7
12 9
0219
393
532
6 43
2 21
96
707
800
7 04
9 71
27
161
064
7 16
1 63
87
155
705
7 72
0 43
17
794
855
7 85
9 49
98
066
123
8 15
7 40
38
129
213
8 46
7 04
38
028
141
8 20
6 99
18
561
880
8 55
1 60
38
964
373
9 71
8 69
310
060
160
10 3
37 6
0810
532
855
10 4
71 4
7010
623
147
10 5
83 6
8910
926
489
3 06
6 02
33
171
818
3 27
3 20
23
334
942
3 33
2 74
33
400
195
3 53
4 31
63
537
387
3 66
6 30
63
824
767
3 93
7 32
64
090
858
4 20
8 64
51
496
499
1 56
4 00
21
605
882
1 63
0 02
21
586
349
1 58
9 48
61
651
346
1 67
8 41
01
744
313
1 84
1 79
31
893
573
1 92
1 59
51
979
609
1 56
9 52
41
607
816
1 66
7 32
01
704
920
1 74
6 39
41
810
709
1 88
2 97
01
858
977
1 92
1 99
31
982
974
2 04
3 75
32
169
263
2 22
9 03
6
25
6≠7/2008 FINANCIAL SECTOR1.
3.1.
SH
OR
T M
ON
ET
AR
Y S
UR
VE
Y(c
ontin
ued)
(B
GN
í000
)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
MO
NE
Y M
3 (M
2 +
MA
RK
ET
AB
LE
IN
STR
UM
EN
TS)
M
arke
tabl
e in
stru
men
ts (
debt
sec
uriti
es is
sued
up
to 2
yea
rs +
MM
Fs
shar
es/u
nits
+ r
epos
)
in
BG
N
in
for
eign
cur
renc
yL
ON
GE
R-T
ER
M L
IAB
ILIT
IES
OF
MO
NE
TA
RY
FIN
AN
CIA
L I
NS
TIT
UT
ION
S
D
epos
its w
ith a
gree
d m
atur
ity o
ver
2 ye
ars
and
de
posi
ts r
edee
mab
le a
t not
ice
over
3 m
onth
s
in
BG
N
in
for
eign
cur
renc
y
Deb
t sec
uriti
es is
sued
ove
r 2
year
s
in
BG
N
in
for
eign
cur
renc
y
Cap
ital a
nd r
eser
ves
Sour
ces:
BN
B a
nd o
ther
MF
Is.
35 3
48 6
8536
372
574
37 7
95 1
4738
233
183
38 7
68 1
9639
617
623
42 0
61 6
1041
584
947
41 6
83 8
2742
248
711
42 8
32 9
2143
180
792
43 9
64 7
87
15 6
457
315
7 54
012
038
12 0
3723
385
20 0
5033
290
35 0
7538
305
39 7
9938
987
35 9
1215
645
5 44
75
456
5 53
65
541
5 54
99
680
13 8
4916
596
18 8
5320
524
19 6
9316
833
-1
868
2 08
46
502
6 49
617
836
10 3
7019
441
18 4
7919
452
19 2
7519
294
19 0
79
8 27
6 18
68
695
799
8 95
1 33
49
391
051
9 81
4 01
410
000
222
10 2
84 6
2810
598
131
10 8
52 1
0310
865
456
10 6
54 6
7010
846
820
11 1
70 7
26
1 06
5 31
51
220
094
1 27
9 56
11
329
646
1 33
8 73
41
337
754
1 32
9 75
81
364
910
1 38
0 90
91
335
580
1 37
5 28
01
461
866
1 47
9 26
435
6 76
248
1 16
452
0 63
553
0 01
155
7 54
156
2 20
650
3 17
351
3 01
251
0 44
745
5 55
543
4 09
945
6 31
446
2 91
470
8 55
373
8 93
075
8 92
679
9 63
578
1 19
377
5 54
882
6 58
585
1 89
887
0 46
288
0 02
594
1 18
11
005
552
1 01
6 35
014
5 84
013
9 49
513
8 38
313
5 11
712
9 38
213
0 71
012
8 72
110
0 13
410
6 47
510
3 91
310
4 92
910
4 99
111
3 48
539
862
35 3
3034
199
34 7
0635
704
37 2
8137
322
31 6
4240
029
40 9
8141
814
41 8
1242
011
105
978
104
165
104
184
100
411
93 6
7893
429
91 3
9968
492
66 4
4662
932
63 1
1563
179
71 4
747
065
031
7 33
6 21
07
533
390
7 92
6 28
88
345
898
8 53
1 75
88
826
149
9 13
3 08
79
364
719
9 42
5 96
39
174
461
9 27
9 96
39
577
977
26
BNB MONTHLY BULLETIN 6≠7/20081.
3.2.
DE
TA
ILE
D M
ON
ET
AR
Y S
UR
VE
Y (
BG
Ní0
00)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
Exc
hang
e ra
te: B
GN
/USD
1
BG
N/E
UR
1
FO
RE
IGN
AS
SE
TS
(N
ET
)
For
eign
ass
ets
C
ash
in f
orei
gn c
urre
ncy
o/w
EU
R
Dep
osits
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
R
epos
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
L
oans
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
S
ecur
ities
oth
er th
an s
hare
s
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R
Sha
res
and
othe
r eq
uity
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
M
onet
ary
gold
and
SD
R h
oldi
ngs*
A
ccru
ed in
tere
st r
ecei
vabl
e
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R L
ess:
fore
ign
liabi
litie
s
Dep
osits
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
R
epos
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
L
oans
**
Deb
t sec
uriti
es is
sued
***
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
(con
tinue
d)
1.44
823
1.42
688
1.42
709
1.37
939
1.35
380
1.32
500
1.33
122
1.31
529
1.28
953
1.23
693
1.25
858
1.26
117
1.24
069
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
17 7
90 3
7018
577
413
19 4
97 7
0419
860
181
19 7
66 6
4719
803
250
19 1
30 3
6518
385
493
17 4
88 1
9417
706
739
17 6
24 1
0117
291
078
16 7
06 0
26
25 6
41 0
5426
444
626
27 8
18 0
3629
033
293
29 4
20 3
4730
494
329
31 2
50 2
2229
093
328
28 7
65 3
9329
915
436
31 1
80 5
2730
776
023
33 2
04 2
9136
1 83
641
2 70
637
0 56
334
0 83
241
7 74
942
7 43
053
5 74
746
6 50
945
0 37
344
8 70
543
9 97
850
5 01
151
2 83
824
2 61
627
3 68
624
4 19
822
5 79
430
8 27
631
1 90
642
2 10
134
8 46
634
5 72
335
2 18
033
8 56
139
3 52
040
0 86
69
514
312
8 75
9 38
19
321
048
9 72
7 65
99
246
985
9 34
6 79
59
271
390
7 50
0 53
16
947
097
8 41
1 15
17
758
311
6 38
1 91
68
350
982
739
609
725
028
523
851
539
161
395
669
119
355
135
744
152
741
177
506
184
115
174
940
171
308
158
449
8 77
4 70
38
034
353
8 79
7 19
79
188
498
8 85
1 31
69
227
440
9 13
5 64
67
347
790
6 76
9 59
18
227
036
7 58
3 37
16
210
608
8 19
2 53
37
079
395
6 37
3 75
86
897
245
7 59
0 86
97
161
879
7 49
8 64
67
522
925
5 69
2 80
85
245
916
6 68
4 16
46
517
663
5 08
4 68
26
950
856
- -
- -
- -
- -
2338
197
233
236
15 0
62 -
- -
- -
- -
-23
2323
323
615
062
- -
- -
- -
- -
-38
174
- -
- -
- -
- -
- -
- -
38 1
74 -
- -
269
906
283
999
304
318
301
166
327
651
342
407
491
605
533
628
600
776
600
768
638
719
582
435
631
898
17 8
4117
830
17 3
6618
735
22 6
6522
167
27 2
6725
324
28 2
0411
247
27 9
058
564
30 3
3525
2 06
526
6 16
928
6 95
228
2 43
130
4 98
632
0 24
046
4 33
850
8 30
457
2 57
258
9 52
161
0 81
457
3 87
160
1 56
322
3 60
523
0 06
521
4 64
221
7 36
524
2 03
625
6 96
537
4 07
240
5 63
747
1 77
848
6 15
451
2 67
243
5 13
845
7 97
714
049
618
15 5
10 7
4516
359
436
17 1
02 6
4417
816
309
18 7
79 2
9919
284
743
18 7
92 5
3518
910
218
18 6
51 5
7020
653
049
21 5
73 8
1521
730
378
249
424
268
306
267
517
286
862
299
111
290
178
289
777
290
416
291
605
323
535
322
321
324
158
451
914
13 8
00 1
9415
242
439
16 0
91 9
1916
815
782
17 5
17 1
9818
489
121
18 9
94 9
6618
502
119
18 6
18 6
1318
328
035
20 3
30 7
2821
249
657
21 2
78 4
6413
177
233
14 7
12 5
2715
673
040
16 4
56 0
3117
192
116
18 2
36 1
2118
764
701
18 2
89 3
8018
415
903
18 1
43 6
8520
152
480
21 0
87 9
0021
130
490
59 7
6359
822
59 3
5959
713
60 1
1761
541
67 4
3465
631
86 2
1286
035
86 3
0387
024
86 2
84 -
- -
- -
- -
- -
- -
- -
59 7
6359
822
59 3
5959
713
60 1
1761
541
67 4
3465
631
86 2
1286
035
86 3
0387
024
86 2
8435
901
35 9
8135
777
36 0
4936
304
37 2
3842
969
42 5
9863
230
62 9
9262
828
63 2
9362
880
1 27
8 56
11
291
204
1 29
6 88
91
374
374
1 42
7 67
61
416
892
1 48
1 76
81
626
946
1 66
6 65
11
560
225
1 47
2 94
91
497
934
1 54
2 68
110
7 05
812
6 76
910
6 42
312
6 90
512
3 86
011
9 96
511
7 53
510
7 54
810
4 04
311
8 78
513
0 98
514
7 65
233
4 16
8 -
- -
- -
- -
- -
- -
- -
107
058
126
769
106
423
126
905
123
860
119
965
117
535
107
548
104
043
118
785
130
985
147
652
334
168
106
624
126
249
105
981
126
359
123
183
119
825
117
316
107
249
103
839
118
498
130
720
147
534
334
047
7 85
0 68
47
867
213
8 32
0 33
29
173
112
9 65
3 70
010
691
079
12 1
19 8
5710
707
835
11 2
77 1
9912
208
697
13 5
56 4
2613
484
945
16 4
98 2
657
358
671
7 52
8 73
07
979
116
8 89
0 10
69
333
428
10 3
58 9
8611
802
654
10 3
96 1
7710
908
446
11 6
49 8
2513
159
859
13 0
49 9
1015
901
601
536
000
567
007
587
711
584
490
599
309
604
839
638
301
601
856
615
979
660
119
673
984
669
099
677
827
6 82
2 67
16
961
723
7 39
1 40
58
305
616
8 73
4 11
99
754
147
11 1
64 3
539
794
321
10 2
92 4
6710
989
706
12 4
85 8
7512
380
811
15 2
23 7
746
614
773
6 75
5 61
97
175
114
8 12
8 19
78
570
455
9 58
4 29
910
943
382
9 59
1 11
310
104
663
10 8
01 2
0612
292
257
12 1
37 5
3314
943
020
173
527
48 1
4360
704
2 73
839
963
51 8
0337
665
36 3
2788
443
278
510
116
189
154
454
315
913
- -
- -
- -
- -
14 0
28 -
- -
-17
3 52
748
143
60 7
042
738
39 9
6351
803
37 6
6536
327
74 4
1527
8 51
011
6 18
915
4 45
431
5 91
317
3 52
748
143
60 7
042
738
39 9
6339
621
37 6
6536
327
60 0
2526
4 49
410
1 93
710
5 27
531
5 91
3 -
- -
- -
- -
- -
- -
- -
318
486
290
340
280
512
280
268
280
309
280
290
279
538
275
331
280
310
280
362
280
378
280
581
280
751
44 4
3616
218
6 34
86
200
6 20
06
196
10 1
131
103
6 20
06
216
6 21
76
391
6 52
727
4 05
027
4 12
227
4 16
427
4 06
827
4 10
927
4 09
426
9 42
527
4 22
827
4 11
027
4 14
627
4 16
127
4 19
027
4 22
427
4 05
027
4 12
227
4 16
427
4 06
827
4 10
927
4 09
426
9 42
527
4 22
827
4 11
027
4 14
627
4 16
127
4 19
027
4 22
4
27
6≠7/2008 FINANCIAL SECTOR1.
3.2.
DE
TA
ILE
D M
ON
ET
AR
Y S
UR
VE
Y(c
ontin
ued)
(B
GN
í000
)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
A
ccru
ed in
tere
st p
ayab
le
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
RD
OM
ES
TIC
AS
SE
TS
(N
ET
)
DO
ME
STIC
CR
ED
IT
CL
AIM
S O
N G
EN
ER
AL
GO
VE
RN
ME
NT
Cen
tral
gov
ernm
ent (
net)
C
laim
s
Gov
ernm
ent s
ecur
ities
in
BG
N
i
n fo
reig
n cu
rren
cy
o/w
EU
R
Rep
os
i
n B
GN
in
fore
ign
curr
ency
o
/w E
UR
L
oans
in
BG
N
i
n fo
reig
n cu
rren
cy
o/w
EU
R
Les
s: li
abili
ties
D
epos
its
i
n B
GN
in
fore
ign
curr
ency
o
/w E
UR
R
epos
in
BG
N
i
n fo
reig
n cu
rren
cy
o/w
EU
R
L
ocal
gov
ernm
ent a
nd S
SFs
Se
curi
ties
othe
r th
an s
hare
s
in
BG
N
in
fore
ign
curr
ency
o/w
EU
R
Rep
os
in
BG
N
in
fore
ign
curr
ency
o/w
EU
R
Loa
ns
in
BG
N
in
fore
ign
curr
ency
o/w
EU
R
(con
tinue
d)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
25 8
34 5
0126
490
960
27 2
48 7
7727
764
053
28 8
15 5
6329
814
595
33 2
15 8
7333
797
585
35 0
47 7
3635
407
428
35 8
63 4
9036
736
534
38 4
29 4
87
26 0
38 5
8926
743
956
27 5
32 0
5828
091
115
29 0
65 6
6730
101
034
33 4
86 1
5234
014
857
35 3
40 9
0435
570
315
36 0
59 5
3937
046
254
38 4
73 0
02-3
825
032
-4 1
21 0
05-4
611
764
-5 0
72 9
44-5
389
987
-5 8
48 7
71-4
296
867
-4 3
98 8
53-4
167
778
-4 7
92 7
07-5
931
678
-6 4
79 4
56-6
905
942
-3 9
65 9
13-4
265
529
-4 7
70 6
96-5
238
570
-5 5
64 0
78-6
031
719
-4 5
01 7
47-4
600
204
-4 3
66 9
34-5
000
187
-6 1
38 6
49-6
687
394
-7 1
13 4
642
890
363
2 87
9 69
22
955
551
3 09
2 08
13
090
705
3 11
9 17
63
085
226
3 00
8 88
93
030
022
2 97
9 06
22
910
729
2 93
8 09
02
945
010
2 89
0 24
52
879
120
2 95
5 54
53
092
073
3 09
0 69
93
118
673
3 08
4 73
43
008
392
3 02
9 53
42
978
569
2 91
0 24
12
937
595
2 94
4 51
61
588
850
1 57
7 89
81
614
401
1 65
6 64
41
659
996
1 67
8 80
21
665
873
1 60
3 73
91
590
223
1 53
2 86
81
472
375
1 48
9 60
11
507
111
1 30
1 39
51
301
222
1 34
1 14
41
435
429
1 43
0 70
31
439
871
1 41
8 86
11
404
653
1 43
9 31
11
445
701
1 43
7 86
61
447
994
1 43
7 40
589
8 97
090
0 20
391
8 77
396
5 56
396
1 61
496
9 42
794
8 59
294
8 97
296
7 13
299
1 68
997
4 32
297
0 72
496
2 71
3 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-11
857
26
86
503
492
497
488
493
488
495
494
116
572
66
350
149
149
748
848
948
849
549
02
- -
23
21
- -
4 -
-4
2 -
-2
32
1 -
-4
- -
46
856
276
7 14
5 22
17
726
247
8 33
0 65
18
654
783
9 15
0 89
57
586
973
7 60
9 09
37
396
956
7 97
9 24
99
049
378
9 62
5 48
410
058
474
6 85
6 27
67
145
221
7 72
6 24
78
330
651
8 65
4 78
39
150
895
7 58
6 97
37
609
093
7 39
6 95
67
979
249
9 04
9 37
89
625
484
10 0
58 4
744
849
493
5 20
3 91
95
711
296
6 10
0 65
46
278
498
6 54
6 48
94
930
814
5 12
0 10
95
202
469
5 82
1 81
16
841
922
7 45
3 63
27
881
591
2 00
6 78
31
941
302
2 01
4 95
12
229
997
2 37
6 28
52
604
406
2 65
6 15
92
488
984
2 19
4 48
72
157
438
2 20
7 45
62
171
852
2 17
6 88
31
885
285
1 89
2 51
21
953
446
2 17
0 12
12
317
602
2 54
4 45
42
615
870
2 45
6 54
82
152
769
2 12
6 23
02
166
560
2 13
0 25
42
128
952
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
140
881
144
524
158
932
165
626
174
091
182
948
204
880
201
351
199
156
207
480
206
971
207
938
207
522
40 3
2040
286
40 2
8541
520
41 3
2946
436
51 5
3451
508
50 1
8655
312
55 2
9655
269
55 2
507
722
7 71
77
716
7 71
07
638
7 61
77
578
7 56
16
250
6 24
86
244
6 24
06
232
32 5
9832
569
32 5
6933
810
33 6
9138
819
43 9
5643
947
43 9
3649
064
49 0
5249
029
49 0
1832
598
32 5
6932
569
33 8
1033
691
38 8
1943
956
43 9
4743
936
49 0
6449
052
49 0
2949
018
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
100
561
104
238
118
647
124
106
132
762
136
512
153
346
149
843
148
970
152
168
151
675
152
669
152
272
74 0
7777
695
85 6
3092
227
98 0
9410
0 39
711
8 90
711
7 20
611
6 33
012
1 26
212
0 63
112
0 29
412
0 58
526
484
26 5
4333
017
31 8
7934
668
36 1
1534
439
32 6
3732
640
30 9
0631
044
32 3
7531
687
26 4
8426
543
33 0
1731
879
34 6
6836
115
34 4
3932
637
32 6
4030
906
31 0
4432
375
31 6
87
28
BNB MONTHLY BULLETIN 6≠7/20081.
3.2.
DE
TA
ILE
D M
ON
ET
AR
Y S
UR
VE
Y(c
ontin
ued)
(B
GN
í000
)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
C
LA
IMS
ON
NO
N-G
OV
ER
NM
EN
T S
EC
TO
R
N
on-f
inan
cial
cor
pora
tions
R
epos
i
n B
GN
i
n fo
reig
n cu
rren
cy
o
/w E
UR
L
oans
in B
GN
i
n fo
reig
n cu
rren
cy
o
/w E
UR
Se
curi
ties
othe
r th
an s
hare
s
in
BG
N
in
fore
ign
curr
ency
o/w
EU
R
Shar
es a
nd o
ther
equ
ity
in
BG
N
in
fore
ign
curr
ency
o/w
EU
R
F
inan
cial
cor
pora
tions
R
epos
i
n B
GN
i
n fo
reig
n cu
rren
cy
o
/w E
UR
L
oans
i
n B
GN
i
n fo
reig
n cu
rren
cy
o
/w E
UR
Se
curi
ties
othe
r th
an s
hare
s
in
BG
N
in
fore
ign
curr
ency
o/w
EU
R
Shar
es a
nd o
ther
equ
ity
in
BG
N
in
fore
ign
curr
ency
o/w
EU
R
H
ouse
hold
s an
d N
PIS
Hs
R
epos
i
n B
GN
i
n fo
reig
n cu
rren
cy
o
/w E
UR
L
oans
i
n B
GN
i
n fo
reig
n cu
rren
cy
o
/w E
UR
(con
tinue
d)
29 8
63 6
2130
864
961
32 1
43 8
2233
164
059
34 4
55 6
5435
949
805
37 7
83 0
1938
413
710
39 5
08 6
8240
363
022
41 9
91 2
1743
525
710
45 3
78 9
4418
388
003
18 9
93 4
2419
570
564
20 3
26 0
6121
104
689
22 0
93 1
2623
334
842
23 6
68 0
6524
241
759
25 0
05 5
0825
973
852
26 8
88 3
2328
195
903
121
507
123
446
124
491
127
215
153
270
162
285
135
897
111
145
111
294
49 8
1738
814
42 7
7856
814
92 4
9294
457
95 5
0295
726
96 8
8710
5 90
279
514
84 1
9784
345
22 8
6824
047
28 0
1234
994
29 0
1528
989
28 9
8931
489
56 3
8356
383
56 3
8326
948
26 9
4926
949
14 7
6714
766
21 8
2029
015
28 9
8928
989
31 4
8956
383
56 3
8356
383
26 9
4826
949
26 9
4914
767
14 7
6621
820
17 7
89 5
0118
405
575
19 0
13 4
1419
772
898
20 5
08 3
6321
455
431
22 7
19 6
4623
093
849
23 6
67 9
0124
445
425
25 4
37 1
4526
368
883
27 6
65 4
906
135
006
6 25
0 98
36
431
539
6 80
9 95
66
982
743
7 14
0 52
97
331
757
7 37
6 07
97
347
048
7 49
7 27
97
620
191
7 83
9 55
48
134
870
11 6
54 4
9512
154
592
12 5
81 8
7512
962
942
13 5
25 6
2014
314
902
15 3
87 8
8915
717
770
16 3
20 8
5316
948
146
17 8
16 9
5418
529
329
19 5
30 6
2011
293
399
11 7
95 4
0512
228
296
12 6
54 4
6613
239
304
14 0
12 8
1515
103
873
15 3
90 9
3715
988
433
16 6
43 9
7817
475
773
18 1
57 7
5719
147
941
307
139
300
838
264
723
257
868
278
854
306
009
316
707
319
411
318
285
367
216
355
427
333
871
332
662
40 3
3936
011
35 9
9535
687
35 6
1835
980
35 5
0135
122
33 4
8335
750
35 6
2635
778
36 2
5426
6 80
026
4 82
722
8 72
822
2 18
124
3 23
627
0 02
928
1 20
628
4 28
928
4 80
233
1 46
631
9 80
129
8 09
329
6 40
826
3 90
426
1 97
322
5 87
421
9 42
223
2 40
525
9 42
926
9 89
127
3 10
927
3 84
132
0 95
230
9 10
428
7 37
328
5 86
216
9 85
616
3 56
516
7 93
616
8 08
016
4 20
216
9 40
116
2 59
214
3 66
014
4 27
914
3 05
014
2 46
614
2 79
114
0 93
716
9 85
616
3 56
516
7 93
616
8 08
016
4 20
216
9 40
116
2 59
214
3 66
014
4 27
914
3 05
014
2 46
614
2 79
114
0 93
7 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-54
4 98
451
6 38
854
2 29
459
8 78
960
2 14
564
3 39
266
5 10
666
2 72
067
4 02
170
6 76
474
9 81
680
6 23
589
7 51
935
528
34 3
4132
275
37 0
0835
908
40 7
2731
304
28 8
7629
853
29 4
3128
174
48 9
2443
875
25 0
5926
087
24 9
2325
581
26 4
5334
028
24 6
6522
624
23 5
9223
171
21 4
0822
629
22 2
7810
469
8 25
47
352
11 4
279
455
6 69
96
639
6 25
26
261
6 26
06
766
26 2
9521
597
10 0
017
939
7 35
211
427
9 45
56
699
6 63
96
252
6 26
16
260
6 76
610
684
6 23
931
3 05
528
7 61
730
9 87
336
0 79
435
9 56
040
3 63
643
1 26
242
6 84
743
7 49
044
9 29
149
2 91
452
3 28
062
4 46
478
317
68 9
3859
415
66 5
9070
754
75 4
9490
028
88 7
6682
974
105
882
106
259
111
249
108
652
234
738
218
679
250
458
294
204
288
806
328
142
341
234
338
081
354
516
343
409
386
655
412
031
515
812
234
738
218
677
250
456
294
204
288
806
328
142
341
233
338
079
351
978
340
975
384
529
409
896
513
580
113
955
107
053
110
611
107
277
108
738
102
151
94 7
7499
443
94 9
7210
4 32
910
3 47
210
2 77
410
1 96
441
194
41 1
9341
205
41 2
0038
689
38 5
6631
955
32 7
5132
750
37 7
5137
453
37 4
4837
447
72 7
6165
860
69 4
0666
077
70 0
4963
585
62 8
1966
692
62 2
2266
578
66 0
1965
326
64 5
1772
761
65 8
6069
406
66 0
7770
049
63 5
8562
819
66 6
9262
222
66 5
7866
019
65 3
2664
517
82 4
4687
377
89 5
3593
710
97 9
3996
878
107
766
107
554
111
706
123
713
125
256
131
257
127
216
82 4
4687
377
89 5
3593
710
97 9
3996
878
107
766
107
554
110
415
122
465
124
005
129
995
126
003
- -
- -
- -
- -
1 29
11
248
1 25
11
262
1 21
3 -
- -
- -
- -
- -
- -
- -
10 9
30 6
3411
355
149
12 0
30 9
6412
239
209
12 7
48 8
2013
213
287
13 7
83 0
7114
082
925
14 5
92 9
0214
650
750
15 2
67 5
4915
831
152
16 2
85 5
223
402
2 75
74
663
9 15
211
990
10 4
2714
026
14 0
5414
111
16 3
3412
152
11 9
2712
027
3 40
22
757
4 66
39
152
11 9
9010
427
14 0
2614
054
14 1
1116
334
12 1
5211
927
12 0
27 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-10
927
232
11 3
52 3
9212
026
301
12 2
30 0
5712
736
830
13 2
02 8
6013
769
045
14 0
68 8
7114
578
791
14 6
34 4
1615
255
397
15 8
19 2
2516
273
495
8 73
8 87
99
047
322
9 62
2 35
29
799
706
10 1
97 0
1810
629
340
11 0
08 0
0711
253
418
11 6
42 5
0011
678
470
11 9
74 4
8512
210
276
12 3
64 3
872
188
353
2 30
5 07
02
403
949
2 43
0 35
12
539
812
2 57
3 52
02
761
038
2 81
5 45
32
936
291
2 95
5 94
63
280
912
3 60
8 94
93
909
108
2 12
3 11
12
240
900
2 33
8 71
12
365
453
2 47
4 82
12
510
170
2 69
3 21
42
746
498
2 86
9 67
32
879
297
3 19
2 18
13
512
145
3 83
0 32
2
29
6≠7/2008 FINANCIAL SECTOR1.
3.2.
DE
TA
ILE
D M
ON
ET
AR
Y S
UR
VE
Y(c
ontin
ued)
(B
GN
í000
)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
FIX
ED
ASS
ET
S O
TH
ER
IT
EM
S (N
ET
)
Int
erba
nk a
ccou
nts
(net
)
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R
Oth
er a
sset
s an
d lia
bilit
ies
(net
)
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R
BR
OA
D M
ON
EY
M3
MO
NE
Y M
1
Cur
renc
y ou
tsid
e ba
nks
O
vern
ight
dep
osits
in B
GN
L
ocal
gov
ernm
ent
and
SSF
s
Non
-fin
anci
al c
orpo
ratio
ns
Fin
anci
al c
orpo
ratio
ns
Hou
seho
lds
and
NP
ISH
s
in
for
eign
cur
renc
y
Loc
al g
over
nmen
t an
d SS
Fs
N
on-f
inan
cial
cor
pora
tions
F
inan
cial
cor
pora
tions
H
ouse
hold
s an
d N
PIS
Hs
o/
w E
UR
L
ocal
gov
ernm
ent
and
SSF
s
Non
-fin
anci
al c
orpo
ratio
ns
Fin
anci
al c
orpo
ratio
ns
Hou
seho
lds
and
NP
ISH
s M
ON
EY
M2
(M1
+ Q
UA
SI-M
ON
EY
)
QU
ASI
-MO
NE
Y
D
epos
its w
ith a
gree
d m
atur
ity u
p to
2 y
ears
in
BG
N
L
ocal
gov
ernm
ent
and
SSF
s
N
on-f
inan
cial
cor
pora
tions
Fin
anci
al c
orpo
ratio
ns
H
ouse
hold
s an
d N
PIS
Hs
in
for
eign
cur
renc
y
L
ocal
gov
ernm
ent
and
SSF
s
N
on-f
inan
cial
cor
pora
tions
Fin
anci
al c
orpo
ratio
ns
H
ouse
hold
s an
d N
PIS
Hs
o/w
EU
R
L
ocal
gov
ernm
ent
and
SSF
s
N
on-f
inan
cial
cor
pora
tions
(con
tinue
d)
1 95
3 55
41
984
087
2 01
5 32
62
030
328
2 08
9 03
92
124
610
2 15
8 55
52
178
003
2 20
9 75
12
247
077
2 27
4 54
12
295
106
2 32
4 44
8-2
157
642
-2 2
37 0
83-2
298
607
-2 3
57 3
90-2
339
143
-2 4
11 0
49-2
428
834
-2 3
95 2
75-2
502
919
-2 4
09 9
64-2
470
590
-2 6
04 8
26-2
367
963
-68
182
-55
578
-64
352
-93
625
-37
649
-45
911
-93
127
-113
189
-57
526
-71
954
-161
651
-90
727
-92
646
-70
662
-55
843
-66
089
-87
982
-58
661
-66
287
-53
792
-71
879
-50
397
-72
181
-69
026
-57
307
-55
563
2 48
026
51
737
-5 6
4321
012
20 3
76-3
9 33
5-4
1 31
0-7
129
227
-92
625
-33
420
-37
083
2 01
02
944
3 01
2-3
410
23 0
4122
819
-36
307
-40
880
-7 0
72-1
1 59
9-9
2 23
3-3
2 96
4-3
6 69
2-2
089
460
-2 1
81 5
05-2
234
255
-2 2
63 7
65-2
301
494
-2 3
65 1
38-2
335
707
-2 2
82 0
86-2
445
393
-2 3
38 0
10-2
308
939
-2 5
14 0
99-2
275
317
-1 5
92 5
27-1
671
466
-1 8
14 1
41-1
793
520
-1 8
45 9
11-1
877
097
-1 7
87 1
74-1
876
992
-1 9
69 7
55-1
935
803
-1 8
34 8
22-1
979
041
-1 8
41 0
19-4
96 9
33-5
10 0
39-4
20 1
14-4
70 2
45-4
55 5
83-4
88 0
41-5
48 5
33-4
05 0
94-4
75 6
38-4
02 2
07-4
74 1
17-5
35 0
58-4
34 2
98-4
13 7
20-3
83 4
20-3
04 2
34-3
57 8
15-3
63 1
48-4
00 7
86-4
44 4
36-2
95 5
42-3
67 5
79-3
05 2
58-3
84 0
93-4
37 6
54-3
58 8
79
35 3
48 6
8536
372
574
37 7
95 1
4738
233
183
38 7
68 1
9639
617
623
42 0
61 6
1041
584
947
41 6
83 8
2742
248
711
42 8
32 9
2143
180
792
43 9
64 7
87
17 8
06 6
5718
278
650
18 9
02 8
1319
173
536
19 2
97 4
0519
319
645
20 7
26 6
5319
881
807
19 5
90 0
9219
848
046
20 0
75 2
4620
338
045
20 3
26 6
986
390
980
6 64
9 01
26
841
798
6 93
1 07
76
812
190
6 78
6 52
87
433
358
6 95
1 79
46
992
046
6 99
0 15
77
223
681
7 24
5 09
97
364
333
11 4
15 6
7711
629
638
12 0
61 0
1512
242
459
12 4
85 2
1512
533
117
13 2
93 2
9512
930
013
12 5
98 0
4612
857
889
12 8
51 5
6513
092
946
12 9
62 3
657
561
134
7 82
4 66
67
872
995
7 98
1 16
68
191
177
8 15
7 98
68
951
140
8 59
5 13
98
332
027
8 44
1 36
08
363
793
8 35
7 18
48
401
734
608
868
593
656
575
391
518
636
510
951
493
745
456
545
541
654
601
025
585
433
684
063
680
712
778
137
4 39
8 64
84
561
867
4 64
2 97
84
680
978
4 87
6 45
64
830
743
5 48
7 80
95
047
895
4 72
0 63
24
763
848
4 50
5 85
14
597
630
4 64
9 72
837
0 92
041
6 55
632
8 74
441
3 16
448
0 39
345
8 31
742
4 76
147
3 92
943
8 43
252
4 18
353
1 37
451
6 27
637
4 58
82
182
698
2 25
2 58
72
325
882
2 36
8 38
82
323
377
2 37
5 18
12
582
025
2 53
1 66
12
571
938
2 56
7 89
62
642
505
2 56
2 56
62
599
281
3 85
4 54
33
804
972
4 18
8 02
04
261
293
4 29
4 03
84
375
131
4 34
2 15
54
334
874
4 26
6 01
94
416
529
4 48
7 77
24
735
762
4 56
0 63
125
631
20 0
7135
403
32 7
3628
083
27 0
2326
400
35 5
1037
763
37 3
2047
001
33 1
3935
360
2 77
8 92
12
688
387
3 03
9 27
03
045
766
3 05
6 73
43
152
403
3 04
4 48
53
075
065
3 01
2 78
33
126
857
3 24
3 77
43
499
507
3 26
7 74
712
6 58
111
9 33
698
867
138
081
137
532
126
391
141
303
155
209
157
578
162
529
132
075
186
793
217
971
923
410
977
178
1 01
4 48
01
044
710
1 07
1 68
91
069
314
1 12
9 96
71
069
090
1 05
7 89
51
089
823
1 06
4 92
21
016
323
1 03
9 55
33
179
618
3 17
4 37
83
481
762
3 49
3 48
63
563
899
3 68
0 42
53
673
879
3 67
6 81
23
575
486
3 74
9 35
03
786
346
4 01
1 84
33
922
313
25 3
3519
610
34 9
7132
486
27 8
3026
856
26 2
3135
416
37 6
7137
232
46 9
0333
062
35 2
422
282
421
2 23
5 41
42
509
729
2 46
4 92
92
501
266
2 62
7 14
52
545
165
2 58
2 51
92
489
578
2 61
9 86
42
697
090
2 92
5 71
22
777
365
113
666
107
611
88 1
7312
7 23
912
5 24
611
2 95
512
7 12
613
9 86
613
5 76
414
4 32
911
3 81
216
7 44
119
9 77
675
8 19
681
1 74
384
8 88
986
8 83
290
9 55
791
3 46
997
5 35
791
9 01
191
2 47
394
7 92
592
8 54
188
5 62
890
9 93
035
333
040
36 3
65 2
5937
787
607
38 2
21 1
4538
756
159
39 5
94 2
3842
041
560
41 5
51 6
5741
648
752
42 2
10 4
0642
793
122
43 1
41 8
0543
928
875
17 5
26 3
8318
086
609
18 8
84 7
9419
047
609
19 4
58 7
5420
274
593
21 3
14 9
0721
669
850
22 0
58 6
6022
362
360
22 7
17 8
7622
803
760
23 6
02 1
7714
460
360
14 9
14 7
9115
611
592
15 7
12 6
6716
126
011
16 8
74 3
9817
780
591
18 1
32 4
6318
392
354
18 5
37 5
9318
780
550
18 7
12 9
0219
393
532
6 43
2 21
96
707
800
7 04
9 71
27
161
064
7 16
1 63
87
155
705
7 72
0 43
17
794
855
7 85
9 49
98
066
123
8 15
7 40
38
129
213
8 46
7 04
377
0 32
379
4 97
082
4 90
287
2 92
488
0 28
986
6 83
387
1 22
988
7 18
789
2 66
290
3 62
992
6 89
993
4 68
193
8 13
51
532
972
1 63
1 44
51
748
625
1 73
7 55
61
817
921
1 90
3 61
22
139
452
2 17
2 34
12
262
952
2 37
7 71
12
407
903
2 34
9 47
32
510
517
852
407
926
785
1 03
6 70
41
062
651
1 01
2 18
792
9 06
51
028
480
954
249
884
223
989
190
982
882
1 01
2 79
31
127
973
3 27
6 51
73
354
600
3 43
9 48
13
487
933
3 45
1 24
13
456
195
3 68
1 27
03
781
078
3 81
9 66
23
795
593
3 83
9 71
93
832
266
3 89
0 41
88
028
141
8 20
6 99
18
561
880
8 55
1 60
38
964
373
9 71
8 69
310
060
160
10 3
37 6
0810
532
855
10 4
71 4
7010
623
147
10 5
83 6
8910
926
489
23 8
2823
767
23 7
7025
029
24 9
5824
896
25 7
2523
865
23 9
2028
992
22 8
1022
769
22 6
861
843
303
1 91
7 68
82
029
454
1 98
9 19
42
093
341
2 60
6 56
02
570
813
2 61
5 97
22
656
923
2 56
6 74
92
557
455
2 40
6 15
42
644
825
300
575
311
861
411
549
396
766
396
946
355
749
365
821
356
480
353
360
346
783
326
301
385
995
337
348
5 86
0 43
55
953
675
6 09
7 10
76
140
614
6 44
9 12
86
731
488
7 09
7 80
17
341
291
7 49
8 65
27
528
946
7 71
6 58
17
768
771
7 92
1 63
05
989
219
6 21
8 41
46
584
758
6 64
2 90
47
031
292
7 82
8 49
48
097
586
8 38
2 62
48
575
269
8 59
9 97
68
755
265
8 71
4 70
28
988
199
19 7
0819
707
19 7
0721
105
21 1
0621
125
21 9
2720
009
20 1
4025
367
19 1
2019
066
19 0
491
456
083
1 55
8 69
91
682
236
1 65
9 46
41
724
189
2 23
7 96
02
133
963
2 17
3 51
22
181
899
2 10
9 16
22
133
146
1 98
9 94
22
142
213
30
BNB MONTHLY BULLETIN 6≠7/20081.
3.2.
DE
TA
ILE
D M
ON
ET
AR
Y S
UR
VE
Y(c
ontin
ued)
(B
GN
í000
)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
Fin
anci
al c
orpo
ratio
ns
H
ouse
hold
s an
d N
PIS
Hs
Dep
osits
red
eem
able
at n
otic
e up
to 3
mon
ths
in
BG
N
L
ocal
gov
ernm
ent
and
SSF
s
N
on-f
inan
cial
cor
pora
tions
Fin
anci
al c
orpo
ratio
ns
H
ouse
hold
s an
d N
PIS
Hs
in
for
eign
cur
renc
y
L
ocal
gov
ernm
ent
and
SSF
s
N
on-f
inan
cial
cor
pora
tions
Fin
anci
al c
orpo
ratio
ns
H
ouse
hold
s an
d N
PIS
Hs
o
/w E
UR
Loc
al g
over
nmen
t an
d SS
Fs
Non
-fin
anci
al c
orpo
ratio
ns
F
inan
cial
cor
pora
tions
Hou
seho
lds
and
NP
ISH
s M
ON
EY
M3
(M2
+ M
AR
KE
TA
BL
E I
NST
RU
ME
NT
S)
Mar
keta
ble
inst
rum
ents
(de
bt s
ecur
ities
issu
ed u
p to
2 y
ears
+
MM
Fs
shar
es/u
nits
+ r
epos
)
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
RL
ON
GE
R-T
ER
M L
IAB
ILIT
IES
NO
T I
NC
LU
DE
D
IN M
ON
EY
SU
PP
LY
D
EP
OSI
TS
WIT
H A
GR
EE
D M
AT
UR
ITY
OV
ER
2
YE
AR
S A
ND
DE
PO
SIT
S R
ED
EE
MA
BL
E A
T
NO
TIC
E O
VE
R 3
MO
NT
HS
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
DE
BT
SE
CU
RIT
IES
ISSU
ED
OV
ER
2 Y
EA
RS
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R C
AP
ITA
L A
ND
RE
SER
VE
S
Fun
ds c
ontr
ibut
ed b
y ow
ners
R
eser
ves
F
inan
cial
res
ult
273
529
285
675
383
159
366
349
368
656
326
072
335
870
325
801
322
597
319
044
299
129
343
768
296
747
4 23
9 89
94
354
333
4 49
9 65
64
595
986
4 91
7 34
15
243
337
5 60
5 82
65
863
302
6 05
0 63
36
146
403
6 30
3 87
06
361
926
6 53
0 19
03
066
023
3 17
1 81
83
273
202
3 33
4 94
23
332
743
3 40
0 19
53
534
316
3 53
7 38
73
666
306
3 82
4 76
73
937
326
4 09
0 85
84
208
645
1 49
6 49
91
564
002
1 60
5 88
21
630
022
1 58
6 34
91
589
486
1 65
1 34
61
678
410
1 74
4 31
31
841
793
1 89
3 57
31
921
595
1 97
9 60
9 -
- -
- -
- -
- -
- -
- -
29 6
4056
579
54 9
1959
210
46 6
1949
757
21 1
5333
019
19 0
3425
704
19 7
176
563
5 85
51
000
1 00
01
000
-1
000
1 00
01
000
1 00
01
000
1 00
0 -
- -
1 46
5 85
91
506
423
1 54
9 96
31
570
812
1 53
8 73
01
538
729
1 62
9 19
31
644
391
1 72
4 27
91
815
089
1 87
3 85
61
915
032
1 97
3 75
41
569
524
1 60
7 81
61
667
320
1 70
4 92
01
746
394
1 81
0 70
91
882
970
1 85
8 97
71
921
993
1 98
2 97
42
043
753
2 16
9 26
32
229
036
- -
- -
- -
- -
- -
- -
-21
983
23 9
8433
401
27 1
9918
574
25 6
2016
935
13 9
0720
347
17 7
3916
073
41 3
8128
721
- -
- -
- -
- -
- -
- -
-1
547
541
1 58
3 83
21
633
919
1 67
7 72
11
727
820
1 78
5 08
91
866
035
1 84
5 07
01
901
646
1 96
5 23
52
027
680
2 12
7 88
22
200
315
1 18
5 70
41
228
367
1 28
9 01
61
331
935
1 38
0 68
21
461
593
1 53
0 91
31
522
036
1 58
9 44
81
664
592
1 73
3 83
81
851
018
1 91
8 54
2 -
- -
- -
- -
- -
- -
- -
6 17
810
388
22 5
3815
477
7 79
517
802
10 2
819
770
12 3
758
432
12 7
2034
136
25 6
76 -
- -
- -
- -
- -
- -
- -
1 17
9 52
61
217
979
1 26
6 47
81
316
458
1 37
2 88
71
443
791
1 52
0 63
21
512
266
1 57
7 07
31
656
160
1 72
1 11
81
816
882
1 89
2 86
635
348
685
36 3
72 5
7437
795
147
38 2
33 1
8338
768
196
39 6
17 6
2342
061
610
41 5
84 9
4741
683
827
42 2
48 7
1142
832
921
43 1
80 7
9243
964
787
15 6
457
315
7 54
012
038
12 0
3723
385
20 0
5033
290
35 0
7538
305
39 7
9938
987
35 9
1215
645
5 44
75
456
5 53
65
541
5 54
99
680
13 8
4916
596
18 8
5320
524
19 6
9316
833
-1
868
2 08
46
502
6 49
617
836
10 3
7019
441
18 4
7919
452
19 2
7519
294
19 0
79 -
1 86
82
084
6 50
26
496
17 8
3610
370
19 4
4118
479
19 4
5219
275
19 2
9419
079
8 27
6 18
68
695
799
8 95
1 33
49
391
051
9 81
4 01
410
000
222
10 2
84 6
2810
598
131
10 8
52 1
0310
865
456
10 6
54 6
7010
846
820
11 1
70 7
26
1 06
5 31
51
220
094
1 27
9 56
11
329
646
1 33
8 73
41
337
754
1 32
9 75
81
364
910
1 38
0 90
91
335
580
1 37
5 28
01
461
866
1 47
9 26
435
6 76
248
1 16
452
0 63
553
0 01
155
7 54
156
2 20
650
3 17
351
3 01
251
0 44
745
5 55
543
4 09
945
6 31
446
2 91
470
8 55
373
8 93
075
8 92
679
9 63
578
1 19
377
5 54
882
6 58
585
1 89
887
0 46
288
0 02
594
1 18
11
005
552
1 01
6 35
052
0 81
054
7 06
655
9 98
659
7 76
559
4 09
259
5 99
764
2 54
666
4 77
968
5 93
070
2 96
373
2 01
778
8 91
080
0 66
414
5 84
013
9 49
513
8 38
313
5 11
712
9 38
213
0 71
012
8 72
110
0 13
410
6 47
510
3 91
310
4 92
910
4 99
111
3 48
539
862
35 3
3034
199
34 7
0635
704
37 2
8137
322
31 6
4240
029
40 9
8141
814
41 8
1242
011
105
978
104
165
104
184
100
411
93 6
7893
429
91 3
9968
492
66 4
4662
932
63 1
1563
179
71 4
7410
5 97
810
4 16
510
4 18
410
0 41
193
678
93 4
2991
399
68 4
9266
446
62 9
3263
115
63 1
7971
474
7 06
5 03
17
336
210
7 53
3 39
07
926
288
8 34
5 89
88
531
758
8 82
6 14
99
133
087
9 36
4 71
99
425
963
9 17
4 46
19
279
963
9 57
7 97
71
593
910
1 70
1 70
21
701
702
1 86
8 33
42
048
481
2 10
8 39
22
183
231
2 18
9 08
12
189
081
2 18
9 08
12
189
081
2 20
9 08
12
331
873
4 63
8 83
04
657
087
4 67
1 72
34
755
048
4 82
8 71
84
802
120
4 85
5 05
25
023
133
5 08
8 54
75
247
766
5 46
0 85
65
537
756
5 70
7 10
983
2 29
197
7 42
11
159
965
1 30
2 90
61
468
699
1 62
1 24
61
787
866
1 92
0 87
32
087
091
1 98
9 11
61
524
524
1 53
3 12
61
538
995
* In
clud
ing
the
rese
rve
posi
tion
in th
e IM
F.
** I
nclu
ding
onl
y lo
ans
rece
ived
from
the
IMF
.**
* In
clud
ing
debt
sec
uriti
es is
sued
and
MM
Fs
shar
es/u
nits
hel
d by
non
-res
iden
ts.
Sour
ces:
BN
B a
nd o
ther
MF
Is.
31
6≠7/2008 FINANCIAL SECTOR1.
3.3.
BN
B A
NA
LY
TIC
AL
RE
PO
RT
ING
(B
GN
í000
)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
Exc
hang
e ra
te: B
GN
/USD
1
BG
N/E
UR
1
AS
SE
TS
FO
RE
IGN
ASS
ET
S (N
ET
)
For
eign
ass
ets
Cas
h in
for
eign
cur
renc
y
o/w
EU
R
D
epos
its
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Rep
os
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Loa
ns
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Sec
uriti
es o
ther
than
sha
res
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
S
hare
s an
d ot
her
equi
ty
in B
GN
in
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A
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UR
Les
s: fo
reig
n lia
bilit
ies
Dep
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in
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N
in f
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ncy
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R
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in
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N
in f
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ncy
o/w
EU
R
L
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**
A
ccru
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tere
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GN
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tinue
d)
1.44
823
1.42
688
1.42
709
1.37
939
1.35
380
1.32
500
1.33
122
1.31
529
1.28
953
1.23
693
1.25
858
1.26
117
1.24
069
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
13 0
90 7
6913
385
894
13 7
38 2
7815
947
815
15 8
55 2
6615
733
233
17 6
11 7
9016
744
319
16 9
90 1
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235
282
17 7
91 9
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270
810
17 4
98 7
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18 6
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2819
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20 1
14 7
2322
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23 1
14 5
1123
508
873
23 3
42 4
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740
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22 7
78 4
4323
663
666
25 2
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8125
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075
25 8
68 3
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22 9
22 9
8423
149
590
23 5
63 1
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366
22 8
71 3
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547
23 7
21 9
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25 0
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5325
911
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8 92
55
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7 58
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85 1
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87 9
4492
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83 5
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79 6
418
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5 44
76
654
3 29
084
346
82 9
8287
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91 1
8582
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78 3
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216
82 4
5178
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4 60
7 07
03
556
436
3 52
4 42
45
271
088
4 63
3 59
24
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3 41
6 25
83
042
055
2 88
5 17
44
176
272
3 84
9 27
52
519
124
3 25
5 07
0 -
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- -
- -
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4 60
7 07
03
556
436
3 52
4 42
45
271
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4 63
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23
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5 23
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63
380
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3 00
9 30
02
850
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4 15
2 98
23
824
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2 49
4 13
23
233
670
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12 7
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18 0
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20 6
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16 1
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17 8
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17 9
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17 7
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1119
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199
20 8
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5420
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317
29 3
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29 3
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29 3
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989
27 9
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27 9
8927
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27 9
89 -
- -
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29 3
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29 3
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29 3
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27 9
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27 9
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27 9
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976
6 97
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6 97
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6 97
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6 97
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6 97
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6 97
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1 27
8 56
11
291
204
1 29
6 88
91
374
374
1 42
7 67
61
416
892
1 48
1 76
81
626
946
1 66
6 65
11
560
225
1 47
2 94
91
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1 54
2 68
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7 05
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6 76
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6 42
312
6 90
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3 86
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9 96
511
7 53
510
7 54
810
4 04
311
8 78
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0 98
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7 65
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107
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769
106
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905
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0458
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39 5
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43 2
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3 71
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0 99
641
925
35 0
7954
269
32 9
1413
0 61
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104
58 2
8339
544
81 6
7843
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5 06
53
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54 3
253
097
5 59
83
763
24 5
298
383
1 96
26
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51 3
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118
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5411
1 97
456
671
38 8
2829
481
50 5
068
385
122
230
45 1
4251
330
14 4
6518
533
41 1
18 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
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- -
- -
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- -
- -
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32
BNB MONTHLY BULLETIN 6≠7/20081.
3.3.
BN
B A
NA
LY
TIC
AL
RE
PO
RT
ING
(con
tinue
d) (
BG
Ní0
00)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
(con
tinue
d)
in
for
eign
cur
renc
y
o
/w E
UR
CL
AIM
S O
N G
EN
ER
AL
GO
VE
RN
ME
NT
C
entr
al g
over
nmen
t (ne
t)
C
laim
s
Gov
ernm
ent s
ecur
ities
in
BG
N
i
n fo
reig
n cu
rren
cy
o/w
EU
R
Rep
os
i
n B
GN
in
fore
ign
curr
ency
o
/w E
UR
L
oans
in
BG
N
i
n fo
reig
n cu
rren
cy
o/w
EU
R
L
ess:
liab
ilitie
s
Dep
osits
in
BG
N
i
n fo
reig
n cu
rren
cy
o/w
EU
R
Rep
os
i
n B
GN
in
fore
ign
curr
ency
o
/w E
UR
S
ocia
l sec
urity
fun
ds
R
epos
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
L
oans
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R C
LA
IMS
ON
OT
HE
R M
FIs
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R C
LA
IMS
ON
NO
N-G
OV
ER
NM
EN
T S
EC
TO
R
Non
-fin
anci
al c
orpo
ratio
ns
L
oans
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-5 7
50 2
34-6
003
818
-6 5
78 5
72-7
136
351
-7 4
61 6
72-7
981
545
-5 9
44 0
68-6
213
073
-6 0
05 7
44-6
646
401
-7 7
12 5
59-7
954
412
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80 4
03-5
750
234
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03 8
18-6
578
572
-7 1
36 3
51-7
461
672
-7 9
81 5
45-5
944
068
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13 0
73-6
005
744
-6 6
46 4
01-7
712
559
-7 9
54 4
12-8
580
403
- -
- -
- -
- -
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- -
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- -
- -
- -
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- -
- -
- -
- -
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- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
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-5
750
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6 00
3 81
86
578
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7 13
6 35
17
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1 54
55
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3 07
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712
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0 23
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6 57
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136
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7 46
1 67
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4 06
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5 74
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7 71
2 55
97
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34
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3 25
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5 13
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762
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6 03
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4 42
6 56
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507
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5 17
1 21
16
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623
6 43
9 59
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079
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1 42
4 20
91
360
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1 42
5 12
21
561
219
1 69
9 04
91
942
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1 92
5 09
61
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1 49
8 41
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1 50
6 93
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1 50
1 32
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326
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1 34
0 29
61
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1 53
8 65
01
677
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1 91
8 95
51
899
918
1 76
7 14
91
477
138
1 46
3 19
91
493
555
1 50
0 86
01
486
880
- -
- -
- -
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- -
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4477
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77 0
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77 9
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79 1
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73 5
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73 5
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72 2
3672
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72 2
3672
236
72 2
3672
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36 -
- -
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-
33
6≠7/2008 FINANCIAL SECTOR1.
3.3.
BN
B A
NA
LY
TIC
AL
RE
PO
RT
ING
(con
tinue
d) (
BG
Ní0
00)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
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II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
(con
tinue
d)
Sha
res
and
othe
r eq
uity
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
Fin
anci
al c
orpo
ratio
ns
L
oans
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
S
hare
s an
d ot
her
equi
ty
in B
GN
in
for
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cur
renc
y
o
/w E
UR
FIX
ED
ASS
ET
S O
TH
ER
IT
EM
S (N
ET
)
Oth
er a
sset
s
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R
Les
s: o
ther
liab
ilitie
s
in
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N
in
for
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cur
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y
o/w
EU
R
LIA
BIL
ITIE
S
RE
SER
VE
MO
NE
Y
Cur
renc
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cula
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Is
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N
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R L
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LU
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D I
N M
ON
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Ove
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Soc
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Non
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F
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and
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Soc
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Non
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ns
F
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lds
and
NP
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s
o/w
EU
R
73 5
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73 5
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73 5
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72 2
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236
72 2
3672
236
72 2
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73 5
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507
73 5
0773
507
73 5
0772
236
72 2
3672
236
72 2
3672
236
72 2
3672
236
- -
- -
- -
- -
- -
- -
- -
- -
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- -
- -
- -
- -
3 53
73
537
3 53
73
537
3 53
74
443
6 94
36
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6 94
36
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6 94
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3 -
- -
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3 53
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6 94
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3 -
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0 30
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9 36
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9 13
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8 62
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9 56
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1 31
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3 60
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3 98
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6 25
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8 04
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4 18
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3 35
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8-2
6 16
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3 27
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0 70
1-4
3 13
01
359
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1 35
2 44
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353
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1 33
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31
318
822
1 30
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71
307
174
1 30
9 18
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295
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1 27
0 62
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273
127
1 27
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11
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919
26 4
3125
948
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075
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6626
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31 3
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34 8
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1 32
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61 6
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60 1
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604
60 1
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399
61 6
1960
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63 8
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1 54
61
325
576
1 32
7 14
01
303
232
1 29
1 40
41
278
792
1 27
5 44
31
273
736
1 26
0 69
01
234
152
1 23
9 84
91
240
226
1 22
8 32
253
465
981
11
138
968
1 10
31
204
1 35
31
273
648
566
761
779
13 0
90 7
6913
385
894
13 7
38 2
7815
947
815
15 8
55 2
6615
733
233
17 6
11 7
9016
744
319
16 9
90 1
1917
235
282
17 7
91 9
7017
270
810
17 4
98 7
81
10 1
06 4
1510
344
808
10 6
33 3
3912
684
376
12 4
98 0
6812
380
940
14 1
94 2
0713
031
687
13 2
12 0
9213
411
350
14 3
57 7
3313
815
320
14 0
42 5
366
984
266
7 29
7 77
97
497
437
7 56
8 41
67
485
306
7 42
1 75
98
410
867
7 66
0 72
37
670
704
7 72
6 97
98
148
046
8 01
3 46
98
124
559
3 12
2 14
93
047
029
3 13
5 90
25
115
960
5 01
2 76
24
959
181
5 78
3 34
05
370
964
5 54
1 38
85
684
371
6 20
9 68
75
801
851
5 91
7 97
71
198
084
1 33
6 24
71
101
137
1 70
6 05
11
564
714
1 77
8 20
22
117
315
2 09
3 56
32
099
286
1 81
7 91
32
076
747
2 33
2 23
12
049
856
1 92
4 06
51
710
782
2 03
4 76
53
409
909
3 44
8 04
83
180
979
3 66
6 02
53
277
401
3 44
2 10
23
866
458
4 13
2 94
03
469
620
3 86
8 12
11
924
065
1 71
0 78
22
034
765
3 40
9 90
93
448
048
3 18
0 97
93
666
025
3 27
7 40
13
442
102
3 86
6 45
84
132
940
3 46
9 62
03
868
121
886
214
887
409
891
580
919
496
899
940
864
834
805
770
887
235
851
019
960
223
883
586
849
901
821
970
886
214
887
409
891
580
919
496
899
940
864
834
805
770
887
235
851
019
960
223
883
586
849
901
821
970
133
712
114
322
108
079
125
618
142
981
142
163
107
904
189
484
162
261
199
874
152
136
139
469
166
905
82 7
5474
085
72 7
7477
561
89 7
4082
098
50 4
5412
0 74
211
2 01
116
4 21
612
5 41
710
6 24
813
7 46
882
201
73 0
3472
350
76 6
6189
590
82 0
1150
255
120
336
111
876
105
722
125
276
106
030
137
129
- -
- -
- -
- -
- -
- -
-55
31
051
424
900
150
8719
940
613
558
494
141
218
339
- -
- -
- -
- -
- -
- -
-50
958
40 2
3735
305
48 0
5753
241
60 0
6557
450
68 7
4250
250
35 6
5826
719
33 2
2129
437
- -
- -
- -
- -
- -
- -
-49
160
38 1
7734
667
46 4
3052
686
58 9
5557
076
67 3
1149
773
35 0
9826
216
32 6
2729
050
1 79
82
060
638
1 62
755
51
110
374
1 43
147
756
050
359
438
7 -
- -
- -
- -
- -
- -
- -
49 7
1038
863
35 2
2147
403
53 1
4059
901
57 2
4468
475
49 9
6135
359
26 4
0032
885
29 4
09
34
BNB MONTHLY BULLETIN 6≠7/20081.
3.3.
BN
B A
NA
LY
TIC
AL
RE
PO
RT
ING
(con
tinue
d) (
BG
Ní0
00)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
Soc
ial s
ecur
ity f
unds
Non
-fin
anci
al c
orpo
ratio
ns
F
inan
cial
cor
pora
tions
Hou
seho
lds
and
NP
ISH
s
D
epos
its w
ith a
gree
d m
atur
ity u
p to
2 y
ears
in
BG
N
S
ocia
l sec
urity
fun
ds
N
on-f
inan
cial
cor
pora
tions
Fin
anci
al c
orpo
ratio
ns
H
ouse
hold
s an
d N
PIS
Hs
in
for
eign
cur
renc
y
S
ocia
l sec
urity
fun
ds
N
on-f
inan
cial
cor
pora
tions
Fin
anci
al c
orpo
ratio
ns
H
ouse
hold
s an
d N
PIS
Hs
o
/w E
UR
Soc
ial s
ecur
ity f
unds
Non
-fin
anci
al c
orpo
ratio
ns
F
inan
cial
cor
pora
tions
Hou
seho
lds
and
NP
ISH
s
D
epos
its r
edee
mab
le a
t not
ice
up to
3 m
onth
s
in B
GN
in
for
eign
cur
renc
y
o/w
EU
R L
ON
GE
R-T
ER
M L
IAB
ILIT
IES
NO
T I
NC
LU
DE
D I
N M
ON
EY
SU
PP
LY
Dep
osits
with
agr
eed
mat
urity
ove
r 2
year
s an
d
d
epos
its r
edee
mab
le a
t not
ice
over
3 m
onth
s
in B
GN
in
for
eign
cur
renc
y
o/w
EU
R C
AP
ITA
L A
ND
RE
SER
VE
S
Fun
ds c
ontr
ibut
ed b
y ow
ners
R
eser
ves
F
inan
cial
res
ult
* I
nclu
ding
the
rese
rve
posi
tion
in th
e IM
F.
** I
nclu
ding
onl
y lo
ans
rece
ived
from
the
IMF
.
Sour
ce: B
NB
.
- -
- -
- -
- -
- -
- -
-49
159
38 1
7634
662
46 4
2952
631
58 8
8057
001
67 2
3749
700
35 0
2826
145
32 5
5629
050
551
687
559
974
509
1 02
124
31
238
261
331
255
329
359
- -
- -
- -
- -
- -
- -
-75
2 50
277
3 08
778
3 50
179
3 87
875
6 95
972
2 67
169
7 86
669
7 75
168
8 75
876
0 34
973
1 45
071
0 43
265
5 06
558
0 03
058
9 03
059
8 01
560
6 01
554
0 01
550
6 01
548
7 01
548
9 01
549
2 01
557
0 00
058
0 00
055
7 00
051
8 00
044
7 00
044
3 00
044
5 00
044
8 00
045
0 00
045
0 00
044
9 00
045
4 00
046
0 00
045
9 00
046
7 00
046
9 00
046
9 00
030
000
30 0
0030
000
30 0
0030
000
30 0
0030
000
30 0
0030
000
30 0
0030
000
30 0
00 -
103
000
116
000
123
000
128
000
60 0
0026
000
8 00
05
000
2 00
081
000
83 0
0058
000
49 0
0030
3015
1515
1515
1515
- -
- -
172
472
184
057
185
486
187
863
216
944
216
656
210
851
208
736
196
743
190
349
151
450
153
432
137
065
- -
- -
- -
- -
- -
- -
-21
514
21 5
1421
514
21 5
1421
514
21 5
1421
514
21 5
1421
514
21 5
1421
514
21 5
1421
514
150
958
162
543
163
972
166
349
195
430
195
142
189
337
187
222
175
229
168
835
129
936
131
918
115
551
- -
- -
- -
- -
- -
- -
-16
2 33
417
4 06
917
4 06
917
4 06
920
3 40
620
3 40
619
7 53
919
5 58
318
3 84
817
7 98
013
8 86
414
0 82
012
7 12
9 -
- -
- -
- -
- -
- -
- -
21 5
1421
514
21 5
1421
514
21 5
1421
514
21 5
1421
514
21 5
1421
514
21 5
1421
514
21 5
1414
0 82
015
2 55
515
2 55
515
2 55
518
1 89
218
1 89
217
6 02
517
4 06
916
2 33
415
6 46
611
7 35
011
9 30
610
5 61
5 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
2 09
8 14
02
153
677
2 21
3 35
92
343
943
2 45
7 25
82
487
459
2 61
1 81
32
825
397
2 92
7 00
82
863
709
2 55
0 65
12
605
589
2 63
4 27
5
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
2 09
8 14
02
153
677
2 21
3 35
92
343
943
2 45
7 25
82
487
459
2 61
1 81
32
825
397
2 92
7 00
82
863
709
2 55
0 65
12
605
589
2 63
4 27
520
000
20 0
0020
000
20 0
0020
000
20 0
0020
000
20 0
0020
000
20 0
0020
000
20 0
0020
000
1 87
9 11
91
891
257
1 90
4 52
71
987
306
2 05
1 92
32
033
197
2 10
4 80
22
258
477
2 31
3 29
42
198
550
2 32
8 46
92
333
604
2 29
9 30
819
9 02
124
2 42
028
8 83
233
6 63
738
5 33
543
4 26
248
7 01
154
6 92
059
3 71
464
5 15
920
2 18
225
1 98
531
4 96
7
35
6≠7/2008 FINANCIAL SECTOR1.
3.4.
AN
AL
YT
ICA
L R
EP
OR
TIN
G O
F O
TH
ER
MF
Is (
BG
Ní0
00)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
Exc
hang
e ra
te:
BG
N/U
SD 1
BG
N/E
UR
1
AS
SE
TS
FO
RE
IGN
ASS
ET
S (N
ET
)
For
eign
ass
ets
Cas
h in
for
eign
cur
renc
y
o/w
EU
R
D
epos
its
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Rep
os
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Loa
ns
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Sec
uriti
es o
ther
than
sha
res
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
S
hare
s an
d ot
her
equi
ty
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
L
ess:
for
eign
liab
ilitie
s
D
epos
its
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Rep
os
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Sec
uriti
es*
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R R
ESE
RV
ES
IN T
HE
BN
B
Cas
h in
BG
N
D
epos
its
in B
GN
(con
tinue
d)
1.44
823
1.42
688
1.42
709
1.37
939
1.35
380
1.32
500
1.33
122
1.31
529
1.28
953
1.23
693
1.25
858
1.26
117
1.24
069
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
34 2
49 7
9235
378
530
36 7
99 9
9937
429
973
38 4
13 0
7739
479
279
41 4
95 5
5241
518
907
41 7
66 1
1242
300
333
42 8
29 9
2843
327
278
44 3
15 1
90
-846
858
-610
663
-617
019
-3 0
20 8
78-3
347
864
-3 7
05 6
23-4
212
087
-4 3
55 2
78-5
290
249
-5 9
56 9
27-7
666
480
-7 7
16 9
97-9
162
301
6 90
0 10
77
140
578
7 59
2 31
76
110
309
6 27
0 75
76
931
187
7 87
4 85
66
221
944
5 93
9 84
66
193
487
5 85
0 40
25
686
270
7 29
2 67
135
2 91
140
6 82
436
2 98
333
6 82
433
2 58
434
3 56
244
7 80
337
4 45
336
6 83
536
9 63
835
0 25
042
2 01
143
3 19
723
4 48
026
8 23
923
7 54
422
2 50
422
3 93
022
8 92
433
4 87
325
7 28
126
3 12
127
3 79
824
9 34
531
1 06
932
2 18
74
907
242
5 20
2 94
55
796
624
4 45
6 57
14
613
393
5 28
0 68
05
855
132
4 45
8 47
64
061
923
4 23
4 87
93
909
036
3 86
2 79
25
095
912
739
609
725
028
523
851
539
161
395
669
119
355
135
744
152
741
177
506
184
115
174
940
171
308
158
449
4 16
7 63
34
477
917
5 27
2 77
33
917
410
4 21
7 72
45
161
325
5 71
9 38
84
305
735
3 88
4 41
74
050
764
3 73
4 09
63
691
484
4 93
7 46
32
577
835
2 84
9 02
63
406
582
2 35
6 39
02
564
100
3 46
9 40
04
142
884
2 68
3 50
82
395
223
2 53
1 18
22
693
115
2 59
0 55
03
717
186
- -
- -
- -
- -
2338
197
233
236
15 0
62 -
- -
- -
- -
-23
2323
323
615
062
- -
- -
- -
- -
-38
174
- -
- -
- -
- -
- -
- -
38 1
74 -
- -
269
906
283
999
304
318
301
166
327
651
342
407
491
605
533
628
600
776
600
768
638
719
582
435
631
898
17 8
4117
830
17 3
6618
735
22 6
6522
167
27 2
6725
324
28 2
0411
247
27 9
058
564
30 3
3525
2 06
526
6 16
928
6 95
228
2 43
130
4 98
632
0 24
046
4 33
850
8 30
457
2 57
258
9 52
161
0 81
457
3 87
160
1 56
322
3 60
523
0 06
521
4 64
221
7 36
524
2 03
625
6 96
537
4 07
240
5 63
747
1 77
848
6 15
451
2 67
243
5 13
845
7 97
71
339
602
1 21
6 30
51
098
350
985
352
966
329
932
314
1 04
2 19
981
7 74
585
2 06
689
1 95
989
3 85
075
9 76
11
058
307
249
424
268
306
267
517
286
862
299
111
290
178
289
777
290
416
291
605
323
535
322
321
324
158
451
914
1 09
0 17
894
7 99
983
0 83
369
8 49
066
7 21
864
2 13
675
2 42
252
7 32
956
0 46
156
8 42
457
1 52
943
5 60
360
6 39
346
7 21
741
8 08
741
1 95
433
8 73
934
2 13
638
9 13
652
2 15
731
4 59
035
7 75
138
4 07
439
3 28
127
3 84
645
8 41
930
446
30 5
0530
042
30 3
9630
800
32 2
2438
117
37 6
4258
223
58 0
4658
314
59 0
3558
295
- -
- -
- -
- -
- -
- -
-30
446
30 5
0530
042
30 3
9630
800
32 2
2438
117
37 6
4258
223
58 0
4658
314
59 0
3558
295
28 9
2529
005
28 8
0129
073
29 3
2830
262
35 9
9335
622
56 2
5456
016
55 8
5256
317
55 9
047
746
965
7 75
1 24
18
209
336
9 13
1 18
79
618
621
10 6
36 8
1012
086
943
10 5
77 2
2211
230
095
12 1
50 4
1413
516
882
13 4
03 2
6716
454
972
7 25
4 95
27
412
758
7 86
8 12
08
848
181
9 29
8 34
910
304
717
11 7
69 7
4010
265
564
10 8
61 3
4211
591
542
13 1
20 3
1512
968
232
15 8
58 3
0853
0 93
556
3 00
953
3 38
658
1 39
359
3 71
160
1 07
661
3 77
259
3 47
361
4 01
765
3 16
664
8 90
560
5 95
467
5 65
26
724
017
6 84
9 74
97
334
734
8 26
6 78
88
704
638
9 70
3 64
111
155
968
9 67
2 09
110
247
325
10 9
38 3
7612
471
410
12 3
62 2
7815
182
656
6 51
6 11
96
643
645
7 11
8 44
38
089
369
8 54
0 97
49
533
793
10 9
34 9
979
468
883
10 0
59 5
2110
749
876
12 2
77 7
9212
119
000
14 9
01 9
0217
3 52
748
143
60 7
042
738
39 9
6351
803
37 6
6536
327
88 4
4327
8 51
011
6 18
915
4 45
431
5 91
3 -
- -
- -
- -
-14
028
- -
- -
173
527
48 1
4360
704
2 73
839
963
51 8
0337
665
36 3
2774
415
278
510
116
189
154
454
315
913
173
527
48 1
4360
704
2 73
839
963
39 6
2137
665
36 3
2760
025
264
494
101
937
105
275
315
913
318
486
290
340
280
512
280
268
280
309
280
290
279
538
275
331
280
310
280
362
280
378
280
581
280
751
44 4
3616
218
6 34
86
200
6 20
06
196
10 1
131
103
6 20
06
216
6 21
76
391
6 52
727
4 05
027
4 12
227
4 16
427
4 06
827
4 10
927
4 09
426
9 42
527
4 22
827
4 11
027
4 14
627
4 16
127
4 19
027
4 22
427
4 05
027
4 12
227
4 16
427
4 06
827
4 10
927
4 09
426
9 42
527
4 22
827
4 11
027
4 14
627
4 16
127
4 19
027
4 22
43
697
711
3 68
2 14
73
783
044
5 74
1 05
55
685
996
5 57
6 10
76
732
734
6 04
9 35
76
213
558
6 39
2 02
17
035
116
6 57
0 78
06
653
882
593
286
648
767
655
639
637
339
673
116
635
231
977
509
708
929
678
658
736
822
924
365
768
370
760
226
3 10
4 42
53
033
380
3 12
7 40
55
103
716
5 01
2 88
04
940
876
5 75
5 22
55
340
428
5 53
4 90
05
655
199
6 11
0 75
15
802
410
5 89
3 65
61
180
360
1 32
2 60
01
092
640
1 69
3 81
01
555
987
1 75
9 89
82
114
628
2 08
8 45
12
092
800
1 78
8 73
92
056
049
2 35
1 63
42
035
315
36
BNB MONTHLY BULLETIN 6≠7/20081.
3.4.
AN
AL
YT
ICA
L R
EP
OR
TIN
G O
F O
TH
ER
MF
Is(c
ontin
ued)
(B
GN
í000
)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
(con
tinue
d)
in
for
eign
cur
renc
y
o
/w E
UR
CL
AIM
S O
N G
EN
ER
AL
GO
VE
RN
ME
NT
C
entr
al g
over
nmen
t (ne
t)
C
laim
s
Gov
ernm
ent s
ecur
ities
in
BG
N
i
n fo
reig
n cu
rren
cy
o/w
EU
R
Rep
os
i
n B
GN
in
fore
ign
curr
ency
o
/w E
UR
L
oans
in
BG
N
i
n fo
reig
n cu
rren
cy
o/w
EU
R
L
ess:
liab
ilitie
s
Dep
osits
in
BG
N
i
n fo
reig
n cu
rren
cy
o/w
EU
R
Rep
os
i
n B
GN
in
fore
ign
curr
ency
o
/w E
UR
L
ocal
gov
ernm
ent a
nd S
SFs
Sec
uriti
es o
ther
than
sha
res
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
R
epos
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
L
oans
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R C
LA
IMS
ON
NO
N-G
OV
ER
NM
EN
T S
EC
TO
R
Non
-fin
anci
al c
orpo
ratio
ns
R
epos
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
L
oans
1 92
4 06
51
710
780
2 03
4 76
53
409
906
3 45
6 89
33
180
978
3 64
0 59
73
251
977
3 44
2 10
03
866
460
4 05
4 70
23
450
776
3 85
8 34
11
924
065
1 71
0 78
02
034
765
3 40
9 90
63
456
893
3 18
0 97
83
640
597
3 25
1 97
73
442
100
3 86
6 46
04
054
702
3 45
0 77
63
858
341
1 92
5 20
21
882
813
1 96
6 80
82
063
407
2 07
1 68
52
132
774
1 64
7 20
11
814
220
1 83
7 96
61
853
694
1 78
0 88
11
474
956
1 67
4 46
11
784
321
1 73
8 28
91
807
876
1 89
7 78
11
897
594
1 94
9 82
61
442
321
1 61
2 86
91
638
810
1 64
6 21
41
573
910
1 26
7 01
81
466
939
2 89
0 36
32
879
692
2 95
5 55
13
092
081
3 09
0 70
53
119
176
3 08
5 22
63
008
889
3 03
0 02
22
979
062
2 91
0 72
92
938
090
2 94
5 01
02
890
245
2 87
9 12
02
955
545
3 09
2 07
33
090
699
3 11
8 67
33
084
734
3 00
8 39
23
029
534
2 97
8 56
92
910
241
2 93
7 59
52
944
516
1 58
8 85
01
577
898
1 61
4 40
11
656
644
1 65
9 99
61
678
802
1 66
5 87
31
603
739
1 59
0 22
31
532
868
1 47
2 37
51
489
601
1 50
7 11
11
301
395
1 30
1 22
21
341
144
1 43
5 42
91
430
703
1 43
9 87
11
418
861
1 40
4 65
31
439
311
1 44
5 70
11
437
866
1 44
7 99
41
437
405
898
970
900
203
918
773
965
563
961
614
969
427
948
592
948
972
967
132
991
689
974
322
970
724
962
713
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
118
572
68
650
349
249
748
849
348
849
549
411
657
26
63
501
491
497
488
489
488
495
490
2 -
-2
32
1 -
-4
- -
42
- -
23
21
- -
4 -
-4
1 10
6 04
21
141
403
1 14
7 67
51
194
300
1 19
3 11
11
169
350
1 64
2 90
51
396
020
1 39
1 21
21
332
848
1 33
6 81
91
671
072
1 47
8 07
11
106
042
1 14
1 40
31
147
675
1 19
4 30
01
193
111
1 16
9 35
01
642
905
1 39
6 02
01
391
212
1 33
2 84
81
336
819
1 67
1 07
21
478
071
523
468
560
664
557
846
525
522
515
875
507
770
911
842
693
540
695
139
650
600
636
299
1 01
4 03
580
2 51
258
2 57
458
0 73
958
9 82
966
8 77
867
7 23
666
1 58
073
1 06
370
2 48
069
6 07
368
2 24
870
0 52
065
7 03
767
5 55
955
9 08
955
2 21
655
1 27
363
1 47
164
0 50
862
5 49
971
5 95
268
9 39
967
5 63
166
3 03
167
3 00
562
9 39
464
2 07
2 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-14
0 88
114
4 52
415
8 93
216
5 62
617
4 09
118
2 94
820
4 88
020
1 35
119
9 15
620
7 48
020
6 97
120
7 93
820
7 52
240
320
40 2
8640
285
41 5
2041
329
46 4
3651
534
51 5
0850
186
55 3
1255
296
55 2
6955
250
7 72
27
717
7 71
67
710
7 63
87
617
7 57
87
561
6 25
06
248
6 24
46
240
6 23
232
598
32 5
6932
569
33 8
1033
691
38 8
1943
956
43 9
4743
936
49 0
6449
052
49 0
2949
018
32 5
9832
569
32 5
6933
810
33 6
9138
819
43 9
5643
947
43 9
3649
064
49 0
5249
029
49 0
18 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-10
0 56
110
4 23
811
8 64
712
4 10
613
2 76
213
6 51
215
3 34
614
9 84
314
8 97
015
2 16
815
1 67
515
2 66
915
2 27
274
077
77 6
9585
630
92 2
2798
094
100
397
118
907
117
206
116
330
121
262
120
631
120
294
120
585
26 4
8426
543
33 0
1731
879
34 6
6836
115
34 4
3932
637
32 6
4030
906
31 0
4432
375
31 6
8726
484
26 5
4333
017
31 8
7934
668
36 1
1534
439
32 6
3732
640
30 9
0631
044
32 3
7531
687
29 7
86 5
7730
787
917
32 0
66 7
7833
087
015
34 3
78 6
1035
871
855
37 7
03 8
4038
334
531
39 4
29 5
0340
283
843
41 9
12 0
3843
446
531
45 2
99 7
6518
314
496
18 9
19 9
1719
497
057
20 2
52 5
5421
031
182
22 0
19 6
1923
262
606
23 5
95 8
2924
169
523
24 9
33 2
7225
901
616
26 8
16 0
8728
123
667
121
507
123
446
124
491
127
215
153
270
162
285
135
897
111
145
111
294
49 8
1738
814
42 7
7856
814
92 4
9294
457
95 5
0295
726
96 8
8710
5 90
279
514
84 1
9784
345
22 8
6824
047
28 0
1234
994
29 0
1528
989
28 9
8931
489
56 3
8356
383
56 3
8326
948
26 9
4926
949
14 7
6714
766
21 8
2029
015
28 9
8928
989
31 4
8956
383
56 3
8356
383
26 9
4826
949
26 9
4914
767
14 7
6621
820
17 7
89 5
0118
405
575
19 0
13 4
1419
772
898
20 5
08 3
6321
455
431
22 7
19 6
4623
093
849
23 6
67 9
0124
445
425
25 4
37 1
4526
368
883
27 6
65 4
90
37
6≠7/2008 FINANCIAL SECTOR1.
3.4.
AN
AL
YT
ICA
L R
EP
OR
TIN
G O
F O
TH
ER
MF
Is(c
ontin
ued)
(B
GN
í000
)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
S
ecur
ities
oth
er th
an s
hare
s
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Sha
res
and
othe
r eq
uity
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
Fin
anci
al c
orpo
ratio
ns
R
epos
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
L
oans
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
S
ecur
ities
oth
er th
an s
hare
s
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Sha
res
and
othe
r eq
uity
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
Hou
seho
lds
and
NP
ISH
s
R
epos
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
L
oans
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R F
IXE
D A
SSE
TS
OT
HE
R I
TE
MS
(NE
T)
A
ccou
nts
betw
een
othe
r M
FIs
(ne
t)
C
laim
s on
oth
er M
FIs
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
L
ess:
liab
ilitie
s to
oth
er M
FIs
in
BG
N
in f
orei
gn c
urre
ncy
(con
tinue
d)
6 13
5 00
66
250
983
6 43
1 53
96
809
956
6 98
2 74
37
140
529
7 33
1 75
77
376
079
7 34
7 04
87
497
279
7 62
0 19
17
839
554
8 13
4 87
011
654
495
12 1
54 5
9212
581
875
12 9
62 9
4213
525
620
14 3
14 9
0215
387
889
15 7
17 7
7016
320
853
16 9
48 1
4617
816
954
18 5
29 3
2919
530
620
11 2
93 3
9911
795
405
12 2
28 2
9612
654
466
13 2
39 3
0414
012
815
15 1
03 8
7315
390
937
15 9
88 4
3316
643
978
17 4
75 7
7318
157
757
19 1
47 9
4130
7 13
930
0 83
826
4 72
325
7 86
827
8 85
430
6 00
931
6 70
731
9 41
131
8 28
536
7 21
635
5 42
733
3 87
133
2 66
240
339
36 0
1135
995
35 6
8735
618
35 9
8035
501
35 1
2233
483
35 7
5035
626
35 7
7836
254
266
800
264
827
228
728
222
181
243
236
270
029
281
206
284
289
284
802
331
466
319
801
298
093
296
408
263
904
261
973
225
874
219
422
232
405
259
429
269
891
273
109
273
841
320
952
309
104
287
373
285
862
96 3
4990
058
94 4
2994
573
90 6
9595
894
90 3
5671
424
72 0
4370
814
70 2
3070
555
68 7
0196
349
90 0
5894
429
94 5
7390
695
95 8
9490
356
71 4
2472
043
70 8
1470
230
70 5
5568
701
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
541
447
512
851
538
757
595
252
598
608
638
949
658
163
655
777
667
078
699
821
742
873
799
292
890
576
35 5
2834
341
32 2
7537
008
35 9
0840
727
31 3
0428
876
29 8
5329
431
28 1
7448
924
43 8
7525
059
26 0
8724
923
25 5
8126
453
34 0
2824
665
22 6
2423
592
23 1
7121
408
22 6
2922
278
10 4
698
254
7 35
211
427
9 45
56
699
6 63
96
252
6 26
16
260
6 76
626
295
21 5
9710
001
7 93
97
352
11 4
279
455
6 69
96
639
6 25
26
261
6 26
06
766
10 6
846
239
313
055
287
617
309
873
360
794
359
560
403
636
431
262
426
847
437
490
449
291
492
914
523
280
624
464
78 3
1768
938
59 4
1566
590
70 7
5475
494
90 0
2888
766
82 9
7410
5 88
210
6 25
911
1 24
910
8 65
223
4 73
821
8 67
925
0 45
829
4 20
428
8 80
632
8 14
234
1 23
433
8 08
135
4 51
634
3 40
938
6 65
541
2 03
151
5 81
223
4 73
821
8 67
725
0 45
629
4 20
428
8 80
632
8 14
234
1 23
333
8 07
935
1 97
834
0 97
538
4 52
940
9 89
651
3 58
011
3 95
510
7 05
311
0 61
110
7 27
710
8 73
810
2 15
194
774
99 4
4394
972
104
329
103
472
102
774
101
964
41 1
9441
193
41 2
0541
200
38 6
8938
566
31 9
5532
751
32 7
5037
751
37 4
5337
448
37 4
4772
761
65 8
6069
406
66 0
7770
049
63 5
8562
819
66 6
9262
222
66 5
7866
019
65 3
2664
517
72 7
6165
860
69 4
0666
077
70 0
4963
585
62 8
1966
692
62 2
2266
578
66 0
1965
326
64 5
1778
909
83 8
4085
998
90 1
7394
402
92 4
3510
0 82
310
0 61
110
4 76
311
6 77
011
8 31
312
4 31
412
0 27
378
909
83 8
4085
998
90 1
7394
402
92 4
3510
0 82
310
0 61
110
3 47
211
5 52
211
7 06
212
3 05
211
9 06
0 -
- -
- -
- -
-1
291
1 24
81
251
1 26
21
213
- -
- -
- -
- -
- -
- -
-10
930
634
11 3
55 1
4912
030
964
12 2
39 2
0912
748
820
13 2
13 2
8713
783
071
14 0
82 9
2514
592
902
14 6
50 7
5015
267
549
15 8
31 1
5216
285
522
3 40
22
757
4 66
39
152
11 9
9010
427
14 0
2614
054
14 1
1116
334
12 1
5211
927
12 0
273
402
2 75
74
663
9 15
211
990
10 4
2714
026
14 0
5414
111
16 3
3412
152
11 9
2712
027
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
10 9
27 2
3211
352
392
12 0
26 3
0112
230
057
12 7
36 8
3013
202
860
13 7
69 0
4514
068
871
14 5
78 7
9114
634
416
15 2
55 3
9715
819
225
16 2
73 4
958
738
879
9 04
7 32
29
622
352
9 79
9 70
610
197
018
10 6
29 3
4011
008
007
11 2
53 4
1811
642
500
11 6
78 4
7011
974
485
12 2
10 2
7612
364
387
2 18
8 35
32
305
070
2 40
3 94
92
430
351
2 53
9 81
22
573
520
2 76
1 03
82
815
453
2 93
6 29
12
955
946
3 28
0 91
23
608
949
3 90
9 10
82
123
111
2 24
0 90
02
338
711
2 36
5 45
32
474
821
2 51
0 17
02
693
214
2 74
6 49
82
869
673
2 87
9 29
73
192
181
3 51
2 14
53
830
322
1 79
3 24
51
824
724
1 85
6 18
91
871
701
1 92
9 47
01
963
298
1 99
5 66
02
014
395
2 04
5 76
32
080
823
2 10
6 49
42
126
437
2 14
9 64
0-2
106
085
-2 1
88 4
08-2
255
801
-2 3
12 3
27-2
304
820
-2 3
59 1
32-2
371
796
-2 3
38 3
18-2
470
429
-2 3
53 1
21-2
338
121
-2 5
74 4
29-2
300
257
-50
203
-41
674
-55
600
-81
126
-37
512
-27
351
-64
757
-82
398
-50
783
-42
527
-62
460
-91
031
-68
070
2 94
1 37
32
976
580
3 13
7 49
02
821
831
2 71
0 44
42
363
203
2 58
6 49
02
354
084
2 43
7 94
92
515
438
2 33
0 00
12
260
491
2 24
2 70
81
379
715
1 39
9 90
41
549
438
1 38
0 65
51
332
972
1 25
7 17
21
463
144
1 25
2 54
01
203
491
1 41
3 86
01
195
333
1 21
7 69
11
329
555
1 56
1 65
81
576
676
1 58
8 05
21
441
176
1 37
7 47
21
106
031
1 12
3 34
61
101
544
1 23
4 45
81
101
578
1 13
4 66
81
042
800
913
153
1 16
2 68
61
225
893
1 26
1 13
01
008
205
1 03
0 88
093
4 85
095
7 99
498
2 06
01
093
896
937
180
979
654
830
736
801
098
2 99
1 57
63
018
254
3 19
3 09
02
902
957
2 74
7 95
62
390
554
2 65
1 24
72
436
482
2 48
8 73
22
557
965
2 39
2 46
12
351
522
2 31
0 77
81
432
398
1 44
1 84
51
606
775
1 45
6 14
11
382
651
1 30
4 90
01
513
994
1 31
9 05
21
247
147
1 45
6 61
21
243
406
1 29
4 14
61
370
322
1 55
9 17
81
576
409
1 58
6 31
51
446
816
1 36
5 30
51
085
654
1 13
7 25
31
117
430
1 24
1 58
51
101
353
1 14
9 05
51
057
376
940
456
38
BNB MONTHLY BULLETIN 6≠7/20081.
3.4.
AN
AL
YT
ICA
L R
EP
OR
TIN
G O
F O
TH
ER
MF
Is(c
ontin
ued)
(B
GN
í000
)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
o/w
EU
R
Oth
er (
net)
Oth
er u
ncla
ssif
ied
asse
ts
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Les
s: o
ther
unc
lass
ifie
d lia
bilit
ies
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
LIA
BIL
ITIE
S
LIA
BIL
ITIE
S T
O T
HE
BN
B
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
LIA
BIL
ITIE
S IN
CL
UD
ED
IN
MO
NE
Y S
UP
PL
Y
DE
PO
SIT
S
O
vern
ight
dep
osits
in
BG
N
L
ocal
gov
ernm
ent
and
SSF
s
N
on-f
inan
cial
cor
pora
tions
Fin
anci
al c
orpo
ratio
ns
H
ouse
hold
s an
d N
PIS
Hs
in
for
eign
cur
renc
y
L
ocal
gov
ernm
ent
and
SSF
s
N
on-f
inan
cial
cor
pora
tions
Fin
anci
al c
orpo
ratio
ns
H
ouse
hold
s an
d N
PIS
Hs
o/w
EU
R
L
ocal
gov
ernm
ent
and
SSF
s
N
on-f
inan
cial
cor
pora
tions
Fin
anci
al c
orpo
ratio
ns
H
ouse
hold
s an
d N
PIS
Hs
Dep
osits
with
agr
eed
mat
urity
up
to 2
yea
rs
in B
GN
Loc
al g
over
nmen
t an
d SS
Fs
Non
-fin
anci
al c
orpo
ratio
ns
F
inan
cial
cor
pora
tions
Hou
seho
lds
and
NP
ISH
s
in f
orei
gn c
urre
ncy
Loc
al g
over
nmen
t an
d SS
Fs
Non
-fin
anci
al c
orpo
ratio
ns
F
inan
cial
cor
pora
tions
Hou
seho
lds
and
NP
ISH
s
o/
w E
UR
(con
tinue
d)
1 16
0 67
61
222
947
1 25
8 11
81
011
612
1 01
6 68
491
2 03
096
8 87
399
7 51
61
100
966
948
781
993
649
844
856
828
010
-2 0
55 8
82-2
146
734
-2 2
00 2
01-2
231
201
-2 2
67 3
08-2
331
781
-2 3
07 0
39-2
255
920
-2 4
19 6
46-2
310
594
-2 2
75 6
61-2
483
398
-2 2
32 1
8780
2 75
186
8 43
492
6 06
791
1 36
491
1 25
290
9 33
691
2 11
786
4 39
186
8 63
594
7 00
31
077
964
1 10
5 98
61
145
772
479
867
493
420
525
153
487
845
488
502
471
685
456
818
457
499
482
024
552
874
633
265
627
418
655
412
322
884
375
014
400
914
423
519
422
750
437
651
455
299
406
892
386
611
394
129
444
699
478
568
490
360
264
341
331
248
351
624
367
417
361
754
377
160
401
548
366
148
341
866
354
603
398
165
420
321
433
340
2 85
8 63
33
015
168
3 12
6 26
83
142
565
3 17
8 56
03
241
117
3 21
9 15
63
120
311
3 28
8 28
13
257
597
3 35
3 62
53
589
384
3 37
7 95
92
037
643
2 12
9 19
12
304
513
2 24
8 33
52
299
675
2 31
4 98
62
214
947
2 30
8 22
12
425
775
2 46
0 34
82
433
923
2 57
5 02
52
452
597
820
990
885
977
821
755
894
230
878
885
926
131
1 00
4 20
981
2 09
086
2 50
679
7 24
991
9 70
21
014
359
925
362
677
666
714
050
655
143
724
234
723
974
776
939
844
960
660
415
708
307
659
394
781
770
857
381
791
671
34 2
49 7
9235
378
530
36 7
99 9
9937
429
973
38 4
13 0
7739
479
279
41 4
95 5
5241
518
907
41 7
66 1
1242
300
333
42 8
29 9
2843
327
278
44 3
15 1
90
255
255
255
255
255
255
255
255
255
255
255
255
255
255
255
255
255
255
255
255
255
255
255
255
255
255
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
28 0
71 4
9128
836
153
30 0
61 7
6930
382
610
31 0
56 0
6631
966
261
33 8
22 4
8233
745
918
33 8
40 7
6234
298
331
34 7
25 6
5435
085
792
35 7
78 4
8428
055
846
28 8
28 8
3830
054
229
30 3
70 5
7231
044
029
31 9
42 8
7633
802
432
33 7
12 6
2833
805
687
34 2
60 0
2634
685
855
35 0
46 8
0535
742
572
11 2
81 9
6511
515
316
11 9
52 9
3612
116
841
12 3
42 2
3412
390
954
13 1
85 3
9112
740
529
12 4
35 7
8512
658
015
12 6
99 4
2912
953
477
12 7
95 4
607
478
380
7 75
0 58
17
800
221
7 90
3 60
58
101
437
8 07
5 88
88
900
686
8 47
4 39
78
220
016
8 27
7 14
48
238
376
8 25
0 93
68
264
266
526
667
520
622
503
041
441
975
421
361
411
734
406
290
421
318
489
149
479
711
558
787
574
682
641
008
4 39
8 64
84
561
867
4 64
2 97
84
680
978
4 87
6 45
64
830
743
5 48
7 80
95
047
895
4 72
0 63
24
763
848
4 50
5 85
14
597
630
4 64
9 72
837
0 36
741
5 50
532
8 32
041
2 26
448
0 24
345
8 23
042
4 56
247
3 52
343
8 29
746
5 68
953
1 23
351
6 05
837
4 24
92
182
698
2 25
2 58
72
325
882
2 36
8 38
82
323
377
2 37
5 18
12
582
025
2 53
1 66
12
571
938
2 56
7 89
62
642
505
2 56
2 56
62
599
281
3 80
3 58
53
764
735
4 15
2 71
54
213
236
4 24
0 79
74
315
066
4 28
4 70
54
266
132
4 21
5 76
94
380
871
4 46
1 05
34
702
541
4 53
1 19
425
631
20 0
7135
403
32 7
3628
083
27 0
2326
400
35 5
1037
763
37 3
2047
001
33 1
3935
360
2 72
9 76
12
650
210
3 00
4 60
32
999
336
3 00
4 04
83
093
448
2 98
7 40
93
007
754
2 96
3 01
03
091
759
3 21
7 55
83
466
880
3 23
8 69
712
4 78
311
7 27
698
229
136
454
136
977
125
281
140
929
153
778
157
101
161
969
131
572
186
199
217
584
923
410
977
178
1 01
4 48
01
044
710
1 07
1 68
91
069
314
1 12
9 96
71
069
090
1 05
7 89
51
089
823
1 06
4 92
21
016
323
1 03
9 55
33
129
908
3 13
5 51
53
446
541
3 44
6 08
33
510
759
3 62
0 52
43
616
635
3 60
8 33
73
525
525
3 71
3 99
13
759
946
3 97
8 95
83
892
904
25 3
3519
610
34 9
7132
486
27 8
3026
856
26 2
3135
416
37 6
7137
232
46 9
0333
062
35 2
422
233
262
2 19
7 23
82
475
067
2 41
8 50
02
448
635
2 56
8 26
52
488
164
2 51
5 28
22
439
878
2 58
4 83
62
670
945
2 89
3 15
62
748
315
113
115
106
924
87 6
1412
6 26
512
4 73
711
1 93
412
6 88
313
8 62
813
5 50
314
3 99
811
3 55
716
7 11
219
9 41
775
8 19
681
1 74
384
8 88
986
8 83
290
9 55
791
3 46
997
5 35
791
9 01
191
2 47
394
7 92
592
8 54
188
5 62
890
9 93
013
707
858
14 1
41 7
0414
828
091
14 9
18 7
8915
369
052
16 1
51 7
2717
082
725
17 4
34 7
1217
703
596
17 7
77 2
4418
049
100
18 0
02 4
7018
738
467
5 85
2 18
96
118
770
6 45
1 69
76
555
049
6 62
1 62
36
649
690
7 23
3 41
67
305
840
7 36
7 48
47
496
123
7 57
7 40
37
572
213
7 94
9 04
332
3 32
335
1 97
037
9 90
242
4 92
443
0 28
941
6 83
342
2 22
943
3 18
743
2 66
244
4 62
945
9 89
946
5 68
146
9 13
51
502
972
1 60
1 44
51
718
625
1 70
7 55
61
787
921
1 87
3 61
22
109
452
2 14
2 34
12
232
952
2 34
7 71
12
377
903
2 31
9 47
32
510
517
749
407
810
785
913
704
934
651
952
187
903
065
1 02
0 48
094
9 24
988
2 22
390
8 19
089
9 88
295
4 79
31
078
973
3 27
6 48
73
354
570
3 43
9 46
63
487
918
3 45
1 22
63
456
180
3 68
1 25
53
781
063
3 81
9 64
73
795
593
3 83
9 71
93
832
266
3 89
0 41
87
855
669
8 02
2 93
48
376
394
8 36
3 74
08
747
429
9 50
2 03
79
849
309
10 1
28 8
7210
336
112
10 2
81 1
2110
471
697
10 4
30 2
5710
789
424
23 8
2823
767
23 7
7025
029
24 9
5824
896
25 7
2523
865
23 9
2028
992
22 8
1022
769
22 6
861
821
789
1 89
6 17
42
007
940
1 96
7 68
02
071
827
2 58
5 04
62
549
299
2 59
4 45
82
635
409
2 54
5 23
52
535
941
2 38
4 64
02
623
311
149
617
149
318
247
577
230
417
201
516
160
607
176
484
169
258
178
131
177
948
196
365
254
077
221
797
5 86
0 43
55
953
675
6 09
7 10
76
140
614
6 44
9 12
86
731
488
7 09
7 80
17
341
291
7 49
8 65
27
528
946
7 71
6 58
17
768
771
7 92
1 63
05
826
885
6 04
4 34
56
410
689
6 46
8 83
56
827
886
7 62
5 08
87
900
047
8 18
7 04
18
391
421
8 42
1 99
68
616
401
8 57
3 88
28
861
070
39
6≠7/2008 FINANCIAL SECTOR
Loc
al g
over
nmen
t an
d SS
Fs
Non
-fin
anci
al c
orpo
ratio
ns
F
inan
cial
cor
pora
tions
Hou
seho
lds
and
NP
ISH
s
D
epos
its r
edee
mab
le a
t not
ice
up to
3 m
onth
s
in B
GN
Loc
al g
over
nmen
t an
d SS
Fs
Non
-fin
anci
al c
orpo
ratio
ns
F
inan
cial
cor
pora
tions
Hou
seho
lds
and
NP
ISH
s
in f
orei
gn c
urre
ncy
Loc
al g
over
nmen
t an
d SS
Fs
Non
-fin
anci
al c
orpo
ratio
ns
F
inan
cial
cor
pora
tions
Hou
seho
lds
and
NP
ISH
s
o/
w E
UR
Loc
al g
over
nmen
t an
d SS
Fs
Non
-fin
anci
al c
orpo
ratio
ns
F
inan
cial
cor
pora
tions
Hou
seho
lds
and
NP
ISH
s
MA
RK
ET
AB
LE
IN
STR
UM
EN
TS
(deb
t sec
uriti
es is
sued
u
p to
2 y
ears
+ M
MF
s sh
ares
/uni
ts +
rep
os)
in
BG
N
in f
orei
gn c
urre
ncy
o
/w E
UR
LO
NG
ER
-TE
RM
LIA
BIL
ITIE
S N
OT
IN
CL
UD
ED
IN
MO
NE
Y S
UP
PL
Y
D
epos
its w
ith a
gree
d m
atur
ity o
ver
2 ye
ars
and
dep
osits
red
eem
able
at n
otic
e ov
er 3
mon
ths
in
BG
N
in f
orei
gn c
urre
ncy
o
/w E
UR
D
ebt s
ecur
ities
issu
ed o
ver
2 ye
ars
in B
GN
in f
orei
gn c
urre
ncy
o/w
EU
R
CA
PIT
AL
AN
D R
ESE
RV
ES
Fun
ds c
ontr
ibut
ed b
y ow
ners
Res
erve
s
F
inan
cial
res
ult
1.3.
4. A
NA
LY
TIC
AL
RE
PO
RT
ING
OF
OT
HE
R M
FIs
(con
tinue
d) (
BG
Ní0
00)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
19 7
0819
707
19 7
0721
105
21 1
0621
125
21 9
2720
009
20 1
4025
367
19 1
2019
066
19 0
491
434
569
1 53
7 18
51
660
722
1 63
7 95
01
702
675
2 21
6 44
62
112
449
2 15
1 99
82
160
385
2 08
7 64
82
111
632
1 96
8 42
82
120
699
132
709
133
120
230
604
213
794
186
764
144
180
159
845
151
732
160
263
162
578
181
779
224
462
191
132
4 23
9 89
94
354
333
4 49
9 65
64
595
986
4 91
7 34
15
243
337
5 60
5 82
65
863
302
6 05
0 63
36
146
403
6 30
3 87
06
361
926
6 53
0 19
03
066
023
3 17
1 81
83
273
202
3 33
4 94
23
332
743
3 40
0 19
53
534
316
3 53
7 38
73
666
306
3 82
4 76
73
937
326
4 09
0 85
84
208
645
1 49
6 49
91
564
002
1 60
5 88
21
630
022
1 58
6 34
91
589
486
1 65
1 34
61
678
410
1 74
4 31
31
841
793
1 89
3 57
31
921
595
1 97
9 60
9 -
- -
- -
- -
- -
- -
- -
29 6
4056
579
54 9
1959
210
46 6
1949
757
21 1
5333
019
19 0
3425
704
19 7
176
563
5 85
51
000
1 00
01
000
-1
000
1 00
01
000
1 00
01
000
1 00
0 -
- -
1 46
5 85
91
506
423
1 54
9 96
31
570
812
1 53
8 73
01
538
729
1 62
9 19
31
644
391
1 72
4 27
91
815
089
1 87
3 85
61
915
032
1 97
3 75
41
569
524
1 60
7 81
61
667
320
1 70
4 92
01
746
394
1 81
0 70
91
882
970
1 85
8 97
71
921
993
1 98
2 97
42
043
753
2 16
9 26
32
229
036
- -
- -
- -
- -
- -
- -
-21
983
23 9
8433
401
27 1
9918
574
25 6
2016
935
13 9
0720
347
17 7
3916
073
41 3
8128
721
- -
- -
- -
- -
- -
- -
-1
547
541
1 58
3 83
21
633
919
1 67
7 72
11
727
820
1 78
5 08
91
866
035
1 84
5 07
01
901
646
1 96
5 23
52
027
680
2 12
7 88
22
200
315
1 18
5 70
41
228
367
1 28
9 01
61
331
935
1 38
0 68
21
461
593
1 53
0 91
31
522
036
1 58
9 44
81
664
592
1 73
3 83
81
851
018
1 91
8 54
2 -
- -
- -
- -
- -
- -
- -
6 17
810
388
22 5
3815
477
7 79
517
802
10 2
819
770
12 3
758
432
12 7
2034
136
25 6
76 -
- -
- -
- -
- -
- -
- -
1 17
9 52
61
217
979
1 26
6 47
81
316
458
1 37
2 88
71
443
791
1 52
0 63
21
512
266
1 57
7 07
31
656
160
1 72
1 11
81
816
882
1 89
2 86
6
15 6
457
315
7 54
012
038
12 0
3723
385
20 0
5033
290
35 0
7538
305
39 7
9938
987
35 9
1215
645
5 44
75
456
5 53
65
541
5 54
99
680
13 8
4916
596
18 8
5320
524
19 6
9316
833
-1
868
2 08
46
502
6 49
617
836
10 3
7019
441
18 4
7919
452
19 2
7519
294
19 0
79 -
1 86
82
084
6 50
26
496
17 8
3610
370
19 4
4118
479
19 4
5219
275
19 2
9419
079
6 17
8 04
66
542
122
6 73
7 97
57
047
108
7 35
6 75
67
512
763
7 67
2 81
57
772
734
7 92
5 09
58
001
747
8 10
4 01
98
241
231
8 53
6 45
1
1 06
5 31
51
220
094
1 27
9 56
11
329
646
1 33
8 73
41
337
754
1 32
9 75
81
364
910
1 38
0 90
91
335
580
1 37
5 28
01
461
866
1 47
9 26
435
6 76
248
1 16
452
0 63
553
0 01
155
7 54
156
2 20
650
3 17
351
3 01
251
0 44
745
5 55
543
4 09
945
6 31
446
2 91
470
8 55
373
8 93
075
8 92
679
9 63
578
1 19
377
5 54
882
6 58
585
1 89
887
0 46
288
0 02
594
1 18
11
005
552
1 01
6 35
052
0 81
054
7 06
655
9 98
659
7 76
559
4 09
259
5 99
764
2 54
666
4 77
968
5 93
070
2 96
373
2 01
778
8 91
080
0 66
414
5 84
013
9 49
513
8 38
313
5 11
712
9 38
213
0 71
012
8 72
110
0 13
410
6 47
510
3 91
310
4 92
910
4 99
111
3 48
539
862
35 3
3034
199
34 7
0635
704
37 2
8137
322
31 6
4240
029
40 9
8141
814
41 8
1242
011
105
978
104
165
104
184
100
411
93 6
7893
429
91 3
9968
492
66 4
4662
932
63 1
1563
179
71 4
7410
5 97
810
4 16
510
4 18
410
0 41
193
678
93 4
2991
399
68 4
9266
446
62 9
3263
115
63 1
7971
474
4 96
6 89
15
182
533
5 32
0 03
15
582
345
5 88
8 64
06
044
299
6 21
4 33
66
307
690
6 43
7 71
16
562
254
6 62
3 81
06
674
374
6 94
3 70
21
573
910
1 68
1 70
21
681
702
1 84
8 33
42
028
481
2 08
8 39
22
163
231
2 16
9 08
12
169
081
2 16
9 08
12
169
081
2 18
9 08
12
311
873
2 75
9 71
12
765
830
2 76
7 19
62
767
742
2 77
6 79
52
768
923
2 75
0 25
02
764
656
2 77
5 25
33
049
216
3 13
2 38
73
204
152
3 40
7 80
163
3 27
073
5 00
187
1 13
396
6 26
91
083
364
1 18
6 98
41
300
855
1 37
3 95
31
493
377
1 34
3 95
71
322
342
1 28
1 14
11
224
028
* I
nclu
ding
deb
t sec
uriti
es is
sued
and
MM
Fs
shar
es/u
nits
hel
d by
non
-res
iden
ts.
Sour
ce: o
ther
MF
Is.
40
BNB MONTHLY BULLETIN 6≠7/20081.
3.5.
FO
RE
IGN
ASS
ET
S A
ND
LIA
BIL
ITIE
S O
F T
HE
BN
B (
BG
Ní0
00)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
Exc
hang
e ra
te:
BG
N/U
SD 1
BG
N/E
UR
1
FO
RE
IGN
AS
SE
TS
OF
TH
E B
NB
In
tern
ati
on
al re
serv
es
C
ash
in f
orei
gn c
urre
ncy
o/w
EU
R
SD
R h
oldi
ngs
M
onet
ary
gold
Mon
etar
y go
ld in
BN
B tr
easu
re
M
onet
ary
gold
dep
osite
d w
ith n
on-r
esid
ents
C
laim
s on
non
-res
iden
t ban
ks
R
eser
ve p
ositi
on in
the
IMF
Dep
osits
O
vern
ight
in B
GN
in f
orei
gn c
urre
ncy
o/w
EU
R
Dep
osits
with
agr
eed
mat
urity
in B
GN
in f
orei
gn c
urre
ncy
o/w
EU
R
Dep
osits
red
eem
able
at n
otic
e
in
BG
N
in
for
eign
cur
renc
y
o
/w E
UR
Rep
os
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Sec
uriti
es o
ther
than
sha
res
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
Cla
ims
on n
on-r
esid
ent g
over
nmen
ts
S
ecur
ities
oth
er th
an s
hare
s
in
BG
N
in
fore
ign
curr
ency
o/w
EU
R
Cla
ims
on o
ther
non
-res
iden
ts
S
ecur
ities
oth
er th
an s
hare
s
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
(con
tinue
d)
1.44
823
1.42
688
1.42
709
1.37
939
1.35
380
1.32
500
1.33
122
1.31
529
1.28
953
1.23
693
1.25
858
1.26
117
1.24
069
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
18 7
40 9
4719
304
048
20 2
25 7
1922
922
984
23 1
49 5
9023
563
142
23 3
75 3
6622
871
384
22 8
25 5
4723
721
949
25 3
30 1
2525
089
753
25 9
11 6
20
18 7
11 6
3019
274
731
20 1
96 4
0222
893
667
23 1
20 2
7323
533
825
23 3
46 0
4922
843
395
22 7
97 5
5823
693
960
25 3
02 1
3625
061
764
25 8
83 6
31
8 92
55
882
7 58
04
008
85 1
6583
868
87 9
4492
056
83 5
3879
067
89 7
2883
000
79 6
418
136
5 44
76
654
3 29
084
346
82 9
8287
228
91 1
8582
602
78 3
8289
216
82 4
5178
679
1 08
91
084
1 26
91
246
1 23
41
388
1 38
41
382
1 51
38
075
8 11
38
253
8 17
31
204
581
1 21
7 51
21
222
835
1 30
1 67
31
355
626
1 34
5 34
01
410
361
1 55
5 61
91
595
906
1 48
4 29
61
396
664
1 42
1 45
21
466
836
483
161
488
346
490
478
522
093
543
723
539
562
565
609
623
717
639
765
594
853
559
622
569
508
587
665
721
420
729
166
732
357
779
580
811
903
805
778
844
752
931
902
956
141
889
443
837
042
851
944
879
171
7 74
3 55
27
081
700
8 85
8 42
211
276
195
10 6
05 8
3610
212
874
9 77
3 89
99
016
287
9 12
5 40
110
161
695
9 82
2 66
610
627
545
11 4
73 8
6472
891
72 6
0872
785
71 4
5570
816
70 1
6470
023
69 9
4569
232
67 8
5468
172
68 2
2967
672
4 60
7 07
03
556
436
3 52
4 42
45
271
088
4 63
3 59
24
066
115
3 41
6 25
83
042
055
2 88
5 17
44
176
272
3 84
9 27
52
519
124
3 25
5 07
023
8 29
435
5 58
651
3 00
174
9 03
157
1 24
695
7 11
138
811
964
266
914
910
27 4
091
700
221
27 9
262
331
918
- -
- -
- -
- -
- -
- -
-23
8 29
435
5 58
651
3 00
174
9 03
157
1 24
695
7 11
138
811
964
266
914
910
27 4
091
700
221
27 9
262
331
918
234
160
323
882
479
240
712
422
535
433
920
242
2 59
493
1 51
188
0 42
94
119
1 67
5 49
42
934
2 31
0 51
84
368
776
3 20
0 85
03
011
423
4 52
2 05
74
062
346
3 10
9 00
43
377
447
2 07
7 78
91
970
264
4 14
8 86
32
149
054
2 49
1 19
892
3 15
2 -
- -
- -
- -
- -
- -
- -
4 36
8 77
63
200
850
3 01
1 42
34
522
057
4 06
2 34
63
109
004
3 37
7 44
72
077
789
1 97
0 26
44
148
863
2 14
9 05
42
491
198
923
152
4 26
7 40
03
200
850
3 01
1 42
34
522
057
4 06
2 34
63
109
004
3 37
7 44
72
077
789
1 97
0 26
44
148
863
2 14
9 05
42
491
198
923
152
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
3 06
3 59
13
452
656
5 26
1 21
35
933
652
5 90
1 42
86
076
595
6 28
7 61
85
904
287
6 17
0 99
55
917
569
5 90
5 21
98
040
192
8 15
1 12
2 -
- -
- -
- -
- -
- -
- -
3 06
3 59
13
452
656
5 26
1 21
35
933
652
5 90
1 42
86
076
595
6 28
7 61
85
904
287
6 17
0 99
55
917
569
5 90
5 21
98
040
192
8 15
1 12
23
063
591
3 45
2 65
65
261
213
5 93
3 65
25
901
428
6 07
6 59
56
287
618
5 90
4 28
76
170
995
5 91
7 56
95
905
219
8 04
0 19
28
151
122
9 49
1 17
110
686
387
9 84
4 49
69
872
096
10 4
40 3
2411
037
389
11 2
22 6
0711
179
173
10 5
92 6
7310
132
247
11 4
07 3
469
848
917
9 54
8 22
69
491
171
10 6
86 3
879
844
496
9 87
2 09
610
440
324
11 0
37 3
8911
222
607
11 1
79 1
7310
592
673
10 1
32 2
4711
407
346
9 84
8 91
79
548
226
- -
- -
- -
- -
- -
- -
-9
491
171
10 6
86 3
879
844
496
9 87
2 09
610
440
324
11 0
37 3
8911
222
607
11 1
79 1
7310
592
673
10 1
32 2
4711
407
346
9 84
8 91
79
548
226
9 49
1 17
110
686
387
9 84
4 49
69
872
096
10 4
40 3
2411
037
389
11 2
22 6
0711
179
173
10 5
92 6
7310
132
247
11 4
07 3
469
848
917
9 54
8 22
615
5 25
415
5 39
715
5 37
731
1 54
450
8 22
873
3 00
173
2 31
989
1 33
01
294
484
1 70
9 79
52
446
634
2 92
4 94
52
972
723
155
254
155
397
155
377
311
544
508
228
733
001
732
319
891
330
1 29
4 48
41
709
795
2 44
6 63
42
924
945
2 97
2 72
3 -
- -
- -
- -
- -
- -
- -
155
254
155
397
155
377
311
544
508
228
733
001
732
319
891
330
1 29
4 48
41
709
795
2 44
6 63
42
924
945
2 97
2 72
315
5 25
415
5 39
715
5 37
731
1 54
450
8 22
873
3 00
173
2 31
989
1 33
01
294
484
1 70
9 79
52
446
634
2 92
4 94
52
972
723
41
6≠7/2008 FINANCIAL SECTOR1.
3.5.
FO
RE
IGN
ASS
ET
S A
ND
LIA
BIL
ITIE
S O
F T
HE
BN
B(c
ontin
ued)
(B
GN
í000
)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
A
ccru
ed in
tere
st r
ecei
vabl
e
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R O
ther
fore
ign
ass
ets
C
laim
s on
non
-res
iden
t ban
ks
S
ecur
ities
oth
er th
an s
hare
s
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Sha
res
and
othe
r eq
uity
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
Cla
ims
on n
on-r
esid
ent g
over
nmen
ts
S
ecur
ities
oth
er th
an s
hare
s
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Sha
res
and
othe
r eq
uity
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
Cla
ims
on o
ther
non
-res
iden
ts
D
epos
its
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Sec
uriti
es o
ther
than
sha
res
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
S
hare
s an
d ot
her
equi
ty
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
FO
RE
IGN
LIA
BIL
ITIE
S O
F T
HE
BN
B
Lia
bilit
ies
to n
on-r
esid
ent b
anks
D
epos
its
O
vern
ight
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
(con
tinue
d)
107
058
126
769
106
423
126
905
123
860
119
965
117
535
107
548
104
043
118
785
130
985
147
652
334
168
- -
- -
- -
- -
- -
- -
-10
7 05
812
6 76
910
6 42
312
6 90
512
3 86
011
9 96
511
7 53
510
7 54
810
4 04
311
8 78
513
0 98
514
7 65
233
4 16
810
6 62
412
6 24
910
5 98
112
6 35
912
3 18
311
9 82
511
7 31
610
7 24
910
3 83
911
8 49
813
0 72
014
7 53
433
4 04
729
317
29 3
1729
317
29 3
1729
317
29 3
1729
317
27 9
8927
989
27 9
8927
989
27 9
8927
989
6 96
66
966
6 96
66
966
29 3
0729
307
29 3
0727
979
27 9
7927
979
27 9
7927
979
27 9
79 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-6
966
6 96
66
966
6 96
629
307
29 3
0729
307
27 9
7927
979
27 9
7927
979
27 9
7927
979
- -
- -
- -
- -
- -
- -
-6
966
6 96
66
966
6 96
629
307
29 3
0729
307
27 9
7927
979
27 9
7927
979
27 9
7927
979
6 96
66
966
6 96
66
966
6 96
66
966
6 96
66
966
6 96
66
966
6 96
66
966
6 96
622
341
22 3
4122
341
22 3
41 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
22 3
4122
341
22 3
4122
341
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
22 3
4122
341
22 3
4122
341
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
1010
1010
1010
1010
1010
1010
10 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-10
1010
1010
1010
1010
1010
1010
- -
- -
- -
- -
- -
- -
-10
1010
1010
1010
1010
1010
1010
1010
1010
1010
1010
1010
1010
10
103
719
115
972
110
996
41 9
2535
079
54 2
6932
914
130
613
47 1
0458
283
39 5
4481
678
43 2
93
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
42
BNB MONTHLY BULLETIN 6≠7/20081.
3.5.
FO
RE
IGN
ASS
ET
S A
ND
LIA
BIL
ITIE
S O
F T
HE
BN
B(c
ontin
ued)
(B
GN
í000
)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
Dep
osits
with
agr
eed
mat
urity
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
D
epos
its r
edee
mab
le a
t not
ice
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
Lia
bilit
ies
to th
e IM
F
L
oans
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
A
ccru
ed in
tere
st p
ayab
le
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
L
iabi
litie
s to
non
-res
iden
t gov
ernm
ents
Dep
osits
O
vern
ight
in
BG
N
i
n fo
reig
n cu
rren
cy
o/w
EU
R
Dep
osits
with
agr
eed
mat
urity
in
BG
N
i
n fo
reig
n cu
rren
cy
o/w
EU
R
Dep
osits
red
eem
able
at n
otic
e
i
n B
GN
in
fore
ign
curr
ency
o
/w E
UR
Sour
ce: B
NB
.
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-10
3 71
911
5 97
211
0 99
641
925
35 0
7954
269
32 9
1413
0 61
347
104
58 2
8339
544
81 6
7843
293
103
719
115
972
110
996
41 9
2535
079
54 2
6932
914
130
613
47 1
0458
283
39 5
4481
678
43 2
9310
3 71
911
5 97
211
0 99
641
925
35 0
7954
269
32 9
1413
0 61
347
104
58 2
8339
544
81 6
7843
293
5 06
53
998
54 3
253
097
5 59
83
763
24 5
298
383
1 96
26
953
25 0
7963
145
2 17
598
654
111
974
56 6
7138
828
29 4
8150
506
8 38
512
2 23
045
142
51 3
3014
465
18 5
3341
118
98 6
5411
1 97
456
671
38 8
2829
481
50 5
068
385
122
230
45 1
4251
330
14 4
6518
533
41 1
18 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
43
6≠7/2008 FINANCIAL SECTOR1.
3.6.
LO
AN
S T
O N
ON
-FIN
AN
CIA
L C
OR
PO
RA
TIO
NS,
HO
USE
HO
LD
S A
ND
NO
N-P
RO
FIT
IN
STIT
UT
ION
S SE
RV
ING
HO
USE
HO
LD
S (
BG
Ní0
00)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
Exc
hang
e ra
te:
BG
N/U
SD 1
BG
N/E
UR
1
LO
AN
S T
O N
ON
-FIN
AN
CIA
L C
OR
PO
RA
TIO
NS
Ove
rdra
ft
in B
GN
in
fore
ign
curr
ency
o/w
EU
R L
oans
R
egul
ar
L
oans
with
mat
urity
up
to 1
yea
r
in B
GN
in
fore
ign
curr
ency
o/w
EU
R
L
oans
with
mat
urity
ove
r 1
up to
5 y
ears
in
BG
N
in fo
reig
n cu
rren
cy
o
/w E
UR
Loa
ns w
ith m
atur
ity o
ver
5 ye
ars
in
BG
N
in fo
reig
n cu
rren
cy
o
/w E
UR
B
ad a
nd r
estr
uctu
red*
in
BG
N
in fo
reig
n cu
rren
cy
o
/w E
UR
LO
AN
S T
O H
OU
SE
HO
LD
S A
ND
NP
ISH
s
Ove
rdra
ft
in B
GN
in
fore
ign
curr
ency
o/w
EU
R C
onsu
mer
loan
s
Reg
ular
Loa
ns w
ith m
atur
ity u
p to
1 y
ear
in
BG
N
in fo
reig
n cu
rren
cy
o
/w E
UR
Loa
ns w
ith m
atur
ity o
ver
1 up
to 5
yea
rs
in B
GN
in
fore
ign
curr
ency
o/w
EU
R
L
oans
with
mat
urity
ove
r 5
year
s
in B
GN
in
fore
ign
curr
ency
o/w
EU
R(c
ontin
ued)
1.44
823
1.42
688
1.42
709
1.37
939
1.35
380
1.32
500
1.33
122
1.31
529
1.28
953
1.23
693
1.25
858
1.26
117
1.24
069
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
17 7
89 5
0118
405
575
19 0
13 4
1419
772
898
20 5
08 3
6321
455
431
22 7
19 6
4623
093
849
23 6
67 9
0124
445
425
25 4
37 1
4526
368
883
27 6
65 4
90
5 51
0 38
95
697
227
5 98
6 45
06
312
969
6 42
2 85
66
811
475
7 01
1 76
17
232
218
7 36
1 43
47
563
811
7 83
6 38
68
140
115
8 71
5 39
62
405
443
2 46
3 96
62
569
846
2 76
1 11
02
743
149
2 88
7 12
42
962
115
3 03
3 48
62
981
928
3 08
8 94
63
135
288
3 22
1 98
83
461
010
3 10
4 94
63
233
261
3 41
6 60
43
551
859
3 67
9 70
73
924
351
4 04
9 64
64
198
732
4 37
9 50
64
474
865
4 70
1 09
84
918
127
5 25
4 38
62
956
106
3 06
4 76
43
238
222
3 40
3 01
23
542
913
3 78
4 98
13
905
851
4 02
0 22
14
203
868
4 31
1 93
44
530
213
4 72
6 39
95
051
468
12 2
79 1
1212
708
348
13 0
26 9
6413
459
929
14 0
85 5
0714
643
956
15 7
07 8
8515
861
631
16 3
06 4
6716
881
614
17 6
00 7
5918
228
768
18 9
50 0
9411
915
065
12 3
47 7
7912
683
420
13 0
80 4
6613
707
619
14 2
73 6
7215
353
545
15 5
13 6
2315
943
274
16 5
13 5
4917
188
277
17 7
63 2
5318
461
941
1 73
4 83
21
734
362
1 80
6 16
11
874
892
1 99
2 34
12
010
125
1 98
4 03
91
867
506
1 83
8 22
41
788
002
1 87
4 43
51
976
047
2 04
2 15
174
7 43
471
4 95
473
6 56
679
6 01
485
0 12
185
0 88
589
4 79
982
2 09
277
0 78
571
6 75
470
3 90
671
4 73
370
1 22
798
7 39
81
019
408
1 06
9 59
51
078
878
1 14
2 22
01
159
240
1 08
9 24
01
045
414
1 06
7 43
91
071
248
1 17
0 52
91
261
314
1 34
0 92
492
7 41
196
8 62
21
021
652
1 03
6 39
31
104
705
1 11
8 99
11
057
526
1 00
1 97
71
039
360
1 05
0 89
11
153
248
1 23
2 10
81
313
938
5 47
6 82
35
589
282
5 71
9 44
35
916
523
6 13
3 85
26
330
331
6 79
2 13
46
947
349
7 16
2 72
27
446
933
7 73
5 99
68
029
495
8 31
3 61
31
675
309
1 68
6 13
61
669
340
1 73
7 98
21
767
827
1 71
3 29
91
699
394
1 72
1 08
31
729
197
1 74
7 86
01
743
183
1 80
0 48
41
812
879
3 80
1 51
43
903
146
4 05
0 10
34
178
541
4 36
6 02
54
617
032
5 09
2 74
05
226
266
5 43
3 52
55
699
073
5 99
2 81
36
229
011
6 50
0 73
43
716
086
3 82
7 61
53
983
597
4 12
8 47
84
319
596
4 55
7 39
35
043
680
5 17
9 72
55
368
530
5 63
8 28
75
900
867
6 13
9 90
76
410
028
4 70
3 41
05
024
135
5 15
7 81
65
289
051
5 58
1 42
65
933
216
6 57
7 37
26
698
768
6 94
2 32
87
278
614
7 57
7 84
67
757
711
8 10
6 17
71
142
559
1 22
4 00
51
291
860
1 34
0 88
91
441
397
1 51
0 29
61
601
963
1 63
8 43
01
698
203
1 77
5 52
31
837
398
1 90
8 06
91
966
306
3 56
0 85
13
800
130
3 86
5 95
63
948
162
4 14
0 02
94
422
920
4 97
5 40
95
060
338
5 24
4 12
55
503
091
5 74
0 44
85
849
642
6 13
9 87
13
515
120
3 75
4 79
13
823
577
3 90
7 96
34
101
225
4 38
5 61
04
935
581
5 02
1 71
65
196
806
5 45
8 54
75
695
146
5 80
3 72
16
094
022
364
047
360
569
343
544
379
463
377
888
370
284
354
340
348
008
363
193
368
065
412
482
465
515
488
153
164
261
161
922
163
927
173
961
180
249
178
925
173
486
160
988
166
935
168
196
200
416
194
280
193
448
199
786
198
647
179
617
205
502
197
639
191
359
180
854
187
020
196
258
199
869
212
066
271
235
294
705
178
676
179
613
161
248
178
620
170
865
165
840
161
235
167
298
179
869
184
319
196
299
255
622
278
485
10 9
27 2
3211
352
392
12 0
26 3
0112
230
057
12 7
36 8
3013
202
860
13 7
69 0
4514
068
871
14 5
78 7
9114
634
416
15 2
55 3
9715
819
225
16 2
73 4
95
995
058
1 02
9 22
01
072
555
1 12
8 84
21
208
423
1 26
1 84
81
316
514
1 37
4 70
51
415
970
1 47
8 63
51
519
416
1 57
8 06
61
637
562
902
555
933
620
973
690
1 02
1 95
11
098
146
1 14
3 64
21
190
179
1 24
3 12
31
280
026
1 33
2 24
71
363
138
1 41
4 91
41
458
270
92 5
0395
600
98 8
6510
6 89
111
0 27
711
8 20
612
6 33
513
1 58
213
5 94
414
6 38
815
6 27
816
3 15
217
9 29
290
281
93 3
0996
547
104
635
108
126
116
120
124
200
129
285
133
718
144
054
153
780
160
432
176
744
4 61
8 44
94
785
606
5 17
3 90
15
225
355
5 41
3 32
65
667
665
5 81
1 66
35
969
212
6 24
0 56
76
142
319
6 44
2 10
86
657
744
6 80
2 28
44
432
954
4 59
0 29
04
968
125
5 01
6 09
35
192
475
5 43
2 60
75
592
258
5 74
0 00
96
000
122
5 89
5 02
66
187
980
6 38
9 47
26
525
836
34 6
7336
486
36 7
6237
421
41 7
0530
782
30 6
0429
996
31 1
1430
146
31 4
3427
198
26 7
0929
225
30 4
9331
012
31 7
0232
838
22 2
1022
267
21 7
9122
717
21 6
0522
348
21 8
7721
672
5 44
85
993
5 75
05
719
8 86
78
572
8 33
78
205
8 39
78
541
9 08
65
321
5 03
74
318
4 87
84
625
4 69
28
190
8 12
08
162
8 09
68
303
8 45
69
004
5 21
74
956
1 55
2 41
71
542
738
1 53
9 31
71
476
529
1 43
8 83
81
442
291
1 44
0 17
61
440
064
1 46
6 42
91
422
257
1 45
0 33
81
471
722
1 48
0 36
81
524
715
1 51
3 15
61
509
578
1 44
6 12
21
407
104
1 41
4 07
81
410
172
1 41
0 40
01
433
798
1 38
8 47
91
406
746
1 41
7 16
11
419
458
27 7
0229
582
29 7
3930
407
31 7
3428
213
30 0
0429
664
32 6
3133
778
43 5
9254
561
60 9
1025
932
28 0
4528
291
28 8
7330
242
26 6
8728
294
28 0
5031
091
32 3
1442
182
53 4
3159
881
2 84
5 86
43
011
066
3 39
2 04
63
502
143
3 71
1 93
23
959
534
4 12
1 47
84
269
949
4 50
2 57
94
442
623
4 70
6 20
84
890
552
5 01
8 75
92
629
321
2 78
8 92
13
164
882
3 27
2 80
63
475
128
3 71
9 46
43
865
665
4 00
4 34
34
220
132
4 17
5 39
54
341
393
4 43
6 83
64
482
614
216
543
222
145
227
164
229
337
236
804
240
070
255
813
265
606
282
447
267
228
364
815
453
716
536
145
186
596
193
021
198
794
202
065
210
440
214
048
230
335
239
611
256
979
241
262
336
771
428
044
506
415
44
BNB MONTHLY BULLETIN 6≠7/2008
* U
ntil
30 J
une
2006
the
indi
cato
r in
clud
es th
e ov
erdu
e pr
inci
pal w
hich
is n
ot p
aid.
Sin
ce th
en th
e to
tal a
mou
nt o
f bal
ance
she
et lo
ans
expo
sure
s w
hich
are
cla
ssif
ied
as s
ubst
anda
rd e
xpos
ures
, non
-per
form
ing
expo
sure
s an
d re
stru
ctur
ed lo
ans
unde
r B
NB
Ord
inan
ce N
o. 9
is in
clud
ed.
Sour
ce: o
ther
MF
Is.
1.3.
6. L
OA
NS
TO
NO
N-F
INA
NC
IAL
CO
RP
OR
AT
ION
S, H
OU
SEH
OL
DS
AN
D N
ON
-PR
OF
IT I
NST
ITU
TIO
NS
SER
VIN
G H
OU
SEH
OL
DS
(con
tinue
d) (
BG
Ní0
00)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
B
ad a
nd r
estr
uctu
red*
in
BG
N
in fo
reig
n cu
rren
cy
o
/w E
UR
Loa
ns fo
r ho
use
purc
hase
R
egul
ar
L
oans
with
mat
urity
up
to 1
yea
r
in B
GN
in
fore
ign
curr
ency
o/w
EU
R
L
oans
with
mat
urity
ove
r 1
up to
5 y
ears
in
BG
N
in fo
reig
n cu
rren
cy
o
/w E
UR
Loa
ns w
ith m
atur
ity o
ver
5 ye
ars
in
BG
N
in fo
reig
n cu
rren
cy
o
/w E
UR
B
ad a
nd r
estr
uctu
red*
in
BG
N
in fo
reig
n cu
rren
cy
o
/w E
UR
Oth
er lo
ans
R
egul
ar
L
oans
with
mat
urity
up
to 1
yea
r
in B
GN
in
fore
ign
curr
ency
o/w
EU
R
L
oans
with
mat
urity
ove
r 1
up to
5 y
ears
in
BG
N
in fo
reig
n cu
rren
cy
o
/w E
UR
Loa
ns w
ith m
atur
ity o
ver
5 ye
ars
in
BG
N
in fo
reig
n cu
rren
cy
o
/w E
UR
B
ad a
nd r
estr
uctu
red*
in
BG
N
in fo
reig
n cu
rren
cy
o
/w E
UR
185
495
195
316
205
776
209
262
220
851
235
058
219
405
229
203
240
445
247
293
254
128
268
272
276
448
180
352
188
159
199
808
202
954
214
228
228
708
212
673
222
690
233
079
240
039
247
230
261
381
269
109
5 14
37
157
5 96
86
308
6 62
36
350
6 73
26
513
7 36
67
254
6 89
86
891
7 33
94
914
6 63
75
329
5 41
25
712
5 54
05
903
5 90
66
455
6 29
16
027
6 32
36
505
4 41
1 61
24
669
895
4 88
2 67
94
939
762
5 14
9 45
85
280
055
5 60
9 87
35
729
188
5 93
0 20
16
003
245
6 26
5 99
16
541
637
6 76
4 93
54
319
529
4 57
0 39
34
777
007
4 83
2 45
25
039
776
5 16
6 98
45
491
213
5 60
3 31
85
801
160
5 86
9 13
46
131
832
6 39
5 71
96
617
303
2 97
23
251
2 56
65
575
6 48
76
558
5 48
44
991
6 04
15
750
5 91
58
511
8 52
553
873
586
698
21
182
1 61
81
649
1 58
11
521
1 48
31
507
1 72
51
683
2 43
42
516
1 70
04
593
5 30
54
940
3 83
53
410
4 52
04
267
4 40
86
786
6 84
22
434
2 51
61
700
4 59
35
305
4 94
03
835
3 41
04
520
4 26
74
408
6 78
66
842
110
898
116
167
119
325
116
215
118
072
117
522
117
922
117
686
118
136
115
162
114
002
115
740
115
684
55 8
0260
377
62 5
5762
990
62 6
8762
879
63 2
9462
215
62 4
4061
452
61 3
5162
003
60 8
7355
096
55 7
9056
768
53 2
2555
385
54 6
4354
628
55 4
7155
696
53 7
1052
651
53 7
3754
811
54 3
1555
110
56 0
4852
600
54 7
5454
059
54 0
2654
906
55 2
0753
005
52 1
5553
245
54 3
964
205
659
4 45
0 97
54
655
116
4 71
0 66
24
915
217
5 04
2 90
45
367
807
5 48
0 64
15
676
983
5 74
8 22
26
011
915
6 27
1 46
86
493
094
2 66
7 79
12
814
921
2 93
5 28
12
983
251
3 09
6 08
73
203
952
3 37
7 25
03
434
990
3 53
4 43
03
584
011
3 65
2 65
13
707
317
3 75
2 25
01
537
868
1 63
6 05
41
719
835
1 72
7 41
11
819
130
1 83
8 95
21
990
557
2 04
5 65
12
142
553
2 16
4 21
12
359
264
2 56
4 15
12
740
844
1 51
3 08
91
611
788
1 69
3 80
61
700
478
1 79
0 65
91
811
664
1 95
8 92
52
012
213
2 11
0 84
22
123
341
2 30
8 12
42
502
060
2 69
9 51
592
083
99 5
0210
5 67
210
7 31
010
9 68
211
3 07
111
8 66
012
5 87
012
9 04
113
4 11
113
4 15
914
5 91
814
7 63
262
205
64 6
4867
836
70 1
6072
655
72 8
4475
481
81 4
8082
768
89 1
6490
275
95 6
0295
695
29 8
7834
854
37 8
3637
150
37 0
2740
227
43 1
7944
390
46 2
7344
947
43 8
8450
316
51 9
3729
520
34 1
9937
334
36 8
2436
735
39 6
9342
522
44 0
4046
017
44 5
0443
434
49 9
0651
594
902
113
867
671
897
166
936
098
965
623
993
292
1 03
0 99
599
5 76
699
2 05
31
010
217
1 02
7 88
21
041
778
1 06
8 71
487
8 84
284
3 01
487
1 54
590
8 15
793
7 51
196
3 37
11
001
461
966
162
961
841
978
505
993
667
1 00
5 58
51
031
205
125
553
114
500
117
897
124
613
134
924
141
597
147
327
129
941
119
923
125
188
125
144
123
316
129
733
104
318
95 6
9699
392
105
497
115
768
122
599
128
078
114
508
105
736
111
673
105
960
102
659
105
784
21 2
3518
804
18 5
0519
116
19 1
5618
998
19 2
4915
433
14 1
8713
515
19 1
8420
657
23 9
4921
192
18 7
6218
463
19 0
7619
117
18 9
9819
249
15 4
3314
187
13 5
1519
171
20 6
4923
945
482
669
488
934
498
738
508
252
518
063
523
536
537
839
516
161
509
199
513
234
517
168
521
544
531
836
370
883
374
754
382
577
390
082
398
213
400
009
408
385
399
549
397
938
398
514
402
147
400
925
403
889
111
786
114
180
116
161
118
170
119
850
123
527
129
454
116
612
111
261
114
720
115
021
120
619
127
947
111
567
113
971
115
958
117
978
119
671
123
321
128
611
116
451
111
144
114
630
114
957
120
507
127
844
270
620
239
580
254
910
275
292
284
524
298
238
316
295
320
060
332
719
340
083
351
355
360
725
369
636
193
997
164
048
178
010
191
988
203
077
215
777
230
765
233
695
244
026
248
807
253
033
259
283
264
565
76 6
2375
532
76 9
0083
304
81 4
4782
461
85 5
3086
365
88 6
9391
276
98 3
2210
1 44
210
5 07
172
859
71 8
0173
352
79 8
1877
874
79 0
4582
140
82 9
5885
234
87 8
3894
987
98 3
3010
2 94
223
271
24 6
5725
621
27 9
4128
112
29 9
2129
534
29 6
0430
212
31 7
1234
215
36 1
9337
509
17 1
7717
794
16 8
6319
221
19 9
0521
560
22 1
4923
053
23 8
8925
601
26 7
0628
593
28 5
256
094
6 86
38
758
8 72
08
207
8 36
17
385
6 55
16
323
6 11
17
509
7 60
08
984
6 09
46
863
8 46
48
409
7 99
67
935
7 01
26
139
5 97
65
820
7 18
17
215
8 74
3
45
6≠7/2008 FINANCIAL SECTOR1.
3.7.
ME
MO
RA
ND
A T
O T
HE
AN
AL
YT
ICA
L R
EP
OR
TIN
G O
F T
HE
BN
B (
BG
Ní0
00)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
Exc
hang
e ra
te:
BG
N/U
SD 1
BG
N/E
UR
1
FO
RE
IGN
AS
SE
TS
, o/w
Acc
rued
inte
rest
≠ to
tal
in B
GN
in fo
reig
n cu
rren
cy
o/w
EU
R
o/w
Acc
rued
inte
rest
on
depo
sits
in B
GN
in fo
reig
n cu
rren
cy
o/w
EU
R
o/w
Acc
rued
inte
rest
on
secu
ritie
s ot
her
than
sha
res
in B
GN
in fo
reig
n cu
rren
cy
o/w
EU
R
OT
HE
R A
SS
ET
S, o/w
Der
ivat
ives
with
a p
ositi
ve fa
ir v
alue
in
BG
N
in fo
reig
n cu
rren
cy
o
/w E
UR
FO
RE
IGN
LIA
BIL
ITIE
S, o/w
Acc
rued
inte
rest
≠ to
tal
in B
GN
in fo
reig
n cu
rren
cy
o/w
EU
R
OT
HE
R L
IAB
ILIT
IES
, o/w
Acc
rued
inte
rest
≠ to
tal
in B
GN
in fo
reig
n cu
rren
cy
o/w
EU
R
o/w
Acc
rued
inte
rest
on
over
nigh
t dep
osits
in B
GN
in fo
reig
n cu
rren
cy
o/w
EU
R
o/w
Acc
rued
inte
rest
on
depo
sits
with
agr
eed
mat
urity
in B
GN
in fo
reig
n cu
rren
cy
o/w
EU
R
o/w
Acc
rued
inte
rest
on
depo
sits
red
eem
able
at n
otic
e
in
BG
N
in
fore
ign
curr
ency
o
/w E
UR
Pro
visi
ons
Dep
reci
atio
n D
eriv
ativ
es w
ith a
neg
ativ
e fa
ir v
alue
in
BG
N
in fo
reig
n cu
rren
cy
o
/w E
UR
Sour
ce: B
NB
.
1.44
823
1.42
688
1.42
709
1.37
939
1.35
380
1.32
500
1.33
122
1.31
529
1.28
953
1.23
693
1.25
858
1.26
117
1.24
069
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
107
058
126
769
106
423
126
905
123
860
119
965
117
535
107
548
104
043
118
785
130
985
147
652
334
168
- -
- -
- -
- -
- -
- -
-10
7 05
812
6 76
910
6 42
312
6 90
512
3 86
011
9 96
511
7 53
510
7 54
810
4 04
311
8 78
513
0 98
514
7 65
233
4 16
810
6 62
412
6 24
910
5 98
112
6 35
912
3 18
311
9 82
511
7 31
610
7 24
910
3 83
911
8 49
813
0 72
014
7 53
433
4 04
73
074
7 27
55
601
8 69
512
776
10 5
763
962
1 43
63
304
5 88
052
272
787
4 -
- -
- -
- -
- -
- -
- -
3 07
47
275
5 60
18
695
12 7
7610
576
3 96
21
436
3 30
45
880
522
727
874
2 92
77
078
5 52
28
539
12 5
1910
436
3 74
31
137
3 10
05
593
257
609
753
103
984
119
494
100
822
118
210
111
084
109
389
113
573
106
112
100
739
112
905
130
463
146
925
333
294
- -
- -
- -
- -
- -
- -
-10
3 98
411
9 49
410
0 82
211
8 21
011
1 08
410
9 38
911
3 57
310
6 11
210
0 73
911
2 90
513
0 46
314
6 92
533
3 29
410
3 69
711
9 17
110
0 45
911
7 82
011
0 66
410
9 38
911
3 57
310
6 11
210
0 73
911
2 90
513
0 46
314
6 92
533
3 29
4
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
3 26
35
756
4 73
14
152
6 45
25
179
4 10
95
900
4 85
54
078
5 83
04
860
5 88
02
734
5 12
13
978
3 06
95
542
4 10
22
930
4 75
83
658
3 50
75
341
4 17
65
270
529
635
753
1 08
391
01
077
1 17
91
142
1 19
757
148
968
461
050
462
974
81
075
905
1 07
31
174
1 13
81
194
569
487
682
608
32 -
- -
39 -
-11
7 -
- -
- -
32 -
- -
39 -
-11
7 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
3 23
15
756
4 73
14
152
6 41
35
179
4 10
95
783
4 85
54
078
5 83
04
860
5 88
02
702
5 12
13
978
3 06
95
503
4 10
22
930
4 64
13
658
3 50
75
341
4 17
65
270
529
635
753
1 08
391
01
077
1 17
91
142
1 19
757
148
968
461
050
462
974
81
075
905
1 07
31
174
1 13
81
194
569
487
682
608
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-43
844
42 7
4643
541
43 8
0244
577
45 3
9146
222
47 0
7047
891
51 2
1452
037
52 8
3553
907
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
46
BNB MONTHLY BULLETIN 6≠7/20081.
3.8.
ME
MO
RA
ND
A T
O T
HE
AN
AL
YT
ICA
L R
EP
OR
TIN
G O
F O
TH
ER
MF
Is (
BG
Ní0
00)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
Exc
hang
e ra
te:
BG
N/U
SD 1
BG
N/E
UR
1
OT
HE
R A
SS
ET
S, o/w
Acc
rued
inte
rest
≠ to
tal
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
o
/w A
ccru
ed in
tere
st o
n de
posi
ts
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R
o/w
Acc
rued
inte
rest
on
loan
s
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R
o/w
Acc
rued
inte
rest
on
secu
ritie
s ot
her
than
sha
res
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
Der
ivat
ives
with
a p
ositi
ve fa
ir v
alue
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
OT
HE
R L
IAB
ILIT
IES
, o/w
Acc
rued
inte
rest
≠ to
tal
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
o
/w A
ccru
ed in
tere
st o
n ov
erni
ght d
epos
its
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R
o/w
Acc
rued
inte
rest
on
depo
sits
with
agr
eed
mat
urity
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
o
/w A
ccru
ed in
tere
st o
n de
posi
ts r
edee
mab
le a
t not
ice
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
o
/w A
ccru
ed in
tere
st o
n de
bt s
ecur
ities
issu
ed
in
BG
N
(con
tinue
d)
1.44
823
1.42
688
1.42
709
1.37
939
1.35
380
1.32
500
1.33
122
1.31
529
1.28
953
1.23
693
1.25
858
1.26
117
1.24
069
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
1.95
583
271
143
241
121
260
861
295
140
316
932
342
388
355
533
285
515
305
361
317
498
327
203
383
741
395
414
135
058
117
899
124
720
141
346
160
277
168
649
167
569
144
457
151
091
155
984
160
643
195
545
200
047
136
085
123
222
136
141
153
794
156
655
173
739
187
964
141
058
154
270
161
514
166
560
188
196
195
367
104
805
108
837
118
048
132
969
134
387
149
417
162
678
128
608
140
049
147
011
150
986
168
035
172
182
14 7
1710
685
11 4
6013
811
15 2
6717
856
18 4
5820
744
16 5
3113
183
15 9
3815
591
9 35
25
306
5 94
35
636
6 98
46
065
6 36
35
260
7 38
06
119
6 04
16
670
5 68
74
445
9 41
14
742
5 82
46
827
9 20
211
493
13 1
9813
364
10 4
127
142
9 26
89
904
4 90
73
134
1 90
41
837
3 57
45
331
7 30
39
364
9 47
88
934
5 99
68
817
9 13
43
843
161
475
165
896
173
839
191
279
207
361
215
923
214
755
212
329
228
486
226
149
230
184
277
557
277
765
90 8
8093
199
99 3
7510
9 35
112
5 65
512
9 90
412
2 14
811
8 04
212
6 75
112
4 63
812
7 29
715
6 74
515
3 59
370
595
72 6
9774
464
81 9
2881
706
86 0
1992
607
94 2
8710
1 73
510
1 51
110
2 88
712
0 81
212
4 17
266
256
69 1
1070
631
77 7
1978
236
82 9
5189
213
90 9
9296
637
98 4
6999
695
116
687
120
028
92 4
5563
304
72 2
5486
007
91 2
2310
3 79
911
5 37
447
696
54 5
7469
470
73 8
7181
416
96 3
4538
643
18 7
4018
681
24 8
8828
489
32 3
8240
161
19 0
3318
221
25 2
9826
674
33 1
1042
009
53 8
1244
564
53 5
7361
119
62 7
3471
417
75 2
1328
663
36 3
5344
172
47 1
9748
306
54 3
3633
235
36 7
2643
409
48 0
2148
146
54 8
3757
969
24 5
1729
125
34 6
4035
418
33 6
8037
540
24 4
6822
915
19 6
1524
617
25 7
4529
898
29 5
1525
855
28 2
2733
067
61 0
3762
299
69 1
707
263
6 53
65
387
9 87
49
975
11 1
196
290
7 41
610
537
13 9
2616
372
12 9
4015
249
17 2
0516
379
14 2
2814
743
15 7
7018
779
23 2
2518
439
17 6
9019
141
44 6
6549
359
53 9
2112
749
12 2
1010
463
11 0
7512
047
15 0
8518
435
15 1
6614
462
15 9
8939
071
42 2
8550
388
268
430
282
493
303
811
324
984
329
839
355
389
302
938
282
685
312
445
325
712
328
833
375
716
389
185
110
755
113
811
119
559
131
331
134
863
138
075
104
289
105
262
115
384
129
241
125
361
151
329
162
053
157
675
168
682
184
252
193
653
194
976
217
314
198
649
177
423
197
061
196
471
203
472
224
387
227
132
131
224
143
215
158
530
168
186
170
158
192
557
176
429
155
529
174
977
174
211
179
547
200
518
201
919
17 4
5019
404
21 2
8523
186
21 3
6224
447
5 23
06
973
10 9
4614
371
14 0
8334
357
39 9
4110
748
12 2
5512
936
14 1
2314
194
16 7
703
193
4 54
47
094
9 43
010
084
26 8
4030
228
6 70
27
149
8 34
99
063
7 16
87
677
2 03
72
429
3 85
24
941
3 99
97
517
9 71
35
673
6 08
97
455
8 15
36
245
6 63
41
711
2 03
53
387
4 36
33
434
6 70
17
341
207
262
218
792
228
642
248
212
248
465
265
331
276
617
252
968
267
010
267
552
271
493
291
020
293
448
78 1
3682
434
83 3
9389
764
90 8
4788
359
95 3
6391
709
92 3
0698
692
98 9
8510
3 59
010
7 70
212
9 12
613
6 35
814
5 24
915
8 44
815
7 61
817
6 97
218
1 25
416
1 25
917
4 70
416
8 86
017
2 50
818
7 43
018
5 74
610
5 94
711
4 36
612
3 21
913
7 03
813
7 21
715
7 18
816
0 43
014
0 73
315
4 30
614
9 01
115
1 63
616
6 44
016
5 36
324
934
29 0
1233
879
38 2
2943
314
47 9
8813
26
127
12 0
2917
540
23 9
0730
649
35 9
4114
800
17 2
0120
004
22 5
0125
376
27 9
8746
3 18
86
294
9 08
112
349
15 8
4718
595
10 1
3411
811
13 8
7515
728
17 9
3820
001
862
939
5 73
58
459
11 5
5814
802
17 3
468
004
9 45
411
150
12 7
6114
660
16 5
1875
2 55
14
983
7 36
610
062
12 8
6315
094
13 0
8110
724
13 4
478
526
9 93
510
214
11 7
849
723
12 5
9912
680
13 0
4113
628
14 2
175
328
1 66
32
897
3 46
03
993
4 52
25
444
1 60
93
308
3 70
83
756
4 81
75
314
47
6≠7/2008 FINANCIAL SECTOR
in f
orei
gn c
urre
ncy
o
/w E
UR
Pro
visi
ons
Dep
reci
atio
n D
eriv
ativ
es w
ith a
neg
ativ
e fa
ir v
alue
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
Sour
ce: o
ther
MF
Is.
1.3.
8. M
EM
OR
AN
DA
TO
TH
E A
NA
LY
TIC
AL
RE
PO
RT
ING
OF
OT
HE
R M
FIs
(con
tinue
d) (
BG
Ní0
00)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
7 75
39
061
10 5
505
066
5 94
25
692
6 34
08
114
9 29
18
972
9 28
58
811
8 90
37
753
9 06
110
550
5 06
65
942
5 69
26
340
8 11
49
291
8 97
29
285
8 81
18
903
933
724
958
790
982
816
1 01
9 61
21
051
267
1 09
1 39
61
072
387
1 08
9 53
31
085
747
1 09
2 53
41
129
285
1 17
0 08
01
077
276
654
498
667
153
676
888
689
629
703
040
714
535
717
032
731
403
744
643
764
603
775
687
790
014
798
272
18 6
2020
386
25 9
1129
631
25 6
8928
705
26 6
3431
543
41 0
7842
133
36 8
9044
242
56 1
678
015
6 21
47
102
13 5
9112
570
13 0
3410
119
12 8
8522
166
23 4
1812
188
11 8
4012
377
10 6
0514
172
18 8
0916
040
13 1
1915
671
16 5
1518
658
18 9
1218
715
24 7
0232
402
43 7
906
891
8 52
411
670
10 9
118
859
10 5
0710
237
10 6
2612
565
9 03
618
100
24 5
4034
495
48
BNB MONTHLY BULLETIN 6≠7/2008
(con
tinue
d)
AS
SE
TS
1. C
ash
o
/w E
UR
2. S
DR
hol
ding
s 3
. Res
erve
pos
ition
in th
e IM
F 4
. Mon
etar
y go
ld 5
. Dep
osits
5
.1. O
vern
ight
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
5
.2. W
ith a
gree
d m
atur
ity
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R
5.3
. Red
eem
able
at n
otic
e
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R 6
. Rep
os
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
7. L
oans
u
p to
1 y
ear
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
o
ver
1 an
d up
to 5
yea
rs
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R
ove
r 5
year
s
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R 8
. Sec
uriti
es o
ther
than
sha
res
u
p to
1 y
ear
1.4
. S
EC
TO
RA
L S
UR
VE
Y O
F M
ON
ET
AR
Y F
INA
NC
IAL
IN
ST
ITU
TIO
NS
1.4.
1. M
ON
TH
LY
SE
CT
OR
AL
SU
RV
EY
OF
TH
E B
NB
AS
OF
JU
NE
200
8 (
BG
Ní0
00)
EU
Res
tof
the
wor
ld
Gen
eral
gov
ernm
ent
Oth
er re
siden
t sec
tors
Hou
seho
lds
and
NPI
SHs
ICs a
ndPF
s
Cen
tral
gove
rn-
men
tSS
FsO
ther
MFI
sO
FIA
s
Fina
ncia
l cor
pora
tions
Non
-fin
anci
alco
rpor
atio
ns
Eur
o ar
eaN
on-e
uro
area
Not
allo
cate
d
Tota
l
Res
iden
t sec
tor
Non
-res
iden
t sec
tor
27 4
25 5
2680
432
156
141
141
-80
135
73 1
926
943
6 94
3 -
-25
236
023
22 2
92 6
8319
371
037
2 92
1 64
62
943
340
2 10
9 07
1
79 6
41 -
- -
- -
- -
- -
- -
- -
- -
-79
641
78 6
79 -
- -
- -
- -
- -
- -
- -
- -
-78
679
8 17
3 -
- -
- -
- -
- -
- -
- -
- -
-8
173
67 6
72 -
- -
- -
- -
- -
- -
67 6
72 -
- -
67 6
72 -
1 46
6 83
6 -
- -
- -
- -
- -
- -
879
171
879
171
-87
9 17
1 -
587
665
3 25
5 07
0 -
- -
- -
- -
- -
- -
3 25
5 07
03
193
263
1 51
7 86
31
675
400
61 8
07 -
2 33
1 91
8 -
- -
- -
- -
- -
- -
2 33
1 91
82
270
111
960
451
1 30
9 66
061
807
-
- -
- -
- -
- -
- -
- -
- -
- -
- -
2 33
1 91
8 -
- -
- -
- -
- -
- -
2 33
1 91
82
270
111
960
451
1 30
9 66
061
807
-
2 31
0 51
8 -
- -
- -
- -
- -
- -
2 31
0 51
82
269
864
960
447
1 30
9 41
740
654
-
923
152
- -
- -
- -
- -
- -
-92
3 15
292
3 15
255
7 41
236
5 74
0 -
-
- -
- -
- -
- -
- -
- -
- -
- -
- -
923
152
- -
- -
- -
- -
- -
-92
3 15
292
3 15
255
7 41
236
5 74
0 -
-
923
152
- -
- -
- -
- -
- -
-92
3 15
292
3 15
255
7 41
236
5 74
0 -
-
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
20 6
72 0
71 -
- -
- -
- -
- -
- -
20 6
72 0
7117
918
952
17 5
59 0
3035
9 92
22
753
119
-
12 4
70 0
22 -
- -
- -
- -
- -
- -
12 4
70 0
2210
033
062
9 85
1 17
118
1 89
12
436
960
-
49
6≠7/2008 FINANCIAL SECTOR
(con
tinue
d)
1.4.
1. M
ON
TH
LY
SE
CT
OR
AL
SU
RV
EY
OF
TH
E B
NB
AS
OF
JU
NE
200
8(c
ontin
ued)
(B
GN
í000
)
EU
Res
tof
the
wor
ld
Gen
eral
gov
ernm
ent
Oth
er re
siden
t sec
tors
Hou
seho
lds
and
NPI
SHs
ICs a
ndPF
s
Cen
tral
gove
rn-
men
tSS
FsO
ther
MFI
sO
FIA
s
Fina
ncia
l cor
pora
tions
Non
-fin
anci
alco
rpor
atio
ns
Eur
o ar
eaN
on-e
uro
area
Not
allo
cate
d
Tota
l
Res
iden
t sec
tor
Non
-res
iden
t sec
tor
- -
- -
- -
- -
- -
- -
- -
- -
- -
12 4
70 0
22 -
- -
- -
- -
- -
- -
12 4
70 0
2210
033
062
9 85
1 17
118
1 89
12
436
960
-
12 4
70 0
22 -
- -
- -
- -
- -
- -
12 4
70 0
2210
033
062
9 85
1 17
118
1 89
12
436
960
-
2 15
3 18
9 -
- -
- -
- -
- -
- -
2 15
3 18
92
153
189
2 15
3 18
9 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
2 15
3 18
9 -
- -
- -
- -
- -
- -
2 15
3 18
92
153
189
2 15
3 18
9 -
- -
2 15
3 18
9 -
- -
- -
- -
- -
- -
2 15
3 18
92
153
189
2 15
3 18
9 -
- -
6 04
8 86
0 -
- -
- -
- -
- -
- -
6 04
8 86
05
732
701
5 55
4 67
017
8 03
131
6 15
9 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
6 04
8 86
0 -
- -
- -
- -
- -
- -
6 04
8 86
05
732
701
5 55
4 67
017
8 03
131
6 15
9 -
6 04
8 86
0 -
- -
- -
- -
- -
- -
6 04
8 86
05
732
701
5 55
4 67
017
8 03
131
6 15
9 -
107
168
79 1
79 -
- -
-79
179
72 2
366
943
6 94
3 -
-27
989
6 97
66
976
-21
013
-
79 1
7979
179
- -
- -
79 1
7972
236
6 94
36
943
- -
- -
- -
- -
27 9
89 -
- -
- -
- -
- -
- -
27 9
896
976
6 97
6 -
21 0
13 -
6 97
6 -
- -
- -
- -
- -
- -
6 97
66
976
6 97
6 -
- -
174
808
- -
- -
- -
- -
- -
- -
- -
- -
174
808
1 59
4 08
71
253
156
141
141
-95
695
6 -
- -
-33
4 05
029
4 32
128
7 16
87
153
39 7
291
258
784
30 8
931
112
156
- -
-95
695
6 -
- -
- -
- -
- -
29 7
81
1 56
3 19
414
1 -
141
141
- -
- -
- -
-33
4 05
029
4 32
128
7 16
87
153
39 7
291
229
003
334
278
141
-14
114
1 -
- -
- -
- -
334
047
294
321
287
168
7 15
339
726
90
27 4
25 5
2615
326
332
5 91
7 97
79
192
309
8 58
6 07
860
6 23
121
6 04
650
758
165
288
165
288
- -
43 7
6043
293
-43
293
467
12 0
55 4
34
8 12
4 55
9 -
- -
- -
- -
- -
- -
- -
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-8
124
559
15 3
63 6
4315
320
350
5 91
7 97
79
186
532
8 58
0 40
360
6 12
921
5 84
150
564
165
277
165
277
- -
43 2
9343
293
-43
293
- -
7 48
3 32
17
440
028
5 66
7 46
51
742
787
1 60
5 65
813
7 12
929
776
29 0
5072
672
6 -
-43
293
43 2
93 -
43 2
93 -
-
3 18
3 06
53
180
890
1 79
9 34
41
381
207
1 24
4 07
813
7 12
933
9 -
339
339
- -
2 17
52
175
-2
175
- -
4 30
0 25
64
259
138
3 86
8 12
136
1 58
036
1 58
0 -
29 4
3729
050
387
387
- -
41 1
1841
118
-41
118
- -
4 28
8 78
74
247
669
3 86
8 12
135
0 13
935
0 13
9 -
29 4
0929
050
359
359
- -
41 1
1841
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7 88
0 32
27
880
322
250
512
7 44
3 74
56
974
745
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186
065
21 5
1416
4 55
116
4 55
1 -
- -
- -
- -
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7 88
0 32
27
880
322
250
512
7 44
3 74
56
974
745
469
000
186
065
21 5
1416
4 55
116
4 55
1 -
- -
- -
- -
-
6 60
3 51
36
603
513
250
512
6 30
4 00
15
835
001
469
000
49 0
00 -
49 0
0049
000
- -
- -
- -
- -
1 27
6 80
91
276
809
-1
139
744
1 13
9 74
4 -
137
065
21 5
1411
5 55
111
5 55
1 -
- -
- -
- -
-
1 26
3 87
01
263
870
-1
136
741
1 13
6 74
1 -
127
129
21 5
1410
5 61
510
5 61
5 -
- -
- -
- -
-
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
o
ver
1 an
d up
to 2
yea
rs
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R
ove
r 2
year
s
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R 9
. Sha
res
and
othe
r eq
uity
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R 1
0. F
ixed
ass
ets
(in
BG
N)
11.
Oth
er a
sset
s
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
LIA
BIL
ITIE
S
12.
Cur
renc
y in
cir
cula
tion
13.
Dep
osits
1
3.1.
Ove
rnig
ht
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R
13.
2. W
ith a
gree
d m
atur
ity
u
p to
2 y
ears
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
o
ver
2 ye
ars
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
50
BNB MONTHLY BULLETIN 6≠7/20081.
4.1.
MO
NT
HL
Y S
EC
TO
RA
L S
UR
VE
Y O
F T
HE
BN
B A
S O
F J
UN
E 2
008
(con
tinue
d) (
BG
Ní0
00)
EU
Res
tof
the
wor
ld
Gen
eral
gov
ernm
ent
Oth
er re
siden
t sec
tors
Hou
seho
lds
and
NPI
SHs
ICs a
ndPF
s
Cen
tral
gove
rn-
men
tSS
FsO
ther
MFI
sO
FIA
s
Fina
ncia
l cor
pora
tions
Non
-fin
anci
alco
rpor
atio
ns
Eur
o ar
eaN
on-e
uro
area
Not
allo
cate
d
Tota
l
Res
iden
t sec
tor
Non
-res
iden
t sec
tor
1
3.3.
Red
eem
able
at n
otic
e
u
p to
3 m
onth
s
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
ove
r 3
mon
ths
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R 1
4. R
epos
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R 1
5. L
oans
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R 1
6. C
apita
l and
res
erve
s
16.
1. F
unds
con
trib
uted
by
owne
rs
16.
2. R
eser
ves
1
6.3.
Fin
anci
al r
esul
t 1
7. O
ther
liab
ilitie
s
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Sour
ce: B
NB
.
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
2 63
4 27
5 -
- -
- -
- -
- -
- -
- -
- -
-2
634
275
20 0
00 -
- -
- -
- -
- -
- -
- -
- -
-20
000
2 29
9 30
8 -
- -
- -
- -
- -
- -
- -
- -
-2
299
308
314
967
- -
- -
- -
- -
- -
- -
- -
- -
314
967
1 30
3 04
95
982
-5
777
5 67
510
220
519
411
11 -
-46
7 -
- -
467
1 29
6 60
0
74 7
275
372
-5
365
5 26
310
27
-7
7 -
-46
7 -
- -
467
68 8
88
1 22
8 32
261
0 -
412
412
-19
819
44
4 -
- -
- -
- -
1 22
7 71
2
779
608
-41
241
2 -
196
194
22
- -
- -
- -
-17
1
51
6≠7/2008 FINANCIAL SECTOR
AS
SE
TS
1. C
ash
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R 2
. Dep
osits
2
.1. O
vern
ight
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
2
.2. W
ith a
gree
d m
atur
ity
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R
2.3
. Red
eem
able
at n
otic
e
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R 3
. Rep
os
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
4. L
oans
u
p to
1 y
ear
in B
GN
in f
orei
gn c
urre
ncy
o
/w E
UR
o
ver
1 an
d up
to 5
yea
rs
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R
ove
r 5
year
s
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R 5
. Sec
uriti
es o
ther
than
sha
res
u
p to
1 y
ear
in B
GN
in f
orei
gn c
urre
ncy
(con
tinue
d)
1.4.
2. M
ON
TH
LY
SE
CT
OR
AL
SU
RV
EY
OF
OT
HE
R M
FIs
AS
OF
JU
NE
200
8 (
BG
Ní0
00)
Gen
eral
gov
ernm
ent
Oth
er re
siden
t sec
tors
Hou
se-
hold
s an
dN
PISH
sIC
s and
PFs
Loca
lgo
vern
-m
ent
SSFs
BN
BO
FIA
s
Fina
ncia
l cor
pora
tions
Cen
tral
gove
rn-
men
t
MFI
s
Oth
erM
FIs
Non
-fina
ncia
lco
rpor
atio
ns
Non
-res
iden
t sec
tor
Not
allo
cate
d
EU
Res
tof
the
wor
ldE
uro
area
Non
-eur
oar
ea
Res
iden
t sec
tor
Tota
l
67 9
36 9
7057
289
522
8 23
2 68
55
895
803
2 33
6 88
23
259
794
3 04
9 87
420
9 82
892
45 7
97 0
4328
377
662
979
283
909
242
70 0
4116
440
098
7 06
4 95
66
393
495
5 38
3 36
81
010
127
671
461
3 58
2 49
2
1 19
3 42
3 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
1 19
3 42
3
760
226
- -
- -
- -
- -
- -
- -
- -
- -
- -
-76
0 22
6
433
197
- -
- -
- -
- -
- -
- -
- -
- -
- -
-43
3 19
7
322
187
- -
- -
- -
- -
- -
- -
- -
- -
- -
-32
2 18
7
12 2
20 1
577
124
245
7 12
1 70
25
893
656
1 22
8 04
6 -
- -
-2
543
-2
543
2 54
3 -
-5
095
912
4 93
0 20
44
519
784
410
420
165
708
-
9 67
7 98
06
557
939
6 55
7 93
95
893
427
664
512
- -
- -
- -
- -
- -
3 12
0 04
12
986
872
2 81
7 07
016
9 80
213
3 16
9 -
2 45
3 53
52
453
106
2 45
3 10
62
035
086
418
020
- -
- -
- -
- -
- -
429
429
429
- -
-
7 22
4 44
54
104
833
4 10
4 83
33
858
341
246
492
- -
- -
- -
- -
- -
3 11
9 61
22
986
443
2 81
6 64
116
9 80
213
3 16
9 -
6 66
5 18
84
058
824
4 05
8 82
43
858
341
200
483
- -
- -
- -
- -
- -
2 60
6 36
42
586
087
2 50
0 93
885
149
20 2
77 -
2 54
2 17
756
6 30
656
3 76
322
956
3 53
4 -
- -
-2
543
-2
543
2 54
3 -
-1
975
871
1 94
3 33
21
702
714
240
618
32 5
39 -
454
257
296
237
296
237
229
296
008
- -
- -
- -
- -
- -
158
020
138
520
125
520
13 0
0019
500
-
2 08
7 92
027
0 06
926
7 52
6 -
267
526
- -
- -
2 54
3 -
2 54
32
543
- -
1 81
7 85
11
804
812
1 57
7 19
422
7 61
813
039
-
1 32
2 28
921
1 46
720
8 92
4 -
208
924
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- -
2 54
3 -
2 54
32
543
- -
1 11
0 82
21
110
687
952
601
158
086
135
-
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
565
454
550
392
437
676
-43
7 67
6 -
- -
-11
2 71
656
814
43 8
7510
767
33 1
0812
027
15 0
6215
062
15 0
3626
- -
372
589
357
527
288
228
-28
8 22
8 -
- -
-69
299
34 9
9422
278
5 19
017
088
12 0
2715
062
15 0
6215
036
26 -
-
192
865
192
865
149
448
-14
9 44
8 -
- -
-43
417
21 8
2021
597
5 57
716
020
- -
- -
- -
-
170
063
170
063
142
004
-14
2 00
4 -
- -
-28
059
21 8
206
239
5 09
51
144
- -
- -
- -
-
45 3
62 9
9744
731
099
17 4
27 -
17 4
2715
2 76
649
415
2 27
2 -
44 5
60 9
0627
665
490
621
921
619
522
2 39
916
273
495
631
898
341
664
259
673
81 9
9129
0 23
4 -
13 1
09 3
6512
922
873
9 79
9 -
9 79
91
838
211
817
-12
911
236
10 8
11 6
9828
4 41
228
2 21
02
202
1 81
5 12
618
6 49
210
0 58
699
922
664
85 9
06 -
5 88
3 80
95
857
787
16 -
161
834
171
817
-5
855
937
4 18
6 63
369
978
68 8
771
101
1 59
9 32
626
022
5 22
45
013
211
20 7
98 -
7 22
5 55
67
065
086
9 78
3 -
9 78
34
4 -
-7
055
299
6 62
5 06
521
4 43
421
3 33
31
101
215
800
160
470
95 3
6294
909
453
65 1
08 -
6 95
9 09
86
830
592
9 78
3 -
9 78
34
4 -
-6
820
805
6 39
3 86
721
3 94
021
3 19
574
521
2 99
812
8 50
686
192
85 7
6043
242
314
-
11 0
89 1
2310
942
189
7 62
8 -
7 62
821
619
473
21 1
46 -
10 9
12 9
428
525
627
160
785
160
642
143
2 22
6 53
014
6 93
461
534
59 9
091
625
85 4
00 -
3 91
9 99
13
918
914
- -
-16
817
473
16 3
44 -
3 90
2 09
71
901
486
25 1
6825
168
-1
975
443
1 07
736
815
221
670
9 -
7 16
9 13
27
023
275
7 62
8 -
7 62
84
802
-4
802
-7
010
845
6 62
4 14
113
5 61
713
5 47
414
325
1 08
714
5 85
761
166
59 7
571
409
84 6
91 -
7 03
6 69
76
917
829
7 62
8 -
7 62
84
802
-4
802
-6
905
399
6 52
2 17
613
3 87
913
3 73
614
324
9 34
411
8 86
861
166
59 7
571
409
57 7
02 -
21 1
64 5
0920
866
037
- -
-12
9 30
9 -
129
309
-20
736
728
8 32
8 16
517
6 72
417
6 67
054
12 2
31 8
3929
8 47
217
9 54
499
842
79 7
0211
8 92
8 -
10 9
55 5
3510
952
299
- -
-10
2 42
4 -
102
424
-10
849
875
2 04
6 75
113
506
13 4
5254
8 78
9 61
83
236
1 97
41
477
497
1 26
2 -
10 2
08 9
749
913
738
- -
-26
885
-26
885
-9
886
853
6 28
1 41
416
3 21
816
3 21
8 -
3 44
2 22
129
5 23
617
7 57
098
365
79 2
0511
7 66
6 -
10 0
00 5
849
789
981
- -
-26
885
-26
885
-9
763
096
6 23
1 89
816
3 21
816
3 21
8 -
3 36
7 98
021
0 60
316
8 73
089
544
79 1
8641
873
-
5 04
3 21
93
984
912
550
520
-55
0 52
02
999
766
2 94
4 51
655
250
-43
4 62
633
2 66
210
1 96
410
1 96
4 -
-1
058
307
904
011
425
023
478
988
154
296
-
218
167
65 2
8460
127
-60
127
4 46
24
462
- -
695
695
- -
- -
152
883
152
883
152
883
- -
-
5 15
75
157
- -
-4
462
4 46
2 -
-69
569
5 -
- -
- -
- -
- -
-
213
010
60 1
2760
127
-60
127
- -
- -
- -
- -
- -
152
883
152
883
152
883
- -
-
52
BNB MONTHLY BULLETIN 6≠7/2008
(con
tinue
d)
1.4.
2. M
ON
TH
LY
SE
CT
OR
AL
SU
RV
EY
OF
OT
HE
R M
FIs
AS
OF
JU
NE
200
8(c
ontin
ued)
(B
GN
í000
)
Gen
eral
gov
ernm
ent
Oth
er re
siden
t sec
tors
Hou
se-
hold
s an
dN
PISH
sIC
s and
PFs
Loca
lgo
vern
-m
ent
SSFs
BN
BO
FIA
s
Fina
ncia
l cor
pora
tions
Cen
tral
gove
rn-
men
t
MFI
s
Oth
erM
FIs
Non
-fina
ncia
lco
rpor
atio
ns
Not
allo
cate
d
EU
Res
tof
the
wor
ld
Non
-eur
oar
ea
Tota
l
Res
iden
t sec
tor
Non
-res
iden
t sec
tor
o
/w E
UR
o
ver
1 an
d up
to 2
yea
rs
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R
ove
r 2
year
s
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R 6
. Sha
res
and
othe
r eq
uity
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R 7
. Fix
ed a
sset
s (i
n B
GN
) 8
. Oth
er a
sset
s
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
LIA
BIL
ITIE
S
9. D
epos
its
9.1
. Ove
rnig
ht
in
BG
N
in
for
eign
cur
renc
y
o/w
EU
R
9.2
. With
agr
eed
mat
uriy
up
to 2
yea
rs
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
ove
r 2
year
s
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
9
.3. R
edee
mab
le a
t not
ice
up
to 3
mon
ths
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R
213
010
60 1
2760
127
-60
127
- -
- -
- -
- -
- -
152
883
152
883
152
883
- -
-
88 7
415
000
5 00
0 -
5 00
0 -
- -
- -
- -
- -
-83
741
83 7
4181
806
1 93
5 -
-
5 00
05
000
5 00
0 -
5 00
0 -
- -
- -
- -
- -
- -
- -
- -
-
83 7
41 -
- -
- -
- -
- -
- -
- -
-83
741
83 7
4181
806
1 93
5 -
-
82 5
02 -
- -
- -
- -
- -
- -
- -
-82
502
82 5
0280
567
1 93
5 -
-
4 73
6 31
13
914
628
485
393
-48
5 39
32
995
304
2 94
0 05
455
250
-43
3 93
133
1 96
710
1 96
410
1 96
4 -
-82
1 68
366
7 38
719
0 33
447
7 05
315
4 29
6 -
2 34
7 04
51
895
131
313
244
-31
3 24
41
508
881
1 50
2 64
96
232
-73
006
35 5
5937
447
37 4
47 -
-45
1 91
440
8 66
811
666
397
002
43 2
46 -
2 38
9 26
62
019
497
172
149
-17
2 14
91
486
423
1 43
7 40
549
018
-36
0 92
529
6 40
864
517
64 5
17 -
-36
9 76
925
8 71
917
8 66
880
051
111
050
-
1 75
7 29
31
534
259
172
149
-17
2 14
91
011
731
962
713
49 0
18 -
350
379
285
862
64 5
1764
517
- -
223
034
148
912
79 1
4869
764
74 1
22 -
256
308
198
013
9 03
9 -
9 03
9 -
- -
-18
8 97
468
701
120
273
91 4
1928
854
-58
295
12 3
569
248
3 10
845
939
-
196
800
196
800
9 03
9 -
9 03
9 -
- -
-18
7 76
168
701
119
060
90 2
0628
854
- -
- -
- -
-
59 5
081
213
- -
- -
- -
-1
213
-1
213
1 21
3 -
-58
295
12 3
569
248
3 10
845
939
-
55 9
04 -
- -
- -
- -
- -
- -
- -
-55
904
12 0
768
968
3 10
843
828
-
2 14
9 64
0 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
2 14
9 64
0
1 14
5 77
270
0 86
196
321
2 14
794
174
107
262
104
864
2 30
692
497
278
253
995
88 7
0783
027
5 68
015
4 57
620
5 48
219
0 19
815
4 60
435
594
15 2
8423
9 42
9
655
412
421
169
71 1
952
147
69 0
4862
417
60 4
531
872
9228
7 55
712
0 79
050
544
46 0
594
485
116
223
34 1
7130
620
11 8
9618
724
3 55
120
0 07
2
490
360
279
692
25 1
26 -
25 1
2644
845
44 4
1143
4 -
209
721
133
205
38 1
6336
968
1 19
538
353
171
311
159
578
142
708
16 8
7011
733
39 3
57
433
340
240
472
21 8
94 -
21 8
9428
599
28 1
6543
4 -
189
979
122
829
31 6
6930
495
1 17
435
481
157
228
147
853
136
414
11 4
399
375
35 6
40
67 9
36 9
7043
096
240
2 59
7 82
43
672
2 59
4 15
22
726
814
1 55
0 32
51
161
164
15 3
2537
771
602
14 0
33 0
412
223
337
924
672
1 29
8 66
521
515
224
16 7
85 5
1915
617
130
13 5
14 5
382
102
592
1 16
8 38
98
055
211
55 9
01 7
5440
043
446
1 34
3 53
925
51
343
284
2 64
7 54
71
478
071
1 15
6 66
112
815
36 0
52 3
6013
334
000
2 08
9 00
489
6 84
61
192
158
20 6
29 3
5615
858
308
14 7
65 9
0912
925
899
1 84
0 01
01
092
399
-
19 2
24 6
6913
781
263
851
441
255
851
186
810
730
134
362
674
496
1 87
212
119
092
7 88
8 42
559
1 83
341
6 07
617
5 75
73
638
834
5 44
3 40
65
209
944
5 04
7 06
516
2 87
923
3 46
2 -
9 09
3 82
58
889
708
571
346
255
571
091
695
104
54 0
9664
0 21
879
07
623
258
4 64
9 72
837
4 24
922
9 96
314
4 28
62
599
281
204
117
166
388
101
492
64 8
9637
729
-
10 1
30 8
444
891
555
280
095
-28
0 09
511
5 62
680
266
34 2
781
082
4 49
5 83
43
238
697
217
584
186
113
31 4
711
039
553
5 23
9 28
95
043
556
4 94
5 57
397
983
195
733
-
9 28
9 17
74
186
444
217
302
-21
7 30
211
1 48
076
238
34 1
901
052
3 85
7 66
22
748
315
199
417
175
497
23 9
2090
9 93
05
102
733
4 97
6 69
14
898
299
78 3
9212
6 04
2 -
32 3
96 0
7722
053
045
491
928
-49
1 92
81
836
817
1 34
3 70
948
2 16
510
943
19 7
24 3
005
410
999
1 49
7 17
148
0 77
01
016
401
12 8
16 1
3010
343
032
9 50
9 47
67
850
496
1 65
8 98
083
3 55
6 -
25 7
81 9
1120
372
474
483
626
-48
3 62
61
642
202
1 15
0 38
148
0 87
810
943
18 2
46 6
465
133
828
1 30
0 77
045
4 25
484
6 51
611
812
048
5 40
9 43
75
034
104
4 36
9 54
166
4 56
337
5 33
3 -
8 77
2 39
08
703
775
189
333
-18
9 33
31
034
534
565
399
469
135
-7
479
908
2 51
0 51
71
078
973
396
383
682
590
3 89
0 41
868
615
57 3
9949
103
8 29
611
216
-
17 0
09 5
2111
668
699
294
293
-29
4 29
360
7 66
858
4 98
211
743
10 9
4310
766
738
2 62
3 31
122
1 79
757
871
163
926
7 92
1 63
05
340
822
4 97
6 70
54
320
438
656
267
364
117
-
14 8
97 4
469
668
809
252
084
-25
2 08
457
4 70
455
5 65
511
605
7 44
48
842
021
2 12
0 69
919
1 13
254
523
136
609
6 53
0 19
05
228
637
4 95
0 77
54
311
942
638
833
277
862
-
6 61
4 16
61
680
571
8 30
2 -
8 30
219
4 61
519
3 32
81
287
-1
477
654
277
171
196
401
26 5
1616
9 88
51
004
082
4 93
3 59
54
475
372
3 48
0 95
599
4 41
745
8 22
3 -
1 03
9 16
864
5 89
7 -
- -
183
717
183
017
700
-46
2 18
086
481
92 2
975
251
87 0
4628
3 40
239
3 27
135
2 20
635
0 50
61
700
41 0
65 -
5 57
4 99
81
034
674
8 30
2 -
8 30
210
898
10 3
1158
7 -
1 01
5 47
419
0 69
010
4 10
421
265
82 8
3972
0 68
04
540
324
4 12
3 16
63
130
449
992
717
417
158
-
5 33
6 07
181
8 85
98
302
-8
302
10 7
6610
179
587
-79
9 79
114
5 52
399
414
21 2
6578
149
554
854
4 51
7 21
24
121
388
3 12
8 99
899
2 39
039
5 82
4 -
4 28
1 00
84
209
138
170
-17
0 -
- -
-4
208
968
34 5
76 -
- -
4 17
4 39
271
870
46 4
8928
338
18 1
5125
381
-
4 28
0 68
54
208
815
170
-17
0 -
- -
-4
208
645
34 5
76 -
- -
4 17
4 06
971
870
46 4
8928
338
18 1
5125
381
-
1 98
9 42
81
979
779
170
-17
0 -
- -
-1
979
609
5 85
5 -
- -
1 97
3 75
49
649
7 06
42
750
4 31
42
585
-
2 29
1 25
72
229
036
- -
- -
- -
-2
229
036
28 7
21 -
- -
2 20
0 31
562
221
39 4
2525
588
13 8
3722
796
-
1 97
1 86
21
918
542
- -
- -
- -
-1
918
542
25 6
76 -
- -
1 89
2 86
653
320
35 0
3024
701
10 3
2918
290
-
Eur
oar
ea
53
6≠7/2008 FINANCIAL SECTOR1.
4.2.
MO
NT
HL
Y S
EC
TO
RA
L S
UR
VE
Y O
F O
TH
ER
MF
Is A
S O
F J
UN
E 2
008
(con
tinue
d) (
BG
Ní0
00)
Gen
eral
gov
ernm
ent
Oth
er re
siden
t sec
tors
Hou
se-
hold
s an
dN
PISH
sIC
s and
PFs
Loca
lgo
vern
-m
ent
SSFs
BN
BO
FIA
s
Fina
ncia
l cor
pora
tions
Cen
tral
gove
rn-
men
t
MFI
s
Oth
erM
FIs
Non
-fina
ncia
lco
rpor
atio
ns
Not
allo
cate
d
EU
Res
tof
the
wor
ld
Non
-eur
oar
ea
Tota
l
Res
iden
t sec
tor
Non
-res
iden
t sec
tor
ove
r 3
mon
ths
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R 1
0. M
arke
tabl
e in
stru
men
ts (
debt
sec
uriti
es is
sued
+ M
MF
s
s
hare
s/un
its +
rep
os)
in
BG
N
in f
orei
gn c
urre
ncy
o/w
EU
R 1
1. C
apita
l and
res
erve
s
11.
1. F
unds
con
trib
uted
by
owne
rs
11.
2. R
eser
ves
1
1.3.
Fin
anci
al r
esul
t 1
2. O
ther
liab
ilitie
s
in B
GN
in
for
eign
cur
renc
y
o
/w E
UR
Sour
ce: o
ther
MF
Is.
323
323
- -
- -
- -
-32
3 -
- -
-32
3 -
- -
- -
-
3434
- -
- -
- -
-34
- -
- -
34 -
- -
- -
-
289
289
- -
- -
- -
-28
9 -
- -
-28
9 -
- -
- -
-
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Eur
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BNB MONTHLY BULLETIN 6≠7/2008
6 39
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3 85
4 54
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28-2
04 8
98-4
46 8
2661
9 80
688
3 94
21
503
748
1 05
6 92
21
083
506
1 03
8 18
745
319
35 57
1-7
4 69
5
-59
033
50 2
59-8
774
41-2
035
-1 9
9420
0 95
519
0 18
71
630
800
-59
589
1 57
1 21
156
3 43
91
284
689
1 84
8 12
83
419
339
635
141
1 42
4 44
3-7
89 30
233
945
-40
895
9 83
927
572
37 4
11-5
680
-22
942
-28
622
104
484
113
273
-252
603
147
750
-104
853
279
018
386
141
665
159
560
306
-2 3
70 1
12-1
417
196
-952
916
19 4
4842
460
-2 5
6522
258
19 6
938
387
-2 0
376
350
109
156
135
199
-79
721
330
953
251
232
358
722
745
070
1 10
3 79
21
355
024
-392
596
620
864
-1 0
13 4
6031
748
-108
325
-54
892
17 0
82-3
7 81
095
2-3
525
-2 5
7311
4 54
674
163
-664
885
70 1
30-5
94 7
5517
3 24
669
2 26
586
5 51
127
0 75
61
304
444
939
686
364
758
37 3
2685
923
-21
456
57 6
7636
220
833
178
1 01
1-5
38 7
29-5
01 4
98-1
079
571
-63
220
-1 1
42 7
9142
0 44
71
209
287
1 62
9 73
448
6 94
392
7 23
31
345
320
-418
087
27 4
64-6
0 66
6
17 8
3550
772
68 6
07-2
-2-4
49 2
7611
7 87
9-5
94 2
3739
201
-555
036
466
514
1 06
1 87
31
528
387
973
351
-453
713
-71
748
-381
965
20 5
65-1
34 9
07
6 60
014
342
20 9
4219
98
290
8 48
947
4 32
950
3 76
0-4
05 0
2623
087
-381
939
461
441
1 40
4 23
51
865
676
1 48
3 73
72
642
756
3 01
7 25
1-3
74 4
9529
342
193 8
75
1.5.
2. C
OU
NT
ER
PA
RT
S O
F M
ON
ET
AR
Y A
GG
RE
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TE
S ≠
EC
B P
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N (
BG
Ní0
00)
VI.
2007
VII
.200
7
VII
I.20
07
IX.2
007
X.2
007
XI.
2007
XII
.200
7
I.20
08
II.2
008
III.
2008
IV.2
008
V.2
008
VI.
2008
VI.
2007
VII
.200
7
VII
I.20
07
IX.2
007
X.2
007
XI.
2007
XII
.200
7
I.20
08
II.2
008
III.
2008
IV.2
008
V.2
008
VI.
2008
Dep
osits
with
agr
eed
mat
urity
over
2 y
ears
and
dep
osits
rede
emab
le a
t not
ice
over
3m
onth
s
Deb
t sec
uriti
es is
sued
over
2 y
ears
Cap
ital
and
rese
rves
Lon
g-te
rm fi
nanc
ial l
iabi
litie
s
Cla
ims
on g
ener
algo
vern
men
t
Dom
estic
cre
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Cla
ims
onno
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vern
men
t sec
tor
Net
fore
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asse
ts
For
eign
asse
ts
Les
sfo
reig
nlia
bilit
ies
in f
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cyin
BG
Nin
for
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curr
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inB
GN
in f
orei
gncu
rren
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Nin
for
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curr
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Fix
edas
sets
Oth
erite
ms
(net
)
Sto
cks
Tra
nsa
cti
on
s
56
BNB MONTHLY BULLETIN 6≠7/2008
1.6. BALANCE SHEETS AND INCOME STATEMENTS OF THE BANKING SYSTEM
1.6.1. BALANCE SHEET OF THE BANKING SYSTEM AS OF JUNE 2008(BGNí000)
Balance Including
sheet value BGN EUR Other currencies
ASSETS
Cash and cash balances with central banks
Financial assets held for trading
Derivatives held for trading Equity instruments Debt instruments Loans and advancesFinancial assets designated at fair value through profit or loss
Equity instruments Debt instruments Loans and advancesAvailable-for-sale financial assets
Equity instruments Debt instruments Loans and advancesLoans and receivables (including finance leases)
Debt instruments Loans and advancesHeld-to-maturity investments
Debt instruments Loans and advancesDerivatives ≠ hedge accounting
Fair value hedges Cash flow hedges Hedges of a net investment in a foreign operation Fair value hedge of interest rate risk Cash flow hedge of interest rate riskFair value changes of the hedged items in portfolio hedge of interest rate risk
Tangible assets
Property, plant and equipment Investment propertyIntangible assets
Goodwill Other intangible assetsInvestments in associates, subsidiaries and joint ventures
(accounted for using the equity method ≠ including goodwill)
Tax assets
Current tax assets Deferred tax assetsOther assets
Non-current assets and disposal groups classified as held for sale
TOTAL ASSETS
LIABILITIES
Deposits from central banks
Financial liabilities held for trading
Derivatives held for trading Short positions Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds intended for repurchase in short term) Other financial liabilities held for tradingFinancial liabilities designated at fair value through profit or loss
Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds)
(continued)
7 089 549 2 795 384 4 183 167 110 998
1 687 900 715 547 730 887 241 466
70 809 12 272 51 601 6 93654 129 50 117 3 688 324
1 562 962 653 158 675 598 234 2060 0 0 0
1 143 389 612 776 419 763 110 850
11 417 9 136 756 1 5251 131 972 603 640 419 007 109 325
0 0 0 01 765 495 788 746 794 173 182 576
79 918 74 283 3 880 1 7551 685 577 714 463 790 293 180 821
0 0 0 051 503 875 21 382 417 28 154 630 1 966 828
16 116 16 096 20 051 487 759 21 366 321 28 154 610 1 966 828
742 199 407 667 207 660 126 872
742 199 407 667 207 660 126 8720 0 0 0
6 726 0 6 726 0
6 452 0 6 452 0274 0 274 0
0 0 0 00 0 0 00 0 0 00 0 0 0
1 173 932 1 173 878 54 0
1 171 899 1 171 845 54 02 033 2 033 0 0
165 590 162 328 3 262 0
0 0 0 0165 590 162 328 3 262 0113 091 69 459 43 632 0
18 078 18 060 18 0
8 044 8 026 18 010 034 10 034 0 0
321 219 244 400 70 229 6 590
13 848 13 848 0 0
65 744 891 28 384 510 34 614 201 2 746 180
0 0 0 0
56 337 12 287 34 240 9 810
56 337 12 287 34 240 9 8100 0 0 00 0 0 00 0 0 0
0 0 0 00 0 0 00 0 0 0
0 0 0 00 0 0 00 0 0 0
57
6≠7/2008 FINANCIAL SECTOR
(continued) (BGNí000)
Balance Including
sheet value BGN EUR Other currencies
Subordinated liabilities Other financial liabilities designated at fair value through profit or lossFinancial liabilities measured at amortised cost
Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds) Subordinated liabilities Other financial liabilities measured at amortised costFinancial liabilities associated with transferred financial assets
Derivatives ≠ hedge accounting
Fair value hedges Cash flow hedges Hedges of a net investment in a foreign operation Fair value hedge of interest rate risk Cash flow hedge of interest rate riskFair value changes of the hedged items in portfolio hedge of interest rate risk
Provisions
Restructuring Pending legal issues and tax litigation Pensions and other post retirement benefit obligations Credit commitments and guarantees Onerous contracts Other provisionsTax liabilities
Current tax liabilities Deferred tax liabilitiesOther liabilities
Share capital repayable on demand (e.g. cooperative shares)
Liabilities included in disposal groups classified as held for sale
TOTAL LIABILITIES
EQUITY AND MINORITY INTEREST
Issued capital
Paid-in capital Unpaid capital which has been called upShare premium
Other equity
Equity component of financial instruments Other equity instrumentsRevaluation reserves and other valuation differences
Tangible assets Intangible assets Hedge of net investments in foreign operations (effective portion) Foreign currency translation Cash flow hedges (effective portion) Available-for-sale financial assets Non-current assets or disposal groups held for sale Other itemsReserves (including retained earnings)
Treasury shares
Income from current year
Interim dividends
Minority interest
Revaluation reserves and other valuation differences Other itemsTOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
Source: BNB.
0 0 0 00 0 0 0
58 048 003 21 727 429 32 761 810 3 558 764
13 642 866 1 356 695 12 111 708 174 46340 762 875 19 758 436 17 642 537 3 361 9021 280 012 348 242 931 770 01 372 739 47 329 1 324 834 576
989 511 216 727 750 961 21 8230 0 0 0
2 088 0 1 593 495
2 088 0 1 593 4950 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
92 949 68 064 4 021 20 864
4 062 4 062 0 034 561 26 045 884 7 63213 314 13 314 0 024 016 7 890 2 897 13 229
0 0 0 016 996 16 753 240 357 789 57 173 576 40
18 440 17 824 576 4039 349 39 349 0 0
531 474 308 599 184 283 38 592
1 1 0 0
0 0 0 0
58 788 641 22 173 553 32 986 523 3 628 565
2 242 165 2 242 165
2 242 165 2 242 1650 0
213 777 213 777
62 62
0 062 62
219 755 219 755
251 417 251 4170 00 00 00 0
-31 662 -31 6620 00 0
3 551 959 3 551 959
21 21
728 553 728 553
0 0
0 0
0 00 0
6 956 250 6 956 250
65 744 891 29 129 803 32 986 523 3 628 565
58
BNB MONTHLY BULLETIN 6≠7/2008
1.6.2. INCOME STATEMENT OF THE BANKING SYSTEM AS OF JUNE 2008(BGNí000)
Including
Continuing operations Total amountBGN EUR Other currencies
Financial and operating income and expenses
Interest income
Cash and cash balances with central banks Financial assets held for trading (if accounted for separately) Financial assets designated at fair value through profit or loss (if accounted for separately) Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investments Derivatives ≠ hedge accounting, interest rate risk Other assetsInterest expenses
Deposits from central banks Financial liabilities held for trading (if accounted for separately) Financial liabilities designated at fair value through profit or loss (if accounted for separately) Financial liabilities measured at amortised cost Derivatives ≠ hedge accounting, interest rate risk Other liabilitiesExpenses on share capital repayable on demand
Dividend income
Financial assets held for trading (if accounted for separately) Financial assets designated at fair value through profit or loss (if accounted for separately) Available-for-sale financial assetsFee and commission income
Fee and commission expenses
Realised gains (losses) on financial assets and liabilities not measured at fair value
through profit or loss, net
Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investments Financial liabilities measured at amortised cost OtherGains (losses) on financial assets and liabilities held for trading, net
Equity instruments and related derivatives Interest rate instruments and related derivatives Foreign exchange trading Credit risk instruments and related derivatives Commodities and related derivatives Other (including hybrid derivatives)Gains (losses) on financial assets and liabilities designated at fair value
through profit or loss, net
Gains (losses) from hedge accounting, net
Exchange differences, net
Gains (losses) on derecognition of assets other than held for sale, net
Other operating income
Other operating expenses
Administration costs
Staff expenses General and administrative expensesDepreciation
Property, plant and equipment Investment properties Intangible assets (other than goodwill)Provisions
Impairment
(continued)
1 771 705 1 206 347 531 462 33 896
2 247 631 1 179 717 994 894 73 020
46 0 46 074 112 29 385 34 900 9 82729 060 14 463 11 001 3 59640 461 16 067 20 093 4 301
2 079 165 1 110 746 917 740 50 67917 154 9 056 5 069 3 0297 546 0 5 958 1 588
87 0 87 0911 782 325 131 536 201 50 450
0 0 0 026 004 21 997 3 395 612
0 0 0 0875 315 303 057 525 045 47 213
8 781 0 6 738 2 0431 682 77 1 023 582
0 0
204 145 56 3
17 17 0 05 0 4 1
182 128 52 2416 563 322 539 81 507 12 517
41 871 31 883 8 794 1 194
8 376 8 376
1 609 1 6098 681 8 681
-1 955 -1 9550 0
41 4120 658 20 658
-10 862 -10 862-20 847 -20 84755 766 55 766
-92 -92-9 -9
-3 298 -3 298
-12 376 -12 376
-416 -416
18 771 18 771
8 366 8 366
28 093 28 093
10 512 10 512
771 773
329 602442 17193 599
65 7250
27 874-13 140
121 178
59
6≠7/2008 FINANCIAL SECTOR
Impairment on financial assets not measured at fair value through profit or loss
Financial assets measured at cost (unquoted equity) Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investmentsImpairment on non-financial assets
Property, plant and equipment Investment properties Goodwill Intangible assets (other than goodwill) Investments in associates and joint ventures accounted for using the equity method OtherNegative goodwill immediately recognised in profit or loss
Share of the profit or loss of associates and joint ventures accounted for using the equity method
Profit or loss from non-current assets and disposal groups classified as held for sale not
qualifying as discontinued operations
TOTAL PROFIT OR LOSS BEFORE TAX FROM CONTINUING OPERATIONS
Tax expense (income) related to profit or loss from continuing operations
TOTAL PROFIT OR LOSS AFTER TAX FROM CONTINUING OPERATIONS
Profit or loss after tax from discontinued operations
TOTAL PROFIT OR LOSS AFTER TAX AND DISCONTINUED OPERATIONS
Profit or loss attributable to minority interest
PROFIT OR LOSS ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
Source: BNB.
(continued) (BGNí000)
Including
Continuing operations Total amount
BGN EUR Other currencies
121 053
00
121 0530
125
1380000
-130
11 532
455
810 282
81 729
728 553
0
728 553
0
728 553
60
BNB MONTHLY BULLETIN 6≠7/2008
1.7. BANK GROUPS*(as of 30 June 2008)
BIC Bank
Group I
UNCR9660 Unicredit BulbankSTSA9300 DSK BankUBBS9200 United Bulgarian BankRZBB9155 Raiffeisenbank, BulgariaBPBI9920 Eurobank EFG Bulgaria
Group II
FINV9150 First Investment BankPIRB9170 Piraeus Bank BulgariaTTBB9400 Socie¥te¥ Ge¥ne¥rale ExpressbankBUIB9888 Economic and Investment Bank
KORP9220 Corporate Commercial BankBUIN9561 Allianz Bulgaria Commercial BankCECB9790 Central Cooperative BankCBUN9195 MKB UnionbankSOMB9130 Municipal BankIORT9120 InvestbankPRCB9230 ProCredit Bank, BulgariaBGUS9160 Bulgarian-American Credit BankIABG9470 International Asset Bank
CREX9260 Tokuda BankBINV9480 Emporiki Bank ≠ BulgariaDEMI9240 D Commerce BankNASB9620 Encouragement Bank
WEBK9310 NLB West≠East BankTEXI9545 Texim Private Entrepreneurial Bank
Group III
CRBA9898 Alpha Bank, Bulgaria BranchBNPA9440 BNP Paribas S.A., Sofia Branch
CITI9250 Citibank N. A., Sofia BranchINGB9145 ING Bank N. V., Sofia BranchTCZB9350 T. C. Ziraat Bank, Sofia Branch
* Banks are classified only for statistical purposes. The group classification does not imply banksífinancial performance evaluation and it should not be interpreted as a rating system.
Group I: the five largest banks.Group II: the rest of the banks.Group III: foreign bank branches.
Source: BNB.
61
6≠7/2008 FINANCIAL SECTOR
4 593 622 2 607 564 7 201 186
3 430 397 2 208 685 5 639 082
1 123 247 1 235 674 2 358 921
2 392 312 918 690 3 311 002
21 994 111 899 133 893
-107 156 -57 578 -164 734
1 312 130 521 560 1 833 690
480 806 223 222 704 028
194 034 38 396 232 430
0 145 709 145 709
831 324 300 281 1 131 605
0 0 0
842 536 300 281 1 142 817
-11 212 0 -11 212
0 -1 943 -1 943
-148 905 -122 681 -271 586
-74 454 -81 199 -155 653
-74 454 -41 487 -115 941
-94 543 -17 362 -111 905
3 355 946 2 127 491 5 483 437
1 237 679 480 078 1 717 757
3 754 887 2 184 262 5 939 149
2 211 656 1 327 137 3 538 793
0 0 0
61 677 18 006 79 683
229 925 111 034 340 959
1 251 629 728 087 1 979 716
838 735 423 302 1 262 037
14.68 14.33 14.55
10.73 11.69 11.08
1.8. CAPITAL ADEQUACY OF THE BANKING SYSTEM AND OF BANKS BY GROUP AS OF 30 JUNE 2008
(BGNí000)
Group I Group II Banking system
TOTAL OWN FUNDS FOR SOLVENCY PURPOSES*
Original own funds
Eligible capital
Eligible reserves
Funds for general banking risks
(-) Intangible assets
Additional own funds
Core additional own funds
Revaluation reserves (on bank premises)
Securities of indeterminate duration and other instruments
Supplementary additional own funds
Fixed-term cumulative preferential shares
Subordinated loan capital
(-) Excess on limits for supplementary additional own funds
(-) Excess on limits for additional own funds
(-) DEDUCTIONS FROM ORIGINAL AND ADDITIONAL OWN FUNDS
Of which: (-) From original own funds
Of which: (-) From additional own funds
Specific provisions for credit risk in case of use of the standardized approach
TOTAL ORIGINAL OWN FUNDS FOR GENERAL SOLVENCY PURPOSES*
TOTAL ADDITIONAL OWN FUNDS FOR GENERAL SOLVENCY PURPOSES*
CAPITAL REQUIREMENTS
Total capital requirements for credit, counterparty credit and dilution risks and free
deliveries
Settlement/delivery risk
Total capital requirements for position, foreign exchange and commodity risks
Total capital requirements for operational risks (opr)
Other capital requirements
Surplus (+)/deficit (-) of own funds
SOLVENCY RATIO (%)
ORIGINAL OWN FUNDS SOLVENCY RATIO (%)
* Used in capital adequacy ratio calculations.
Source: BNB.
62
BNB MONTHLY BULLETIN 6≠7/2008
1.9. LIQUIDITY OF BANKS AS OF 30 JUNE 2008
(BGNí000)
Items
7 462 894 1 653 685
36 885 600 2 384 744 8 883 307 3 057 309 1 451 750 1 908 425 3 685 701 17 899 108
33 179 954 13 471 158 6 531 296 2 862 026 1 725 697 2 972 310 5 617 467
22.49
65.94 26.53 12.55 15.76 26.94 107.50
5 671 141 974 027
23 511 531 1 335 221 6 680 728 999 719 1 148 474 1 373 020 2 748 775 10 560 815
21 548 989 6 913 777 2 242 270 2 210 241 2 993 286 3 270 267 3 919 148
26.32
96.63 36.88 24.41 20.25 30.69 96.50
835 079 14 022
3 515 273 46 916 1 400 491 223 966 188 719 228 813 398 596 1 074 688
3 455 090 2 498 989 270 611 319 896 109 370 77 452 178 772
24.17
56.04 10.28 7.57 8.68 14.17 38.21
13 969 114 2 641 734
63 912 404 3 766 881 16 964 526 4 280 994 2 788 943 3 510 258 6 833 072 29 534 611
58 184 033 22 883 924 9 044 177 5 392 163 4 828 353 6 320 029 9 715 387
24.01
74.13 26.09 14.86 16.31 26.85 97.13
Group I
LIQUID ASSETS
ASSETS, TOTAL ≠ inflow
LIABILITIES, TOTAL ≠ outflow
Coefficient of liquid assets
Coefficient of liquidity by maturity intervals
Group II
LIQUID ASSETS
ASSETS, TOTAL ≠ inflow
LIABILITIES, TOTAL ≠ outflow
Coefficient of liquid assets
Coefficient of liquidity by maturity intervals
Group III
LIQUID ASSETS
ASSETS, TOTAL ≠ inflow
LIABILITIES, TOTAL ≠ outflow
Coefficient of liquid assets
Coefficient of liquidity by maturity intervals
BANKING SYSTEM, TOTAL
LIQUID ASSETS
ASSETS, TOTAL ≠ inflow
LIABILITIES, TOTAL ≠ outflow
Coefficient of liquid assets
Coefficient of liquidity by maturity intervals
Source: BNB.
TotalAssets in pawn/
Overdue assets of30 or more days
At sightup to 7 days
From 8 daysto 1 month
From 1 to3 months
From 3 to6 months
From 6 to12 months Over 1 year
63
6≠7/2008 FINANCIAL SECTOR
1.10. BALANCE SHEETS AND INCOME STATEMENTS OF BANKS BY GROUP
1.10.1. BALANCE SHEET OF GROUP I BANKS AS OF JUNE 2008(BGNí000)
Balance Including
sheet value BGN EUR Other currencies
ASSETS
Cash and cash balances with central banks
Financial assets held for trading
Derivatives held for trading Equity instruments Debt instruments Loans and advancesFinancial assets designated at fair value through profit or loss
Equity instruments Debt instruments Loans and advancesAvailable-for-sale financial assets
Equity instruments Debt instruments Loans and advancesLoans and receivables (including finance leases)
Debt instruments Loans and advancesHeld-to-maturity investments
Debt instruments Loans and advancesDerivatives ≠ hedge accounting
Fair value hedges Cash flow hedges Hedges of a net investment in a foreign operation Fair value hedge of interest rate risk Cash flow hedge of interest rate riskFair value changes of the hedged items in portfolio hedge of interest rate risk
Tangible assets
Property, plant and equipment Investment propertyIntangible assets
Goodwill Other intangible assetsInvestments in associates, subsidiaries and joint ventures
(accounted for using the equity method ≠ including goodwill)
Tax assets
Current tax assets Deferred tax assetsOther assets
Non-current assets and disposal groups classified as held for sale
TOTAL ASSETS
LIABILITIES
Deposits from central banks
Financial liabilities held for trading
Derivatives held for trading Short positions Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds intended for repurchase in short term) Other financial liabilities held for tradingFinancial liabilities designated at fair value through profit or loss
Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds)
(continued)
3 779 666 1 288 976 2 440 334 50 356
1 169 985 376 662 575 211 218 112
57 530 12 262 42 756 2 5129 313 9 313 0 0
1 103 142 355 087 532 455 215 6000 0 0 0
782 410 335 172 351 387 95 851
10 349 9 136 0 1 213772 061 326 036 351 387 94 638
0 0 0 01 080 331 501 712 437 825 140 794
24 835 21 597 1 661 1 5771 055 496 480 115 436 164 139 217
0 0 0 029 880 002 13 993 388 15 056 349 830 265
0 0 0 029 880 002 13 993 388 15 056 349 830 265
252 202 67 845 76 952 107 405
252 202 67 845 76 952 107 4050 0 0 0
6 452 0 6 452 0
6 452 0 6 452 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
644 447 644 440 7 0
643 571 643 564 7 0876 876 0 0
107 156 106 823 333 0
0 0 0 0107 156 106 823 333 0
51 430 51 430 0 0
8 570 8 570 0 0
26 26 0 08 544 8 544 0 0
136 287 111 402 22 261 2 624
1 212 1 212 0 0
37 900 150 17 487 632 18 967 111 1 445 407
0 0 0 0
47 813 11 236 31 906 4 671
47 813 11 236 31 906 4 6710 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
0 0 0 00 0 0 00 0 0 0
64
BNB MONTHLY BULLETIN 6≠7/2008
Subordinated liabilities Other financial liabilities designated at fair value through profit or lossFinancial liabilities measured at amortised cost
Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds) Subordinated liabilities Other financial liabilities measured at amortised costFinancial liabilities associated with transferred financial assets
Derivatives ≠ hedge accounting
Fair value hedges Cash flow hedges Hedges of a net investment in a foreign operation Fair value hedge of interest rate risk Cash flow hedge of interest rate riskFair value changes of the hedged items in portfolio hedge of interest rate risk
Provisions
Restructuring Pending legal issues and tax litigation Pensions and other post retirement benefit obligations Credit commitments and guarantees Onerous contracts Other provisionsTax liabilities
Current tax liabilities Deferred tax liabilitiesOther liabilities
Share capital repayable on demand (e.g. cooperative shares)
Liabilities included in disposal groups classified as held for sale
TOTAL LIABILITIES
EQUITY AND MINORITY INTEREST
Issued capital
Paid-in capital Unpaid capital which has been called upShare premium
Other equity
Equity component of financial instruments Other equity instrumentsRevaluation reserves and other valuation differences
Tangible assets Intangible assets Hedge of net investments in foreign operations (effective portion) Foreign currency translation Cash flow hedges (effective portion) Available-for-sale financial assets Non-current assets or disposal groups held for sale Other itemsReserves (including retained earnings)
Treasury shares
Income from current year
Interim dividends
Minority interest
Revaluation reserves and other valuation differences Other itemsTOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
Source: BNB.
(continued) (BGNí000)
Balance Including
sheet value BGN EUR Other currencies
0 0 0 00 0 0 0
33 057 106 13 497 372 17 632 062 1 927 672
7 836 682 1 005 580 6 744 221 86 88123 266 832 12 036 658 9 389 383 1 840 791
821 198 343 222 477 976 0943 687 27 000 916 687 0188 707 84 912 103 795 0
0 0 0 0
1 085 0 1 085 0
1 085 0 1 085 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
86 416 62 666 3 944 19 806
4 062 4 062 0 033 271 25 813 884 6 57410 946 10 946 0 022 749 6 700 2 820 13 229
0 0 0 015 388 15 145 240 337 748 37 748 0 0
8 045 8 045 0 029 703 29 703 0 0
333 342 200 882 110 625 21 835
1 1 0 0
0 0 0 0
33 563 511 13 809 905 17 779 622 1 973 984
1 123 247 1 123 247
1 123 247 1 123 2470 00 0
0 0
0 00 0
187 649 187 649
211 773 211 7730 00 00 00 0
-24 124 -24 1240 00 0
2 517 414 2 517 414
0 0
508 329 508 329
0 0
0 0
0 00 0
4 336 639 4 336 639
37 900 150 18 146 544 17 779 622 1 973 984
65
6≠7/2008 FINANCIAL SECTOR
1.10.2. INCOME STATEMENT OF GROUP I BANKS AS OF JUNE 2008(BGNí000)
Including
Continuing operations Total amountBGN EUR Other currencies
Financial and operating income and expenses
Interest income
Cash and cash balances with central banks Financial assets held for trading (if accounted for separately) Financial assets designated at fair value through profit or loss (if accounted for separately) Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investments Derivatives ≠ hedge accounting, interest rate risk Other assetsInterest expenses
Deposits from central banks Financial liabilities held for trading (if accounted for separately) Financial liabilities designated at fair value through profit or loss (if accounted for separately) Financial liabilities measured at amortised cost Derivatives ≠ hedge accounting, interest rate risk Other liabilitiesExpenses on share capital repayable on demand
Dividend income
Financial assets held for trading (if accounted for separately) Financial assets designated at fair value through profit or loss (if accounted for separately) Available-for-sale financial assetsFee and commission income
Fee and commission expenses
Realised gains (losses) on financial assets and liabilities not measured at fair value
through profit or loss, net
Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investments Financial liabilities measured at amortised cost OtherGains (losses) on financial assets and liabilities held for trading, net
Equity instruments and related derivatives Interest rate instruments and related derivatives Foreign exchange trading Credit risk instruments and related derivatives Commodities and related derivatives Other (including hybrid derivatives)Gains (losses) on financial assets and liabilities designated at fair value
through profit or loss, net
Gains (losses) from hedge accounting, net
Exchange differences, net
Gains (losses) on derecognition of assets other than held for sale, net
Other operating income
Other operating expenses
Administration costs
Staff expenses General and administrative expensesDepreciation
Property, plant and equipment Investment properties Intangible assets (other than goodwill)Provisions
Impairment
(continued)
1 109 550 787 714 297 198 24 638
1 332 762 773 180 515 866 43 716
0 0 0 061 187 22 485 30 170 8 53221 020 8 033 9 703 3 28424 977 10 561 11 677 2 739
1 211 645 730 346 456 309 24 9906 387 1 755 2 049 2 5837 546 0 5 958 1 588
0 0 0 0483 663 210 064 248 021 25 578
0 0 0 025 970 21 963 3 395 612
0 0 0 0448 892 188 081 237 888 22 923
8 781 0 6 738 2 04320 20 0 00 0
93 90 1 2
1 1 0 00 0 0 0
92 89 1 2251 991 209 931 34 897 7 163
26 641 20 431 5 545 665
787 787
781 7810 02 20 04 4
16 577 16 577
-1 609 -1 609-15 243 -15 24333 521 33 521
-92 -920 00 0
-9 893 -9 893
-37 -37
7 097 7 097
7 782 7 782
13 618 13 618
923 923
414 663
180 026234 63753 142
32 3160
20 826-13 274
101 564
66
BNB MONTHLY BULLETIN 6≠7/2008
Impairment on financial assets not measured at fair value through profit or loss
Financial assets measured at cost (unquoted equity) Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investmentsImpairment on non-financial assets
Property, plant and equipment Investment properties Goodwill Intangible assets (other than goodwill) Investments in associates and joint ventures accounted for using the equity method OtherNegative goodwill immediately recognised in profit or loss
Share of the profit or loss of associates and joint ventures accounted for using the equity method
Profit or loss from non-current assets and disposal groups classified as held for sale not
qualifying as discontinued operations
TOTAL PROFIT OR LOSS BEFORE TAX FROM CONTINUING OPERATIONS
Tax expense (income) related to profit or loss from continuing operations
TOTAL PROFIT OR LOSS AFTER TAX FROM CONTINUING OPERATIONS
Profit or loss after tax from discontinued operations
TOTAL PROFIT OR LOSS AFTER TAX AND DISCONTINUED OPERATIONS
Profit or loss attributable to minority interest
PROFIT OR LOSS ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
Source: BNB.
(continued) (BGNí000)
Including
Continuing operations Total amount
BGN EUR Other currencies
101 426
00
101 4260
138
138000000
11 532
0
564 987
56 658
508 329
0
508 329
0
508 329
67
6≠7/2008 FINANCIAL SECTOR
1.10.3. BALANCE SHEET OF GROUP II BANKS AS OF JUNE 2008(BGNí000)
Balance Including
sheet value BGN EUR Other currencies
(continued)
ASSETS
Cash and cash balances with central banks
Financial assets held for trading
Derivatives held for trading Equity instruments Debt instruments Loans and advancesFinancial assets designated at fair value through profit or loss
Equity instruments Debt instruments Loans and advancesAvailable-for-sale financial assets
Equity instruments Debt instruments Loans and advancesLoans and receivables (including finance leases)
Debt instruments Loans and advancesHeld-to-maturity investments
Debt instruments Loans and advancesDerivatives ≠ hedge accounting
Fair value hedges Cash flow hedges Hedges of a net investment in a foreign operation Fair value hedge of interest rate risk Cash flow hedge of interest rate riskFair value changes of the hedged items in portfolio hedge of interest rate risk
Tangible assets
Property, plant and equipment Investment propertyIntangible assets
Goodwill Other intangible assetsInvestments in associates, subsidiaries and joint ventures
(accounted for using the equity method ≠ including goodwill)
Tax assets
Current tax assets Deferred tax assetsOther assets
Non-current assets and disposal groups classified as held for sale
TOTAL ASSETS
LIABILITIES
Deposits from central banks
Financial liabilities held for trading
Derivatives held for trading Short positions Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds intended for repurchase in short term) Other financial liabilities held for tradingFinancial liabilities designated at fair value through profit or loss
Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds) Subordinated liabilities Other financial liabilities designated at fair value through profit or loss
2 878 168 1 371 348 1 450 249 56 571
403 378 255 420 126 771 21 187
6 744 10 4 470 2 26444 816 40 804 3 688 324
351 818 214 606 118 613 18 5990 0 0 0
360 979 277 604 68 376 14 999
1 068 0 756 312359 911 277 604 67 620 14 687
0 0 0 0655 165 274 092 339 291 41 782
54 845 52 448 2 219 178600 320 221 644 337 072 41 604
0 0 0 018 678 258 6 819 783 10 889 545 968 930
16 116 16 096 20 018 662 142 6 803 687 10 889 525 968 930
489 997 339 822 130 708 19 467
489 997 339 822 130 708 19 4670 0 0 0
274 0 274 0
0 0 0 0274 0 274 0
0 0 0 00 0 0 00 0 0 00 0 0 0
491 992 491 945 47 0
490 835 490 788 47 01 157 1 157 0 0
57 578 54 649 2 929 00 0 0 0
57 578 54 649 2 929 0
61 661 18 029 43 632 0
8 852 8 834 18 0
7 678 7 660 18 01 174 1 174 0 0
152 870 106 135 42 949 3 786
12 636 12 636 0 0
24 251 808 10 030 297 13 094 789 1 126 722
0 0 0 0
6 698 1 051 1 699 3 948
6 698 1 051 1 699 3 9480 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
68
BNB MONTHLY BULLETIN 6≠7/2008
(continued) (BGNí000)
Balance Including
sheet value BGN EUR Other currencies
Financial liabilities measured at amortised cost
Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds) Subordinated liabilities Other financial liabilities measured at amortised costFinancial liabilities associated with transferred financial assets
Derivatives ≠ hedge accounting
Fair value hedges Cash flow hedges Hedges of a net investment in a foreign operation Fair value hedge of interest rate risk Cash flow hedge of interest rate riskFair value changes of the hedged items in portfolio hedge of interest rate risk
Provisions
Restructuring Pending legal issues and tax litigation Pensions and other post retirement benefit obligations Credit commitments and guarantees Onerous contracts Other provisionsTax liabilities
Current tax liabilities Deferred tax liabilitiesOther liabilities
Share capital repayable on demand (e.g. cooperative shares)
Liabilities included in disposal groups classified as held for sale
TOTAL LIABILITIES
EQUITY AND MINORITY INTEREST
Issued capital
Paid-in capital Unpaid capital which has been called upShare premium
Other equity
Equity component of financial instruments Other equity instrumentsRevaluation reserves and other valuation differences
Tangible assets Intangible assets Hedge of net investments in foreign operations (effective portion) Foreign currency translation Cash flow hedges (effective portion) Available-for-sale financial assets Non-current assets or disposal groups held for sale Other itemsReserves (including retained earnings)
Treasury shares
Income from current year
Interim dividends
Minority interest
Revaluation reserves and other valuation differences Other itemsTOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
Source: BNB.
21 537 652 7 382 430 12 683 784 1 471 438
4 122 181 221 845 3 850 850 49 48615 726 801 7 003 421 7 323 827 1 399 553
458 814 5 020 453 794 0429 052 20 329 408 147 576800 804 131 815 647 166 21 823
0 0 0 0
1 003 0 508 495
1 003 0 508 4950 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
6 457 5 322 77 1 058
0 0 0 01 288 230 0 1 0582 327 2 327 0 01 267 1 190 77 0
0 0 0 01 575 1 575 0 0
18 310 17 694 576 40
8 880 8 264 576 409 430 9 430 0 0
169 401 93 283 60 088 16 030
0 0 0 0
0 0 0 0
21 739 521 7 499 780 12 746 732 1 493 009
1 118 918 1 118 918
1 118 918 1 118 9180 0
213 777 213 777
0 0
0 00 0
32 942 32 942
39 207 39 2070 00 00 00 0
-6 265 -6 2650 00 0
945 070 945 070
21 21
201 601 201 601
0 0
0 0
0 00 0
2 512 287 2 512 287
24 251 808 10 012 067 12 746 732 1 493 009
69
6≠7/2008 FINANCIAL SECTOR
1.10.4. INCOME STATEMENT OF GROUP II BANKS AS OF JUNE 2008(BGNí000)
Including
Continuing operations Total amountBGN EUR Other currencies
Financial and operating income and expenses
Interest income
Cash and cash balances with central banks Financial assets held for trading (if accounted for separately) Financial assets designated at fair value through profit or loss (if accounted for separately) Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investments Derivatives ≠ hedge accounting, interest rate risk Other assetsInterest expenses
Deposits from central banks Financial liabilities held for trading (if accounted for separately) Financial liabilities designated at fair value through profit or loss (if accounted for separately) Financial liabilities measured at amortised cost Derivatives ≠ hedge accounting, interest rate risk Other liabilitiesExpenses on share capital repayable on demand
Dividend income
Financial assets held for trading (if accounted for separately) Financial assets designated at fair value through profit or loss (if accounted for separately) Available-for-sale financial assetsFee and commission income
Fee and commission expenses
Realised gains (losses) on financial assets and liabilities not measured at fair value
through profit or loss, net
Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investments Financial liabilities measured at amortised cost OtherGains (losses) on financial assets and liabilities held for trading, net
Equity instruments and related derivatives Interest rate instruments and related derivatives Foreign exchange trading Credit risk instruments and related derivatives Commodities and related derivatives Other (including hybrid derivatives)Gains (losses) on financial assets and liabilities designated at fair value
through profit or loss, net
Gains (losses) from hedge accounting, net
Exchange differences, net
Gains (losses) on derecognition of assets other than held for sale, net
Other operating income
Other operating expenses
Administration costs
Staff expenses General and administrative expensesDepreciation
Property, plant and equipment Investment properties Intangible assets (other than goodwill)Provisions
Impairment
(continued)
603 433 387 065 208 957 7 411
825 275 378 805 420 524 25 946
46 0 46 08 645 4 586 3 521 5388 040 6 430 1 298 312
14 491 5 139 7 879 1 473783 199 355 349 404 673 23 17710 767 7 301 3 020 446
0 0 0 087 0 87 0
381 075 106 019 252 226 22 830
0 0 0 034 34 0 00 0 0 0
381 039 105 983 252 226 22 8300 0 0 02 2 0 00 0
111 55 55 1
16 16 0 05 0 4 1
90 39 51 0151 304 102 808 43 739 4 757
14 139 10 541 3 135 463
7 618 7 618
857 8578 681 8 681
-1 957 -1 9570 0
37 37-2 060 -2 060
-9 253 -9 253-6 076 -6 07616 576 16 576
0 0-9 -9
-3 298 -3 298
-2 483 -2 483
-379 -379
10 413 10 413
584 584
13 849 13 849
5 585 5 585
321 879
134 240187 63937 007
30 1530
6 854134
20 930
70
BNB MONTHLY BULLETIN 6≠7/2008
Impairment on financial assets not measured at fair value through profit or loss
Financial assets measured at cost (unquoted equity) Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investmentsImpairment on non-financial assets
Property, plant and equipment Investment properties Goodwill Intangible assets (other than goodwill) Investments in associates and joint ventures accounted for using the equity method OtherNegative goodwill immediately recognised in profit or loss
Share of the profit or loss of associates and joint ventures accounted for using the equity method
Profit or loss from non-current assets and disposal groups classified as held for sale not qualifying as
discontinued operations
TOTAL PROFIT OR LOSS BEFORE TAX FROM CONTINUING OPERATIONS
Tax expense (income) related to profit or loss from continuing operations
TOTAL PROFIT OR LOSS AFTER TAX FROM CONTINUING OPERATIONS
Profit or loss after tax from discontinued operations
TOTAL PROFIT OR LOSS AFTER TAX AND DISCONTINUED OPERATIONS
Profit or loss attributable to minority interest
PROFIT OR LOSS ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
Source: BNB.
(continued) (BGNí000)
Including
Continuing operations Total amount
BGN EUR Other currencies
20 943
00
20 9430
-13
00000
-130
0
455
223 938
22 337
201 601
0
201 601
0
201 601
71
6≠7/2008 FINANCIAL SECTOR
1.10.5. BALANCE SHEET OF GROUP III BANKS AS OF JUNE 2008(BGNí000)
Balance Including
sheet value BGN EUR Other currencies
(continued)
ASSETS
Cash and cash balances with central banks
Financial assets held for trading
Derivatives held for trading Equity instruments Debt instruments Loans and advancesFinancial assets designated at fair value through profit or loss
Equity instruments Debt instruments Loans and advancesAvailable-for-sale financial assets
Equity instruments Debt instruments Loans and advancesLoans and receivables (including finance leases)
Debt instruments Loans and advancesHeld-to-maturity investments
Debt instruments Loans and advancesDerivatives ≠ hedge accounting
Fair value hedges Cash flow hedges Hedges of a net investment in a foreign operation Fair value hedge of interest rate risk Cash flow hedge of interest rate riskFair value changes of the hedged items in portfolio hedge of interest rate risk
Tangible assets
Property, plant and equipment Investment propertyIntangible assets
Goodwill Other intangible assetsInvestments in associates, subsidiaries and joint ventures
(accounted for using the equity method ≠ including goodwill)
Tax assets
Current tax assets Deferred tax assetsOther assets
Non-current assets and disposal groups classified as held for sale
TOTAL ASSETS
LIABILITIES
Deposits from central banks
Financial liabilities held for trading
Derivatives held for trading Short positions Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds intended for repurchase in short term) Other financial liabilities held for tradingFinancial liabilities designated at fair value through profit or loss
Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds) Subordinated liabilities Other financial liabilities designated at fair value through profit or loss
431 715 135 060 292 584 4 071
114 537 83 465 28 905 2 167
6 535 0 4 375 2 1600 0 0 0
108 002 83 465 24 530 70 0 0 00 0 0 0
0 0 0 00 0 0 00 0 0 0
29 999 12 942 17 057 0
238 238 0 029 761 12 704 17 057 0
0 0 0 02 945 615 569 246 2 208 736 167 633
0 0 0 02 945 615 569 246 2 208 736 167 633
0 0 0 0
0 0 0 00 0 0 00 0 0 0
0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
37 493 37 493 0 0
37 493 37 493 0 00 0 0 0
856 856 0 0
0 0 0 0856 856 0 0
0 0 0 0
656 656 0 0
340 340 0 0316 316 0 0
32 062 26 863 5 019 180
0 0 0 0
3 592 933 866 581 2 552 301 174 051
0 0 0 0
1 826 0 635 1 191
1 826 0 635 1 1910 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
72
BNB MONTHLY BULLETIN 6≠7/2008
(continued) (BGNí000)
Balance Including
sheet value BGN EUR Other currencies
Financial liabilities measured at amortised cost
Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds) Subordinated liabilities Other financial liabilities measured at amortised costFinancial liabilities associated with transferred financial assets
Derivatives ≠ hedge accounting
Fair value hedges Cash flow hedges Hedges of a net investment in a foreign operation Fair value hedge of interest rate risk Cash flow hedge of interest rate riskFair value changes of the hedged items in portfolio hedge of interest rate risk
Provisions
Restructuring Pending legal issues and tax litigation Pensions and other post retirement benefit obligations Credit commitments and guarantees Onerous contracts Other provisionsTax liabilities
Current tax liabilities Deferred tax liabilitiesOther liabilities
Share capital repayable on demand (e.g. cooperative shares)
Liabilities included in disposal groups classified as held for sale
TOTAL LIABILITIES
EQUITY AND MINORITY INTEREST
Issued capital
Paid-in capital Unpaid capital which has been called upShare premium
Other equity
Equity component of financial instruments Other equity instrumentsRevaluation reserves and other valuation differences
Tangible assets Intangible assets Hedge of net investments in foreign operations (effective portion) Foreign currency translation Cash flow hedges (effective portion) Available-for-sale financial assets Non-current assets or disposal groups held for sale Other itemsReserves (including retained earnings)
Treasury shares
Income from current year
Interim dividends
Minority interest
Revaluation reserves and other valuation differences Other itemsTOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
Source: BNB.
3 453 245 847 627 2 445 964 159 654
1 684 003 129 270 1 516 637 38 0961 769 242 718 357 929 327 121 558
0 0 0 00 0 0 00 0 0 00 0 0 0
0 0 0 0
0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0
76 76 0 0
0 0 0 02 2 0 0
41 41 0 00 0 0 00 0 0 0
33 33 0 01 731 1 731 0 0
1 515 1 515 0 0216 216 0 0
28 731 14 434 13 570 727
0 0 0 0
0 0 0 0
3 485 609 863 868 2 460 169 161 572
0 0
0 00 00 0
62 62
0 062 62
-836 -836
437 4370 00 00 00 0
-1 273 -1 2730 00 0
89 475 89 475
0 0
18 623 18 623
0 0
0 0
0 00 0
107 324 107 324
3 592 933 971 192 2 460 169 161 572
73
6≠7/2008 FINANCIAL SECTOR
1.10.6. INCOME STATEMENT OF GROUP III BANKS AS OF JUNE 2008(BGNí000)
Including
Continuing operations Total amountBGN EUR Other currencies
Financial and operating income and expenses
Interest income
Cash and cash balances with central banks Financial assets held for trading (if accounted for separately) Financial assets designated at fair value through profit or loss (if accounted for separately) Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investments Derivatives ≠ hedge accounting, interest rate risk Other assetsInterest expenses
Deposits from central banks Financial liabilities held for trading (if accounted for separately) Financial liabilities designated at fair value through profit or loss (if accounted for separately) Financial liabilities measured at amortised cost Derivatives ≠ hedge accounting, interest rate risk Other liabilitiesExpenses on share capital repayable on demand
Dividend income
Financial assets held for trading (if accounted for separately) Financial assets designated at fair value through profit or loss (if accounted for separately) Available-for-sale financial assetsFee and commission income
Fee and commission expenses
Realised gains (losses) on financial assets and liabilities not measured at fair value
through profit or loss, net
Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investments Financial liabilities measured at amortised cost OtherGains (losses) on financial assets and liabilities held for trading, net
Equity instruments and related derivatives Interest rate instruments and related derivatives Foreign exchange trading Credit risk instruments and related derivatives Commodities and related derivatives Other (including hybrid derivatives)Gains (losses) on financial assets and liabilities designated at fair value
through profit or loss, net
Gains (losses) from hedge accounting, net
Exchange differences, net
Gains (losses) on derecognition of assets other than held for sale, net
Other operating income
Other operating expenses
Administration costs
Staff expenses General and administrative expensesDepreciation
Property, plant and equipment Investment properties Intangible assets (other than goodwill)Provisions
Impairment(continued)
58 722 31 568 25 307 1 847
89 594 27 732 58 504 3 358
0 0 0 04 280 2 314 1 209 757
0 0 0 0993 367 537 89
84 321 25 051 56 758 2 5120 0 0 00 0 0 00 0 0 0
47 044 9 048 35 954 2 042
0 0 0 00 0 0 00 0 0 0
45 384 8 993 34 931 1 4600 0 0 0
1 660 55 1 023 5820 0
0 0 0 0
0 0 0 00 0 0 00 0 0 0
13 268 9 800 2 871 597
1 091 911 114 66
-29 -29
-29 -290 00 00 00 0
6 141 6 141
0 0472 472
5 669 5 6690 00 00 0
0 0
0 0
1 261 1 261
0 0
626 626
4 004 4 004
35 231
15 33619 8953 450
3 2560
1940
-1 316
74
BNB MONTHLY BULLETIN 6≠7/2008
Impairment on financial assets not measured at fair value through profit or loss
Financial assets measured at cost (unquoted equity) Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investmentsImpairment on non-financial assets
Property, plant and equipment Investment properties Goodwill Intangible assets (other than goodwill) Investments in associates and joint ventures accounted for using the equity method OtherNegative goodwill immediately recognised in profit or loss
Share of the profit or loss of associates and joint ventures accounted for using the equity method
Profit or loss from non-current assets and disposal groups classified as held for sale not qualifying as
discontinued operations
TOTAL PROFIT OR LOSS BEFORE TAX FROM CONTINUING OPERATIONS
Tax expense (income) related to profit or loss from continuing operations
TOTAL PROFIT OR LOSS AFTER TAX FROM CONTINUING OPERATIONS
Profit or loss after tax from discontinued operations
TOTAL PROFIT OR LOSS AFTER TAX AND DISCONTINUED OPERATIONS
Profit or loss attributable to minority interest
PROFIT OR LOSS ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
Source: BNB.
(continued) (BGNí000)
Including
Continuing operations Total amount
BGN EUR Other currencies
-1 316
00
-1 31600
0000000
0
0
21 357
2 734
18 623
0
18 623
0
18 623
75
6≠7/2008 FINANCIAL SECTOR1.1
1.
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)C
arry
ing
amou
ntR
isk
valu
eSp
ecif
icpr
ovis
ions
for
cred
itri
s
Ris
k of
loss
es a
ccor
ding
to O
rdin
ance
No.
9 (o
nco
untr
y ris
k on
apo
rtfo
lio b
asis
)
%A
mou
nt%
Am
ount
Stan
dard
risk
expo
sure
s,ca
rryi
ngam
ount
Tot
alsp
ecifi
cpr
ovis
ions
for
cred
itri
skR
isk
valu
e
Spec
ific
prov
isio
nsfo
r cr
edit
risk
Item
s
ME
TH
OD
OL
OG
ICA
L N
OT
ES:
Cha
nges
in th
e re
port
form
at r
efle
ct a
men
dmen
ts to
the
Ord
inan
ce, e
ffec
tive
as o
f 30
June
200
8 (D
arja
ven
Ves
tnik
, iss
ue 3
8 of
11
Apr
il 20
08).
Sour
ce: B
NB
.
‡
12
34
5=3≠
46
78
910
=8-
911
1213
1415
=13
≠14
16=
5+10
+15
76
BNB MONTHLY BULLETIN 6≠7/20081.
11.2
. C
LA
SSIF
IED
RIS
K E
XP
OSU
RE
S A
ND
AL
LO
CA
TIO
N O
F S
PE
CIF
IC P
RO
VIS
ION
S F
OR
CR
ED
IT R
ISK
OF
GR
OU
P I
BA
NK
S A
S O
F J
UN
E 2
008
(BG
Ní0
00)
147 9
16
2 8
06
145 1
10
137 6
37
7 4
73
120 9
52
3 6
02
117 3
50
89 5
41
27 8
09
202 8
98
100 4
58
102 4
40
43 2
45
59 1
95
94 4
77
278 2
13
24 8
43
253 3
71
140 8
81
31 4
62
109 4
19
406 6
14
348 5
44
58 0
70
426 1
29
27 6
49
398 4
81
137 6
37
7 4
73
261 8
33
35 0
64
226 7
69
89 5
41
27 8
09
609 5
12
449 0
02
160 5
10
43 2
45
59 1
95
94 4
77
A. C
lass
ifie
d r
isk
exposu
res
(pro
vis
ion
ed)
B. C
lass
ifie
d r
isk
exposu
res
(non
-pro
vis
ion
ed)
Tota
l (¿
+ B
)
Val
uebe
fore
impa
irm
ent
as p
er I
AS
39
C. S
tan
dard
ris
k e
xposu
res
(pro
vis
ion
ed)
Item
s
3 3
76 7
47
44 5
42
1.3
244 6
08
0.0
00
3 3
32 2
05
3 3
32 1
39
66
25 7
62 0
39
Wat
ch e
xpos
ures
Subs
tand
ard
expo
sure
sN
on-p
erfo
rmin
g ex
posu
res
Impa
ir-
men
t as
per
IAS
39C
arry
ing
amou
ntR
isk
valu
e
Spec
ific
prov
isio
nsfo
r cr
edit
risk
Val
uebe
fore
impa
irm
ent
as p
er I
AS
39
Impa
ir-
men
t as
per
IAS
39
Car
ryin
gam
ount
Ris
k va
lue
Spec
ific
prov
isio
nsfo
r c
redi
tri
sk
Val
uebe
fore
impa
irm
ent
as p
er I
AS
39
Impa
ir-
men
t as
per
IAS
39C
arry
ing
amou
nt
‡
12
34
56
78
9=7-
8b
Val
uebe
fore
impa
irm
ent
as p
er I
AS
39
Impa
ir-
men
t as
per
IAS
39
Ris
k of
loss
es a
ccor
ding
to O
rdin
ance
No.
9 (o
nst
anda
rd e
xpos
ures
on
apo
rtfo
lio b
asis
)C
arry
ing
amou
ntR
isk
valu
eSp
ecif
icpr
ovis
ions
for
cred
itri
s
Ris
k of
loss
es a
ccor
ding
to O
rdin
ance
No.
9 (o
nco
untr
y ris
k on
apo
rtfo
lio b
asis
)
%A
mou
nt%
Am
ount
Stan
dard
risk
expo
sure
s,ca
rryi
ngam
ount
Tot
alsp
ecifi
cpr
ovis
ions
for
cred
itri
skR
isk
valu
e
Spec
ific
prov
isio
nsfo
r cr
edit
risk
Item
s
ME
TH
OD
OL
OG
ICA
L N
OT
ES:
Cha
nges
in th
e re
port
form
at r
efle
ct a
men
dmen
ts to
the
Ord
inan
ce, e
ffec
tive
as o
f 30
June
200
8 (D
arja
ven
Ves
tnik
, iss
ue 3
8 of
11
Apr
il 20
08).
Sour
ce: B
NB
.
‡
12
34
5=3≠
46
78
910
=8-
911
1213
1415
=13
≠14
16=
5+10
+15
77
6≠7/2008 FINANCIAL SECTOR1.
11.3
. C
LA
SSIF
IED
RIS
K E
XP
OSU
RE
S A
ND
AL
LO
CA
TIO
N O
F S
PE
CIF
IC P
RO
VIS
ION
S F
OR
CR
ED
IT R
ISK
OF
GR
OU
P I
I B
AN
KS
AS
OF
JU
NE
200
8(B
GN
í000
)
41 9
19
1 9
92
39 9
27
36 0
23
3 9
04
12 5
82
3 1
00
9 4
82
6 9
87
2 4
95
80 0
45
29 4
69
50 6
45
9 0
04
41 6
41
48 0
40
245 1
56
22 6
54
222 5
02
105 4
09
37 7
88
67 6
22
184 0
49
131 5
46
52 5
11
287 0
75
24 6
46
262 4
29
36 0
23
3 9
04
117 9
91
40 8
88
77 1
04
6 9
87
2 4
95
264 0
94
161 0
15
103 1
56
9 0
04
41 6
41
48 0
40
A. C
lass
ifie
d r
isk
exposu
res
(pro
vis
ion
ed)
B. C
lass
ifie
d r
isk
exposu
res
(non
-pro
vis
ion
ed)
Tota
l (¿
+ B
)
Val
uebe
fore
impa
irm
ent
as p
er I
AS
39
C. S
tan
dard
ris
k e
xposu
res
(pro
vis
ion
ed)
Item
s
1 1
52 8
40
5 0
60
3.2
437 3
27
0.0
00
1 1
47 7
80
1 1
37 0
06
10 7
74
17 0
86 8
95
Wat
ch e
xpos
ures
Subs
tand
ard
expo
sure
sN
on-p
erfo
rmin
g ex
posu
res
Impa
ir-
men
t as
per
IAS
39C
arry
ing
amou
ntR
isk
valu
e
Spec
ific
prov
isio
nsfo
r cr
edit
risk
Val
uebe
fore
impa
irm
ent
as p
er I
AS
39
Impa
ir-
men
t as
per
IAS
39
Car
ryin
gam
ount
Ris
k va
lue
Spec
ific
prov
isio
nsfo
r c
redi
tri
sk
Val
uebe
fore
impa
irm
ent
as p
er I
AS
39
Impa
ir-
men
t as
per
IAS
39C
arry
ing
amou
nt
‡
12
34
56
78
9=7-
8b
Val
uebe
fore
impa
irm
ent
as p
er I
AS
39
Impa
ir-
men
t as
per
IAS
39
Ris
k of
loss
es a
ccor
ding
to O
rdin
ance
No.
9 (o
nst
anda
rd e
xpos
ures
on
apo
rtfo
lio b
asis
)C
arry
ing
amou
ntR
isk
valu
eSp
ecif
icpr
ovis
ions
for
cred
itri
s
Ris
k of
loss
es a
ccor
ding
to O
rdin
ance
No.
9 (o
nco
untr
y ris
k on
apo
rtfo
lio b
asis
)
%A
mou
nt%
Am
ount
Stan
dard
risk
expo
sure
s,ca
rryi
ngam
ount
Tot
alsp
ecifi
cpr
ovis
ions
for
cred
itri
skR
isk
valu
e
Spec
ific
prov
isio
nsfo
r cr
edit
risk
Item
s
ME
TH
OD
OL
OG
ICA
L N
OT
ES:
Cha
nges
in th
e re
port
form
at r
efle
ct a
men
dmen
ts to
the
Ord
inan
ce, e
ffec
tive
as o
f 30
June
200
8 (D
arja
ven
Ves
tnik
, iss
ue 3
8 of
11
Apr
il 20
08).
Sour
ce: B
NB
.
‡
12
34
5=3≠
46
78
910
=8-
911
1213
1415
=13
≠14
16=
5+10
+15
78
BNB MONTHLY BULLETIN 6≠7/2008
1.12. INTERBANK MONEY MARKET*
Volumes (BGNí000) Interest rates
June 2008 Deposits Repo Purchases of Total On extended On repo Daily, Excess reserves**
agreements government securities volume deposits agreements average (BGNí000)
1.13. FOREIGN EXCHANGE MARKET
(EUR)
BNB with banks BNB with final customers Interbank Banks with final customersJune 2008
bought sold bought sold transactions bought sold
2 334 769 66 555 30 401 354 5.05 5.00 5.04 155 7653 334 114 66 054 0 400 168 5.00 4.98 4.99 - 46 6884 326 959 77 683 0 404 642 5.01 4.98 5.00 - 32 7495 360 769 63 126 0 423 895 5.04 4.98 5.03 131 8346 384 622 88 959 399 473 980 5.02 5.12 5.04 254 0469 367 903 87 739 5 018 460 660 5.06 5.02 5.05 319 81910 382 659 62 415 1 886 446 960 5.07 5.03 5.06 - 136 13211 403 812 87 400 0 491 212 5.09 5.08 5.09 182 01412 337 434 76 971 1 856 416 261 5.10 5.01 5.08 66 74913 376 310 95 635 0 471 945 5.17 5.09 5.16 - 110 70716 327 156 114 184 0 441 340 5.07 5.05 5.07 - 171 56017 298 076 75 079 7 661 380 816 5.10 5.01 5.08 - 112 90318 299 013 74 043 0 373 056 5.06 5.01 5.05 - 82 22819 360 271 85 136 0 445 407 5.09 5.04 5.08 - 2 50920 361 931 117 560 0 479 491 5.09 5.07 5.09 36 41523 286 436 128 134 2 364 416 934 5.08 5.07 5.08 13 13524 337 173 111 661 0 448 834 5.13 5.04 5.10 - 39 68925 295 573 110 584 0 406 157 5.08 5.02 5.07 77 49526 324 712 123 563 0 448 275 5.19 5.04 5.14 242 29927 490 606 111 979 0 602 585 5.10 5.04 5.08 262 16730 438 591 126 115 1 940 566 646 5.09 5.03 5.07 - 222 892
Monthly, average 353 757 92 885 1 007 447 648 5.08 5.04 5.07 43 134
* Including transactions of banks and non-bank financial institutions, which are primary dealers of government securities and which have current accounts with the BNB.** Settlement data.
Note: The average daily interest rate is the average-weighted rate of the operations effected during the day.
Source: BNB.
2 509 700 000 524 400 000 10 087 77 475 6 581 189 88 504 973 99 374 9863 498 210 000 487 300 000 11 217 98 715 4 689 640 77 418 647 99 972 4524 521 400 000 501 100 000 3 102 46 285 1 216 604 152 196 606 77 576 2835 516 000 000 474 000 000 900 38 665 8 981 754 116 845 633 89 213 2546 498 000 000 498 800 000 3 503 23 385 8 691 683 84 221 541 84 732 1379 470 200 000 467 000 000 6 649 104 090 17 252 668 118 967 877 99 594 05310 557 400 000 510 000 000 8 895 178 300 3 775 618 168 025 340 141 572 54711 498 000 000 464 600 000 2 435 34 545 13 292 340 90 552 832 68 290 28212 550 000 000 470 000 000 6 944 20 080 1 133 814 131 185 983 81 897 33313 592 400 000 529 200 000 15 898 63 670 11 520 077 126 224 437 109 667 53816 506 600 000 463 600 000 1 726 78 870 2 267 084 140 664 711 125 227 91017 531 750 000 522 900 000 11 169 63 290 6 156 830 96 874 515 89 576 81918 495 900 000 492 900 000 3 128 79 610 18 832 553 91 368 989 76 972 32819 501 320 000 520 200 000 4 747 54 370 2 578 126 84 246 335 113 450 84620 499 850 000 497 150 000 3 379 24 070 1 440 923 96 119 974 110 795 29623 542 700 000 535 800 000 6 192 61 545 1 412 175 115 724 275 103 996 44724 463 000 000 505 500 000 7 578 22 030 16 758 730 100 573 146 99 498 60625 529 400 000 537 400 000 2 210 149 410 11 666 678 88 398 732 119 352 38326 412 800 000 419 200 000 419 15 125 2 077 814 126 179 225 147 539 66227 507 600 000 537 200 000 1 100 14 200 1 359 555 109 440 885 148 052 76430 440 200 000 451 800 000 21 350 621 2 648 878 3 339 802 134 665 271 136 991 568
Monthly, total 10 642 430 000 10 410 050 000 21 461 899 3 896 608 145 025 657 2 338 399 927 2 223 345 494
Daily, average 506 782 381 495 716 667 1 021 995 185 553 6 905 984 111 352 377 105 873 595
Source: BNB.
79
6≠7/2008 FINANCIAL SECTOR
1.14. CURRENCY (INCLUDING EURO COMPONENTS)
BOUGHT AND SOLD AT BNB TILLS*(EURí000)
Foreign exchange Foreign exchangebought** sold***
I.2007 95 4 925II.2007 131 2 063
III.2007 174 3 994IV.2007 146 2 340V.2007 179 2 140
VI.2007 105 3732VII.2007 128 1 047
VIII.2007 176 1 533IX.2007 198 4 003X.2007 93 11 278
XI.2007 67 9 792XII.2007 94 7 365
I.2008 120 6 277II.2008 83 3 764
III.2008 121 1 569IV.2008 75 2 610V.2008 97 2 759
VI.2008 128 1 274VII.2008 102 688
incl. daily1.VII. 2 282.VII. 3 243.VII. 6 324.VII. 2 267.VII. 7 408.VII. 3 119.VII. 10 4
10.VII. 3 6311.VII. 2 3114.VII. 8 3115.VII. 7 616.VII. 6 3317.VII. 4 2918.VII. 2 2421.VII. 8 3622.VII. 7 3623.VII. 9 3024.VII. 2 2725.VII. 4 4028.VII. 2 4629.VII. 2 5130.VII. 2 1731.VII. 1 23
* Transactions with individuals only.** All currencies included in the euro.*** Euro only.
Source: BNB.
1.I.2007 3.43 3.481.II.2007 3.53 3.59
1.III.2007 3.52 3.581.IV.2007 3.68 3.741.V.2007 3.81 3.88
1.VI.2007 3.84 3.911.VII.2007 4.01 4.08
1.VIII.2007 4.10 4.181.IX.2007 4.09 4.171.X.2007 4.24 4.32
1.XI.2007 4.26 4.341.XII.2007 4.58 4.68
1.I.2008 4.68 4.781.II.2008 4.75 4.85
1.III.2008 4.83 4.941.IV.2008 4.85 4.961.V.2008 4.93 5.04
1.VI.2008 4.96 5.071.VII.2008 5.06 5.18
1.VIII.2008 5.25 5.38
Source: BNB.
1.15. BASE INTEREST RATE
Effective Base interest rate
as of Simple annual Effective annual
80
BNB MONTHLY BULLETIN 6≠7/20081.1
6.
INT
ER
ES
T R
AT
ES
1 O
N N
EW
BU
SIN
ES
S O
N L
OA
NS
, O
TH
ER
TH
AN
OV
ER
DR
AF
T B
Y P
ER
IOD
OF
IN
ITIA
L R
AT
E F
IXA
TIO
N
Non
-fin
anci
al c
orpo
ratio
nsH
ouse
hold
s
Lo
ans
up to
EU
R 1
mill
ion
Loan
s ov
er E
UR
1 m
illio
nC
onsu
mer
loan
sH
ousin
g lo
ans
Oth
er lo
ans
of w
hich
:of
whi
ch:
of w
hich
:of
whi
ch:
of w
hich
:
Tot
alw
ith a
term
of
Tot
alw
ith a
term
of
Tot
alw
ith a
term
of
Ann
ual
Tot
alw
ith a
term
of
Ann
ual
Tot
alw
ith a
term
of
initi
al fi
xatio
nin
itial
fixa
tion
initi
al fi
xatio
npe
rcen
tage
initi
al fi
xatio
npe
rcen
tage
initi
al fi
xatio
nof
up
to 1
yea
rof
up
to 1
yea
rof
up
to 1
yea
rra
te o
f cha
rge
of u
p to
1 y
ear
rate
of c
harg
eof
up
to 1
yea
r
2007
VI
9.46
9.46
7.91
7.89
9.42
9.44
10.7
58.
408.
459.
0512
.00
12.0
0V
II9.
459.
548.
508.
429.
369.
3910
.84
8.13
8.15
8.69
11.9
211
.95
VII
I9.
299.
369.
019.
019.
339.
3710
.93
8.35
8.39
9.03
11.9
411
.95
IX9.
689.
688.
388.
379.
509.
5311
.03
8.38
8.42
9.02
12.2
512
.28
X9.
749.
858.
368.
389.
939.
9711
.41
8.36
8.37
9.02
12.6
312
.65
XI
9.98
10.0
68.
128.
1210
.07
10.1
211
.49
7.99
8.02
8.73
12.6
512
.67
XII
10.1
310
.21
8.28
8.23
10.2
110
.21
11.3
37.
838.
038.
6212
.44
12.4
4
2008
I10
.77
10.8
39.
419.
4110
.08
10.0
811
.27
8.03
8.38
8.81
13.2
413
.25
II10
.49
10.5
19.
289.
3310
.18
10.1
811
.36
8.23
8.27
9.01
13.0
313
.04
III
10.3
210
.38
9.33
9.40
10.1
410
.14
11.2
28.
328.
339.
1212
.35
12.3
5IV
10.6
410
.67
8.64
8.64
10.6
310
.63
11.6
68.
638.
639.
3012
.59
12.5
9V
10.6
310
.71
9.31
9.31
10.7
710
.78
12.0
38.
818.
829.
2412
.85
12.8
6V
I10
.73
10.7
89.
749.
7410
.80
10.8
111
.96
8.81
8.81
9.72
12.4
512
.45
1 In
tere
st r
ates
wer
e on
lev
inst
rum
ents
.
Sour
ce: B
NB
.
81
6≠7/2008 FINANCIAL SECTOR1.1
7.
VO
LU
ME
S1 O
N N
EW
BU
SIN
ES
S O
N L
OA
NS
, O
TH
ER
TH
AN
OV
ER
DR
AF
T B
Y P
ER
IOD
OF
IN
ITIA
L R
AT
E F
IXA
TIO
N
(mill
ion
BG
N)
Non
-fin
anci
al c
orpo
ratio
ns
H
ouse
hold
s
Lo
ans
up to
EU
R 1
mill
ion
Loa
ns o
ver E
UR
1 m
illio
n
C
onsu
mer
loan
s
Hou
sing
loan
s
O
ther
loan
s
of w
hich
:of
whi
ch:
of w
hich
:of
whi
ch:
of w
hich
:
Tot
alw
ith a
term
of
Tot
alw
ith a
term
of
Tot
alw
ith a
term
of
Tot
alw
ith a
term
of
Tot
alw
ith a
term
of
initi
al fi
xatio
nin
itial
fixa
tion
initi
al fi
xatio
nin
itial
fixa
tion
initi
al fi
xatio
nof
up
to 1
yea
rof
up
to 1
yea
rof
up
to 1
yea
rof
up
to 1
yea
rof
up
to 1
yea
r
2007
VI
182.
017
3.9
252.
925
0.4
412.
339
6.5
177.
817
3.1
51.2
51.1
VII
168.
516
0.7
93.5
86.4
423.
640
8.9
193.
818
9.0
44.4
44.1
VII
I17
8.0
168.
070
.770
.743
8.4
420.
417
9.6
174.
554
.854
.7IX
148.
814
4.2
117.
811
5.4
343.
533
0.9
153.
814
6.7
52.0
51.6
X18
0.7
169.
317
4.5
157.
941
1.7
398.
119
4.6
190.
472
.171
.6X
I16
4.7
159.
011
1.8
111.
837
8.3
366.
320
6.1
201.
763
.963
.5X
II16
7.4
157.
818
4.7
176.
434
0.5
335.
922
5.3
200.
555
.054
.9
2008
I93
.490
.887
.587
.535
2.6
351.
398
.682
.243
.843
.7II
152.
515
0.0
72.6
69.3
495.
549
2.4
144.
414
0.8
50.2
50.0
III
164.
715
7.5
84.5
77.1
521.
451
8.8
147.
114
5.7
62.6
62.6
IV16
5.6
161.
878
.178
.146
0.7
455.
613
0.9
130.
448
.948
.8V
134.
712
9.5
135.
713
5.7
380.
337
7.4
98.6
98.0
42.3
42.2
VI
170.
616
7.1
56.8
56.8
415.
841
3.1
104.
510
3.7
53.8
53.7
1 Vol
umes
wer
e on
lev
inst
rum
ents
.
Sour
ce: B
NB
.
82
BNB MONTHLY BULLETIN 6≠7/20081.1
8.
INT
ER
ES
T R
AT
ES
1 O
N B
AL
AN
CE
S O
N L
OA
NS
Loa
ns o
ther
tha
n ov
erdr
aft
Ove
rdra
ft2
Non
-fina
ncia
l cor
pora
tions
Hou
seho
lds
Con
sum
er lo
nas
Hou
sing
loan
s
Oth
er lo
ans
Non
-fina
ncia
lH
ouse
hold
s
up to
1 y
ear
from
1 to
5 y
ears
over
5 y
ears
up to
1 y
ear
from
1 to
5 y
ears
over
5 y
ears
of w
hich
:of
whi
ch:
corp
orat
ions
Tot
alov
er 5
yea
rsT
otal
from
1 to
5 y
ears
2007
VI
8.63
9.78
9.43
12.0
612
.37
10.4
28.
638.
6012
.06
13.2
38.
5213
.67
VII
9.02
9.82
9.48
11.2
112
.25
10.3
18.
648.
6112
.22
13.2
68.
6613
.49
VII
I8.
979.
889.
4610
.98
12.1
110
.10
8.65
8.62
12.2
013
.24
8.75
13.4
0IX
8.89
9.89
9.51
12.0
112
.21
10.2
68.
698.
6612
.21
13.3
28.
7013
.28
X8.
929.
979.
5511
.49
12.1
410
.20
8.77
8.75
12.1
913
.22
8.92
13.3
3X
I9.
1110
.10
9.66
11.5
112
.03
10.1
28.
788.
7512
.24
13.2
59.
1513
.27
XII
9.11
10.2
29.
7611
.70
12.0
610
.16
8.79
8.76
12.2
913
.35
9.24
13.2
7
2008
I9.
3310
.30
9.80
11.6
612
.03
10.1
48.
768.
7312
.32
13.3
99.
2013
.65
II9.
3810
.34
9.82
11.7
212
.08
10.1
98.
808.
7712
.41
13.5
29.
3213
.62
III
9.61
10.4
09.
8811
.52
12.0
810
.15
8.83
8.80
12.2
913
.41
9.43
13.6
9IV
10.0
610
.48
10.0
611
.61
12.3
610
.65
8.85
8.82
12.4
813
.44
9.48
13.7
3V
9.79
10.4
910
.26
11.7
712
.30
10.6
68.
938.
9012
.52
13.5
09.
5413
.76
VI
10.0
310
.55
10.3
112
.22
12.2
910
.62
8.94
8.91
12.5
613
.54
9.59
13.7
8
1 In
tere
st r
ates
ref
er to
lev
inst
rum
ents
.2 In
tere
st r
ates
and
vol
umes
on
over
draf
ts o
n ne
w b
usin
ess
and
on b
alan
ces
coin
cide
.
Sour
ce: B
NB
.
83
6≠7/2008 FINANCIAL SECTOR1.1
9.
VO
LU
ME
S1 O
N B
AL
AN
CE
S O
N L
OA
NS
(mill
ion
BG
N)
Loa
ns o
ther
tha
n ov
erdr
aft
O
verd
raft
2
Non
-fina
ncia
l cor
pora
tions
Hou
seho
lds
Con
sum
er lo
ans
Hou
sing
loan
s
Oth
er lo
ans
Non
-fina
ncia
lH
ouse
hold
sup
to 1
yea
rfr
om 1
to 5
yea
rsov
er 5
yea
rsup
to 1
yea
rfr
om 1
to 5
yea
rsov
er 5
yea
rsof
whi
ch:
of w
hich
:co
rpor
atio
nsT
otal
over
5 y
ears
Tot
alfr
om 1
to 5
yea
rs
2007
VI
839.
916
75.3
1142
.629
.215
24.7
2629
.327
24.1
2667
.867
2.6
370.
923
71.4
852.
8V
II80
9.4
1686
.112
24.0
30.5
1513
.227
88.9
2876
.028
14.9
637.
337
4.8
2422
.488
4.8
VII
I83
2.1
1669
.312
91.9
31.0
1509
.631
64.9
2998
.729
35.3
664.
638
2.6
2532
.792
2.0
IX89
1.7
1738
.013
40.9
31.7
1446
.132
72.8
3047
.229
83.3
696.
739
0.1
2718
.896
7.1
X94
7.0
1767
.814
41.4
32.8
1407
.134
75.1
3160
.030
96.1
729.
039
8.2
2701
.310
42.8
XI
956.
817
13.3
1510
.322
.214
14.1
3719
.532
68.4
3204
.074
8.8
400.
028
43.7
1092
.2X
II97
4.3
1699
.416
02.0
22.3
1410
.238
65.7
3442
.233
77.3
777.
540
8.4
2919
.511
36.7
2008
I90
6.3
1721
.116
38.4
21.8
1410
.440
04.3
3498
.834
35.0
758.
339
9.5
3002
.211
87.2
II85
5.1
1729
.216
98.2
22.7
1433
.842
20.1
3598
.435
34.4
757.
439
7.9
2946
.512
23.9
III
739.
617
47.9
1775
.521
.613
88.5
4175
.436
46.9
3584
.076
8.0
398.
530
46.0
1274
.7IV
726.
617
43.2
1837
.422
.314
06.7
4341
.437
15.5
3652
.776
9.7
402.
130
96.6
1303
.6V
738.
618
00.5
1908
.121
.914
17.2
4436
.837
71.0
3707
.377
1.8
400.
931
86.4
1353
.7V
I73
2.4
1812
.919
66.3
21.7
1419
.544
82.6
3814
.837
52.3
782.
640
3.9
3422
.713
95.6
1 V
olum
es r
efer
to le
v in
stru
men
ts.
2 In
tere
st r
ates
and
vol
umes
on
over
draf
ts o
n ne
w b
usin
ess
and
on b
alan
ces
coin
cide
.
Sour
ce: B
NB
.
84
BNB MONTHLY BULLETIN 6≠7/2008
1.20. INTEREST RATES1 ON NEW BUSINESS ON DEPOSITS WITH AGREED MATURITY
Non-financial corporations Householdsof which: of which:
Total up to 1 year Total up to 1 year
2007 VI 3.41 3.35 4.22 4.08VII 3.59 3.60 4.24 4.12VIII 4.24 4.12 4.33 4.25IX 3.73 3.91 4.23 4.12X 3.95 3.82 4.30 4.23XI 4.07 4.09 4.58 4.53XII 4.21 4.26 4.66 4.63
2008 I 4.04 4.10 4.82 4.75II 4.64 4.65 4.71 4.67III 4.60 4.60 4.91 4.85IV 4.92 4.92 5.24 5.18V 5.10 5.10 5.13 5.07VI 5.20 5.21 5.33 5.29
1 Interest rates refer to lev instruments.
Source: BNB.
1.21. VOLUMES1 ON NEW BUSINESS ON DEPOSITS WITH AGREED MATURITY
(million BGN)
Non-financial corporations Householdsof which: of which:
Total up to 1 year Total up to 1 year
2007 VI 537.9 526.8 378.6 359.1VII 629.2 625.3 392.7 372.8VIII 688.4 648.1 427.4 410.3IX 488.9 457.8 332.1 315.9X 577.2 512.3 389.0 376.6XI 761.3 749.1 391.2 380.3XII 994.3 978.4 537.1 526.2
2008 I 1065.6 1032.1 447.7 433.0II 1210.9 1207.0 531.7 519.9III 1337.5 1333.1 511.4 490.9IV 1413.6 1410.9 553.1 525.6V 2193.0 2148.4 503.3 480.4VI 1419.0 1415.4 477.4 462.0
1 Volumes refer to lev instruments.
Source: BNB.
85
6≠7/2008 FINANCIAL SECTOR
1.22. INTEREST RATES1 ON BALANCES ON DEPOSITS
Non-financial corporations Households
Overnight- Deposits with agreed maturity Overnight- Deposits with agreed maturity
deposits2 up to 2 years over 2 years deposits2 up to 2 years over 2 years
2007 VI 0.61 3.67 3.45 0.90 4.30 6.72VII 0.68 3.72 0.96 0.93 4.31 6.68VIII 0.65 3.94 1.99 0.92 4.32 6.69IX 0.62 3.94 2.04 0.92 4.31 6.71X 0.64 3.98 2.67 0.93 4.39 6.74XI 0.64 4.01 2.61 0.92 4.44 6.80XII 0.62 4.08 2.15 0.93 4.50 6.81
2008 I 0.65 4.15 2.42 0.94 4.56 6.84II 0.63 4.18 2.47 0.93 4.57 6.83III 0.66 4.35 3.98 0.94 4.59 6.70IV 0.66 4.40 2.91 0.92 4.67 6.83V 0.72 4.63 2.56 0.89 4.75 6.87VI 0.70 4.80 2.56 0.92 4.87 6.86
1 Interest rates refer to lev instruments.2 Interest rates and volumes on overnight deposits on new business and on balances coincide.
Source: BNB.
1.23. VOLUMES1 ON BALANCES ON DEPOSITS
(million BGN)
Non-financial corporations Households
Overnight- Deposits with agreed maturity Overnight- Deposits with agreed maturity
deposits2 up to 2 years over 2 years deposits2 up to 2 years over 2 years
2007 VI 4398.6 1503.0 36.7 2182.7 3276.5 239.0VII 4561.9 1601.4 152.1 2252.6 3354.6 247.3VIII 4643.0 1718.6 188.5 2325.9 3439.5 250.8IX 4681.0 1707.6 189.0 2368.4 3487.9 253.6X 4876.5 1787.9 212.7 2323.4 3451.2 253.5XI 4830.7 1873.6 221.0 2375.2 3456.2 248.8XII 5487.8 2109.5 159.2 2582.0 3681.3 250.6
2008 I 5047.9 2142.3 166.3 2531.7 3781.1 252.5II 4720.6 2233.0 163.3 2571.9 3819.6 253.3III 4763.8 2347.7 101.6 2567.9 3795.6 260.5IV 4505.9 2377.9 74.1 2642.5 3839.7 270.8V 4597.6 2319.5 85.4 2562.6 3832.3 281.9VI 4649.7 2510.5 86.5 2599.3 3890.4 283.4
1 Volumes refer to lev instruments.2 Interest rates and volumes on overnight deposits on new business and on balances coincide.
Source: BNB.
86
BNB MONTHLY BULLETIN 6≠7/2008
1.24. YIELDS ON GOVERNMENT SECURITIES
Yield on BGN-denominated interest-bearing government securities on the secondary market1 Long-terminterest
3 years 5 years 7 years2 10 years rate3
2007 VI 4.49 4.80 4.72 4.50 4.57VII 4.35 3.23 4.46 4.30 4.79VIII 4.07 4.46 - 4.22 4.79IX - 3.91 4.48 4.56 4.44X 4.82 4.38 4.44 4.56 4.59XI 4.71 4.71 - 4.56 4.94XII 4.12 - 4.60 4.99 5.08
2008 I 4.62 4.84 4.54 5.12 5.07II 4.54 4.57 4.36 4.99 5.24III 3.37 4.77 4.52 4.85 4.85IV - 4.73 - 4.82 4.80V - 4.81 4.52 5.08 4.95VI 5.01 5.37 5.10 5.58 5.17
1 The average weighted effective yield achieved on the secondary market during the reporting period. The yield is calculated using the ISMA formula at ACT/365 day countconvention.
2 Government securities with maturity of seven years also include issues of seven years and three months.3 LTIR ≠ long-term interest rate for convergence assessment purposes. It is determined on the basis of the secondary market yield to maturity of a long-term bond (benchmark)
issued by the Ministry of Finance (Central Government sector) and denominated in national currency. The ISMA formula at ACT/365 day count convention is used.
Source: BNB.
1.25. INTERBANK MARKET INDICES1
SOFIBOR EURIBOR3
BIR2 LEONIA EONIA3 1 3 6 12 1 3 6 12month months months months month months months months
2007 VI 3.84 4.01 3.96 4.33 4.53 - - 4.10 4.15 4.28 4.51VII 4.01 4.10 4.06 4.43 4.69 - - 4.11 4.22 4.36 4.56VIII 4.10 4.09 4.05 4.51 4.80 - - 4.31 4.54 4.59 4.67IX 4.09 4.24 4.03 4.96 5.25 - - 4.43 4.74 4.75 4.72X 4.24 4.26 3.94 5.27 5.59 5.88 6.41 4.24 4.69 4.66 4.65XI 4.26 4.58 4.02 5.98 6.32 6.60 7.18 4.22 4.64 4.63 4.61XII 4.58 4.68 3.88 6.20 6.56 6.79 7.40 4.71 4.85 4.82 4.79
2008 I 4.68 4.75 4.02 6.19 6.55 6.78 7.44 4.20 4.48 4.50 4.50II 4.75 4.83 4.03 6.35 6.65 6.88 7.56 4.18 4.36 4.36 4.35III 4.83 4.85 4.09 6.38 6.68 6.92 7.58 4.30 4.60 4.59 4.59IV 4.85 4.93 3.99 6.42 6.77 6.98 7.68 4.37 4.78 4.80 4.82V 4.93 4.96 4.01 6.52 6.88 7.14 8.08 4.39 4.86 4.90 4.99VI 4.96 5.06 4.01 6.60 7.02 7.30 8.33 4.47 4.94 5.09 5.36
1 Monthly values are calculated as a simple average of daily values.2 Since 1 February 2005, according to a Resolution of the BNB Governing Council, the BIR equals the simple average of the daily values of LEONIA (L≈v OverNight Index
Average, a reference rate of all overnight unsecured lending transactions in the interbank market) for the business days of the preceding month (base period).3 ECB data.
Source: BNB.
87
6≠7/2008 FINANCIAL SECTOR
2.I.2007 3.48 3.63 -0.141.II.2007 3.59 3.61 -0.02
1.III.2007 3.58 3.77 -0.192.IV.2007 3.74 3.87 -0.121.V.2007 3.88 3.86 0.02
1.VI.2007 3.91 4.03 -0.122.VII.2007 4.08 4.11 -0.03
1.VIII.2007 4.18 4.11 0.073.IX.2007 4.17 4.46 -0.281.X.2007 4.32 4.39 -0.06
1.XI.2007 4.34 4.15 0.193.XII.2007 4.68 4.84 -0.15
2.I.2008 4.78 4.23 0.531.II.2008 4.85 4.19 0.64
3.III.2008 4.94 4.20 0.711.IV.2008 4.96 4.36 0.581.V.2008 5.04 4.39 0.63
2.VI.2008 5.07 4.46 0.591.VII.2008 5.18 4.45 0.70
1.VIII.2008 5.38 4.48 0.86
1.27. QUOTATIONS OF BULGARIAN GLOBAL BONDS
Date
bid offer bid offer
Global bonds in euro(EUR per EUR 100
nominal value)
Global bonds in US dollars(USD per USD 100
nominal value)
1.26. INTEREST DIFFERENTIAL BETWEEN
BASE INTEREST RATE AND MONTHLY EUROLIBOR
(%)
Base interest rate Interest rate Interest Date effective annual (EUR) (If) differential2
rate (I) 1
2.VI.2008 108.80 109.45 117.05 117.673.VI.2008 108.56 109.18 117.08 117.534.VI.2008 108.47 108.99 117.21 117.725.VI.2008 107.87 108.44 116.97 117.306.VI.2008 107.54 108.03 116.75 117.129.VI.2008 106.78 107.30 116.60 116.97
10.VI.2008 106.72 107.27 115.13 115.8711.VI.2008 106.85 107.54 114.96 115.5712.VI.2008 106.59 107.14 114.75 115.3113.VI.2008 106.29 106.91 114.56 115.0316.VI.2008 106.13 106.76 114.20 114.6317.VI.2008 106.27 106.95 113.61 114.1418.VI.2008 106.24 106.89 114.07 114.6819.VI.2008 106.02 106.63 113.93 114.6320.VI.2008 106.06 106.79 114.13 114.7023.VI.2008 106.31 106.96 114.11 114.5524.VI.2008 106.29 106.94 113.92 114.5325.VI.2008 106.01 106.71 113.77 114.2726.VI.2008 106.36 106.99 113.69 114.4927.VI.2008 106.25 107.01 113.57 114.3430.VI.2008 105.85 106.47 113.84 114.62
1.VII.2008 105.72 106.38 113.89 114.662.VII.2008 105.52 106.18 113.75 114.393.VII.2008 105.63 106.27 113.76 114.444.VII.2008 106.08 106.66 113.75 114.477.VII.2008 106.34 106.96 113.75 114.518.VII.2008 106.35 106.97 113.69 114.479.VII.2008 106.29 106.93 113.59 114.57
10.VII.2008 106.26 106.90 113.75 114.7511.VII.2008 106.13 106.80 113.56 114.2214.VII.2008 106.47 107.04 113.54 114.2015.VII.2008 106.48 107.06 113.80 114.4516.VII.2008 106.38 106.98 113.73 114.3517.VII.2008 106.29 106.92 113.47 114.0418.VII.2008 105.91 106.54 112.92 113.5721.VII.2008 105.64 106.20 112.13 112.9222.VII.2008 105.52 106.15 112.24 112.9823.VII.2008 105.53 106.10 112.11 112.6224.VII.2008 105.96 106.54 112.25 112.9025.VII.2008 105.90 106.53 112.17 112.8728.VII.2008 106.20 106.86 112.54 113.1429.VII.2008 106.34 107.04 112.56 113.1230.VII.2008 106.52 107.17 112.39 112.9131.VII.2008 106.77 107.41 112.63 113.34
Source: Reuters.
1 Calculated on an annual basis.2 Calculated according to the formula:
Sources: BNB, Reuters.
88
BNB MONTHLY BULLETIN 6≠7/2008
A. C
urr
en
t accou
nt 1
Goo
ds: c
redi
t (F
OB
) G
oods
: deb
it (F
OB
)
Bal
ance
on
good
s 2
Serv
ices
: cre
dit
T
rans
port
atio
n 3
T
rave
l 4
O
ther
ser
vice
s
Se
rvic
es: d
ebit
T
rans
port
atio
n 3
T
rave
l 4
O
ther
ser
vice
s
Bal
ance
on
serv
ices
, net
Bal
ance
on
good
s an
d se
rvic
es, n
et
Inco
me:
cre
dit
Com
pens
atio
n of
em
ploy
ees
5
Inv
estm
ent i
ncom
e
Dir
ect i
nves
tmen
t inc
ome
P
ortf
olio
inve
stm
ent i
ncom
e
Oth
er in
vest
men
t inc
ome
Inco
me:
deb
it
C
ompe
nsat
ion
of e
mpl
oyee
s
I
nves
tmen
t inc
ome
D
irec
t inv
estm
ent i
ncom
e
Por
tfol
io in
vest
men
t inc
ome
O
ther
inve
stm
ent i
ncom
e
2 E
xte
rna
l S
ect
or
(con
tinue
d)
-299.4
-250.9
-255.0
-514.3
-691.3
-728.7
-894.2
-744.7
-593.8
-413.7
-679.8
-665.2
-688.3
-2885.7
-3785.5
-5367.2
-7119.7
1179
.612
42.2
1145
.512
00.2
1304
.812
66.7
1109
.111
15.1
1205
.713
23.1
1371
.713
21.0
1393
.562
05.1
7730
.212
490.
714
998.
7
-173
7.8
-184
5.5
-173
0.1
-180
7.3
-201
2.0
-206
0.1
-191
0.9
-172
6.4
-181
1.1
-190
2.4
-213
6.7
-213
4.0
-230
7.4
-946
4.6
-120
18.0
-190
79.4
-233
84.0
-558
.2-6
03.3
-584
.7-6
07.1
-707
.2-7
93.5
-801
.7-6
11.3
-605
.4-5
79.3
-765
.0-8
12.9
-913
.9-3
259.
5-4
287.
9-6
588.
7-8
385.
3
572.
372
2.6
688.
947
9.0
275.
925
1.1
283.
426
1.9
262.
527
9.7
293.
846
9.6
639.
019
18.4
2206
.444
50.3
4907
.4
152.
519
1.6
185.
513
5.6
96.9
87.6
89.1
90.3
93.9
105.
010
3.6
130.
517
5.9
595.
669
9.1
1330
.014
85.4
318.
444
4.3
427.
326
9.8
103.
678
.111
2.2
94.8
87.1
104.
510
5.9
208.
736
6.9
851.
996
7.9
2166
.524
03.2
101.
486
.776
.273
.675
.585
.482
.176
.881
.570
.284
.313
0.4
96.2
470.
853
9.4
953.
810
18.8
-286
.2-3
03.1
-362
.9-3
06.9
-311
.1-2
88.1
-326
.3-3
58.3
-292
.1-2
97.8
-325
.0-3
42.3
-373
.8-1
609.
2-1
989.
2-3
365.
6-3
887.
6
-102
.1-1
02.6
-116
.8-1
10.7
-107
.4-1
10.4
-103
.1-1
18.7
-103
.9-1
06.5
-117
.4-1
26.6
-136
.3-5
33.8
-709
.5-1
113.
4-1
360.
6
-112
.1-1
18.0
-137
.0-1
29.6
-117
.6-1
12.0
-109
.0-1
38.0
-115
.3-1
17.5
-126
.4-1
39.4
-142
.0-6
09.0
-778
.7-1
253.
6-1
501.
7
-72.
0-8
2.5
-109
.1-6
6.6
-86.
1-6
5.7
-114
.2-1
01.6
-72.
9-7
3.7
-81.
2-7
6.2
-95.
5-4
66.4
-501
.1-9
98.6
-102
5.2
286.
141
9.5
326.
017
2.2
-35.
2-3
7.0
-42.
9-9
6.4
-29.
6-1
8.1
-31.
212
7.3
265.
230
9.2
217.
210
84.7
1019
.8
-272
.1-1
83.8
-258
.7-4
34.9
-742
.4-8
30.4
-844
.6-7
07.7
-635
.0-5
97.4
-796
.3-6
85.6
-648
.7-2
950.
4-4
070.
7-5
504.
0-7
365.
5
121.
413
3.6
133.
413
7.3
141.
513
7.3
130.
815
4.8
138.
113
5.5
126.
712
7.8
135.
971
6.1
818.
914
01.8
1632
.8
98.9
99.6
111.
611
4.9
113.
710
6.1
106.
011
9.1
118.
311
3.0
105.
210
6.4
110.
857
7.2
672.
911
32.7
1324
.9
22.6
34.0
21.8
22.4
27.8
31.2
24.8
35.7
19.8
22.5
21.5
21.5
25.1
138.
914
6.0
269.
130
7.9
2.1
-0.9
-0.7
-0.1
0.3
1.2
1.4
0.2
2.4
0.6
0.8
0.0
0.5
-7.1
4.5
-5.7
5.7
10.6
12.7
11.6
10.3
12.9
11.6
12.0
10.6
7.9
8.5
9.3
11.2
15.0
69.6
62.5
129.
713
3.6
9.9
22.2
10.9
12.1
14.5
18.4
11.4
24.8
9.5
13.4
11.4
10.2
9.6
76.4
79.0
145.
116
8.6
-190
.6-2
21.5
-148
.8-2
50.6
-109
.6-8
8.0
-218
.0-1
76.3
-82.
5-1
17.0
-214
.9-1
57.1
-255
.6-8
04.4
-100
3.4
-180
8.8
-204
0.0
-6.2
-4.3
-2.3
-1.7
-3.1
-1.5
-3.3
-1.8
-2.6
-2.6
-3.8
-2.0
-1.6
-23.
4-1
4.4
-42.
1-3
0.5
-184
.4-2
17.3
-146
.6-2
48.9
-106
.5-8
6.5
-214
.7-1
74.6
-79.
9-1
14.4
-211
.1-1
55.0
-254
.0-7
81.0
-989
.0-1
766.
7-2
009.
4
-132
.8-1
58.6
-116
.7-2
00.0
-72.
3-5
8.2
-149
.2-6
7.1
-50.
0-5
4.6
-186
.9-1
21.6
-202
.0-4
89.8
-682
.1-1
269.
8-1
437.
1
0.0
-31.
80.
00.
00.
00.
00.
0-6
8.0
0.0
0.0
0.0
0.0
0.0
-93.
8-6
8.2
-128
.5-1
00.2
-51.
5-2
6.9
-29.
8-4
8.8
-34.
1-2
8.3
-65.
5-3
9.5
-29.
9-5
9.8
-24.
1-3
3.4
-51.
9-1
97.4
-238
.6-3
68.4
-472
.1
2.1
. B
AL
AN
CE
OF
PA
YM
EN
TS
*(m
illio
n E
UR
)
M
onth
ly d
ata
VI
VII
VII
IIX
XX
IX
III
IIII
IIV
VV
Ias
of 3
.VI.
as o
f 30.V
I.as
of 3
0.VI.
as o
f 30.V
I.
2007
2
008
2007
2008
2007
2008
Dat
a ac
cum
ulat
edfr
om th
e be
ginn
ing
of th
e ye
ar
Dat
a ac
cum
ulat
edin
the
last
12m
onth
s
89
6≠7/2008 EXTERNAL SECTOR
Bal
ance
on
inco
me,
net
B
alan
ce o
n go
ods,
ser
vice
s an
d in
com
e, n
et
C
urre
nt tr
ansf
ers,
net
Cur
rent
tran
sfer
s, c
redi
t
C
urre
nt tr
ansf
ers,
deb
it
B. C
apit
al
accou
nt 1
, 6
Cap
ital t
rans
fers
, net
Gro
ups
A a
nd B
, tot
al
C. F
inan
cia
l accou
nt 1
, 6
Dir
ect i
nves
tmen
t, ne
t
Dir
ect i
nves
tmen
t abr
oad
Equ
ity c
apita
l
R
einv
este
d ea
rnin
gs
O
ther
cap
ital
D
irec
t inv
estm
ent i
n re
port
ing
econ
omy 7
Equ
ity c
apita
l
R
einv
este
d ea
rnin
gs
O
ther
cap
ital 8
Mer
gers
and
acq
uisi
tions
, net
9
P
ortf
olio
inve
stm
ent a
sset
s 10
P
ortf
olio
inve
stm
ent l
iabi
litie
s
F
inan
cial
der
ivat
ives
, net
O
ther
inve
stm
ent a
sset
s
Tra
de c
redi
ts, n
et 1
1
L
oans
C
urre
ncy
and
depo
sits
O
ther
ass
ets
(con
tinue
d)
2.1
. B
AL
AN
CE
OF
PA
YM
EN
TS
*(c
ontin
ued)
(mill
ion
EU
R)
M
onth
ly d
ata
VI
VII
VII
IIX
XX
IX
III
IIII
IIV
VV
Ias
of 3
.VI.
as o
f 30.V
I.as
of 3
0.VI.
as o
f 30.V
I.
2007
2
008
2007
2008
2007
2008
-69.
1-8
7.9
-15.
5-1
13.3
31.9
49.2
-87.
2-2
1.5
55.6
18.5
-88.
2-2
9.2
-119
.7-8
8.3
-184
.5-4
07.0
-407
.2
-341
.2-2
71.8
-274
.1-5
48.2
-710
.4-7
81.2
-931
.8-7
29.2
-579
.4-5
78.9
-884
.5-7
14.8
-768
.3-3
038.
7-4
255.
2-5
910.
9-7
772.
7
41.8
20.9
19.1
33.9
19.2
52.6
37.6
-15.
4-1
4.4
165.
220
4.7
49.6
80.0
153.
046
9.7
543.
765
3.0
73.6
65.4
66.0
78.8
88.3
114.
989
.553
.762
.122
7.9
258.
395
.813
0.0
406.
382
7.8
894.
713
30.7
-31.
8-4
4.5
-46.
8-4
4.9
-69.
1-6
2.3
-51.
9-6
9.2
-76.
5-6
2.7
-53.
6-4
6.1
-50.
0-2
53.3
-358
.1-3
51.0
-677
.7
14.9
21.1
21.2
29.5
20.7
117.8
74.8
0.0
11.3
173.3
12.6
3.3
0.4
64.7
200.9
175.7
485.9
14.9
21.1
21.2
29.5
20.7
117.
874
.80.
011
.317
3.3
12.6
3.3
0.4
64.7
200.
917
5.7
485.
9
-284
.5-2
29.8
-233
.7-4
84.8
-670
.6-6
10.9
-819
.4-7
44.7
-582
.5-2
40.4
-667
.1-6
61.9
-687
.9-2
821.
0-3
584.
6-5
191.
5-6
633.
8
1119.1
722.0
814.5
1719.2
708.8
1078.9
704.7
454.7
810.3
803.8
976.9
222.0
1437.5
4381.3
4705.1
7725.2
10453.1
475.8
540.6
779.7
478.4
472.0
507.9
679.9
267.8
201.0
7.1
365.4
210.4
596.4
2452.2
1648.2
5417.6
5106.7
-41.
3-1
9.7
-13.
4-1
3.8
-7.1
-17.
6-3
4.4
-20.
9-8
.4-3
63.9
-14.
6-1
1.4
-11.
2-8
4.9
-430
.4-1
88.1
-536
.3
-39.
2-2
2.3
-6.9
-7.4
-4.2
-11.
9-2
7.5
-19.
9-8
.0-3
62.1
-14.
6-1
0.1
-11.
1-1
03.4
-425
.8-1
60.1
-506
.0
0.1
1.1
1.1
1.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
11.4
0.0
10.8
3.3
-2.2
1.5
-7.6
-7.5
-3.0
-5.7
-6.9
-1.0
-0.4
-1.9
0.0
-1.3
-0.1
7.1
-4.6
-38.
8-3
3.6
517.
056
0.2
800.
549
2.2
479.
152
5.5
714.
328
8.7
209.
437
1.1
380.
022
1.8
607.
625
37.1
2078
.656
05.7
5650
.3
279.
522
6.9
595.
541
7.1
310.
129
9.7
301.
417
9.8
201.
214
7.6
175.
414
6.1
836.
014
47.6
1686
.233
49.9
3837
.1
28.0
36.8
36.8
36.8
37.5
37.5
37.5
39.1
39.1
39.1
39.1
39.1
39.1
165.
723
4.7
597.
445
7.6
209.
529
6.5
168.
138
.213
1.5
188.
337
5.4
69.7
-30.
918
4.3
165.
436
.6-2
67.5
923.
915
7.7
1658
.413
55.6
0.0
0.0
-7.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-7.4
-63.
331
.844
.056
.0-1
6.7
-39.
8-1
03.2
101.
3-3
1.2
-44.
3-1
7.5
30.3
-134
.2-6
.2-9
5.5
-223
.6-1
23.3
11.1
98.6
-195
.8-3
9.5
-69.
682
.8-1
03.7
-20.
318
.3-1
8.2
-58.
5-1
2.4
36.8
-209
.2-5
4.4
247.
8-2
81.6
-8.1
-4.0
-10.
313
.631
.2-1
8.4
-30.
30.
4-1
0.0
-22.
1-1
3.1
-22.
5-1
5.6
-43.
0-8
2.9
-116
.1-1
01.1
-26.
7-3
23.2
-405
.057
0.4
-115
.8-3
78.5
-389
.571
2.1
187.
6-1
57.7
191.
6-1
3.8
-699
.453
6.2
220.
3-9
86.4
-821
.4
-27.
52.
72.
72.
60.
00.
00.
00.
00.
00.
00.
00.
00.
0-1
72.4
0.0
-181
.78.
1
-7.5
-14.
1-1
1.7
-11.
0-3
6.5
-12.
0-4
9.4
-31.
3-2
3.9
-42.
05.
0-5
.5-4
8.2
-24.
5-1
45.8
-111
.3-2
80.6
3.1
-272
.3-3
83.4
568.
4-7
6.7
-367
.1-3
27.2
746.
219
6.4
-116
.718
5.9
-11.
8-6
45.7
779.
035
4.1
-652
.3-5
04.2
5.1
-39.
5-1
2.7
10.5
-2.6
0.6
-12.
9-2
.815
.01.
00.
73.
5-5
.5-4
5.9
12.0
-41.
0-4
4.6
Dat
a ac
cum
ulat
edfr
om th
e be
ginn
ing
of th
e ye
ar
Dat
a ac
cum
ulat
edin
the
last
12m
onth
s
90
BNB MONTHLY BULLETIN 6≠7/2008
*A
naly
tical
rep
ortin
g of
the
bala
nce
of p
aym
ents
in a
ccor
danc
e w
ith I
MF
5th
edi
tion
of th
e B
alan
ce o
f Pay
men
ts M
anua
l.1
Pre
limin
ary
data
. Rev
ised
dat
a fo
r M
ay 2
008.
The
200
5 ≠
June
200
8 ba
lanc
e of
pay
men
ts d
ata
are
to b
e re
vise
d w
ith th
e Ju
ly 2
008
repo
rt.
2D
ata
base
d on
cus
tom
s de
clar
atio
ns p
roce
ssed
by
the
BN
B a
nd s
uppl
emen
ted
with
NSI
info
rmat
ion.
Dat
a co
ordi
nate
d w
ith th
e N
SI.
Pre
limin
ary
data
for
2008
pro
vide
d by
the
NSI
as
of 5
Aug
ust i
nclu
ding
Int
rast
at s
yste
m d
ata
on E
U c
ount
ries
and
cus
tom
s de
clar
atio
ns d
ata
on c
ount
ries
out
side
the
EU
.Im
port
s es
timat
es a
t FO
B p
rice
s ba
sed
on a
BN
B a
nd N
SI m
etho
dolo
gy.
3F
reig
ht tr
ansp
orta
tion
estim
ates
follo
win
g a
met
hodo
logy
of t
he B
NB
and
the
NSI
.4
Est
imat
es fo
llow
ing
a m
etho
dolo
gy o
f the
BN
B a
nd th
e M
inis
try
of E
cono
my.
The
200
7≠20
08 d
ata
abou
t the
num
ber
of fo
reig
ners
who
vis
ited
Bul
gari
a an
d of
Bul
gari
ans
who
trav
elle
d ab
road
are
bas
ed o
n in
form
atio
n pr
ovid
ed b
y th
e N
SI.
5E
stim
ates
follo
win
g a
met
hodo
logy
of t
he B
NB
.6
A m
inus
sig
n de
note
s fl
ight
of c
apita
l (in
crea
se in
ass
ets
or d
ecre
ase
in li
abili
ties)
.7
Dat
a pr
ovid
ed b
y th
e co
mpa
nies
with
inte
rnat
iona
l int
eres
t, th
e P
riva
tisat
ion
Age
ncy,
the
NSI
, the
Cen
tral
Dep
osito
ry, b
anks
, etc
. Dat
a fo
r 20
07 a
nd 2
008
incl
ude
only
rei
nves
ted
earn
ings
of b
anks
.8
Dat
a ba
sed
on r
epor
ts o
f res
iden
tsí o
blig
atio
ns o
n fi
nanc
ial c
redi
ts to
non
-res
iden
ts r
ecei
ved
at th
e B
NB
. Due
to q
uart
erly
rep
ortin
g of
thes
e lia
bilit
ies,
dat
a ar
e su
bjec
t to
revi
sion
.9
The
item
incl
udes
all
tran
sact
ions
ass
ocia
ted
with
acq
uisi
tions
and
mer
gers
.10
Dat
a so
urce
: ban
ks.
11B
ulga
riaí
s ex
tern
al c
laim
s on
trad
e cr
edits
(pa
id a
dvan
ces
and
clai
ms
on s
uppl
iers
) ar
e in
clud
ed in
this
item
. Due
to q
uart
erly
rep
ortin
g, d
ata
are
subj
ect t
o re
visi
on.
12O
ther
sec
tors
dat
a fo
r Ja
nuar
y ≠
Sept
embe
r 20
07 p
rovi
ded
by th
e B
IS. D
ata
for
Oct
ober
≠ D
ecem
ber
2007
and
200
8 ar
e su
bjec
t to
revi
sion
.13
Bul
gari
aís
exte
rnal
liab
ilitie
s on
trad
e cr
edits
(re
ceiv
ed a
dvan
ces
and
oblig
atio
ns to
sup
plie
rs)
are
incl
uded
in th
is it
em. D
ue to
qua
rter
ly r
epor
ting
of th
ese
liabi
litie
s, d
ata
are
subj
ect t
o re
visi
on.
14E
xclu
ding
cha
nges
in B
NB
res
erve
ass
ets
due
to v
alua
tion
adju
stm
ents
. A m
inus
sig
n de
note
s an
incr
ease
in r
eser
ve a
sset
s an
d a
posi
tive
sign
a d
ecre
ase.
Sour
ce: B
NB
.
O
ther
inve
stm
ent l
iabi
litie
s
Tra
de c
redi
ts, n
et 1
3
L
oans
C
urre
ncy
and
depo
sits
O
ther
liab
ilitie
s
Gro
ups
A, B
and
C, t
otal
D. E
rrors
an
d o
mis
sion
s
OV
ER
AL
L B
AL
AN
CE
(gr
oups
A, B
, C a
nd D
)
E. R
ese
rves
an
d o
ther
fin
an
cin
g
BN
B r
eser
ve a
sset
s 14
Use
of
Fun
d cr
edit,
net
Exc
eptio
nal f
inan
cing
, net
2.1
. B
AL
AN
CE
OF
PA
YM
EN
TS
*(c
ontin
ued)
(mill
ion
EU
R)
M
onth
ly d
ata
VI
VII
VII
IIX
XX
IX
III
IIII
IIV
VV
Ias
of 3
.VI.
as o
f 30.V
I.as
of 3
0.VI.
as o
f 30.V
I.
2007
2
008
2007
2008
2007
2008
730.
337
8.2
601.
964
0.3
407.
792
5.0
651.
4-6
06.7
444.
610
39.0
509.
030
.016
53.4
1651
.330
69.3
3385
.866
73.9
79.4
-11.
3-1
1.4
-11.
238
.438
.138
.2-3
.2-3
.2-2
.80.
00.
00.
019
1.7
-9.3
283.
071
.5
703.
943
5.3
357.
733
2.0
245.
445
9.0
-20.
221
7.2
126.
052
6.7
194.
286
.952
9.1
1116
.616
80.1
2436
.834
89.3
-53.
8-3
7.5
195.
339
3.2
136.
340
4.5
630.
9-7
87.3
296.
430
5.8
520.
1-7
8.9
1149
.130
5.8
1405
.266
6.5
3128
.0
0.9
-8.3
60.3
-73.
7-1
2.4
23.3
2.6
-33.
425
.320
9.3
-205
.222
.0-2
4.8
37.2
-6.7
-0.6
-15.
0
834.
649
2.3
580.
712
34.4
38.2
468.
0-1
14.7
-290
.022
7.8
563.
430
9.7
-439
.974
9.5
1560
.311
20.5
2533
.738
19.3
-254.9
-210.0
-112.2
105.7
50.8
-250.6
-14.5
-40.9
-271.0
-46.6
557.2
304.4
-352.1
-664.7
151.1
-542.3
-279.7
579.7
282.3
468.5
1340.1
89.0
217.5
-129.2
-330.9
-43.2
516.8
866.9
-135.5
397.5
895.6
1271.5
1991.4
3539.6
-579.7
-282.3
-468.5
-1340.1
-89.0
-217.5
129.2
330.9
43.2
-516.8
-866.9
135.5
-397.5
-895.6
-1271.5
-1991.4
-3539.6
-579
.7-2
82.3
-468
.5-1
340.
1-8
9.0
-217
.512
9.2
330.
943
.2-5
16.8
-866
.913
5.5
-397
.5-6
40.3
-127
1.5
-168
3.2
-353
9.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-255
.30.
0-3
08.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Dat
a ac
cum
ulat
edfr
om th
e be
ginn
ing
of th
e ye
ar
Dat
a ac
cum
ulat
edin
the
last
12m
onth
s
91
6≠7/2008 EXTERNAL SECTOR
2.2. EXPORTS AND IMPORTS
2.2.1 EXPORTS BY USE, 2008(million EUR)
Commodity groups I II III I quarter IV V Total
Consumer goods Food Cigarettes Drink Clothing and footwear Medical goods and cosmetics Housing and home furniture Other
Raw and other materials Cast-iron, iron and steel Non-ferrous metals Chemicals Plastics and rubber Fertilizers Textiles Food feedstocks Wood and paper, cardboard Cement Tobacco Other
Investment goods Machines, tools and appliances Electrical machines Transportation facilities Spare parts and equipment Other
Non-energy goods, total
Energy resources
Oil products Other
Other exports1
EXPORTS, TOTAL (FOB)
1 Including information on exports of goods not classified elsewhere.
Source: Customs declarations data supplemented with NSI information and processed by the BNB. Data coordinated with the NSI. Preliminary data provided by the NSI,including Intrastat system data as of 4 August 2008 and customs declarations data as of 4 July 2008.
258.7 308.6 288.7 856.0 279.9 268.1 1404.140.0 45.7 48.6 134.3 49.1 44.9 228.42.2 2.7 2.3 7.2 3.5 3.0 13.66.2 8.1 9.1 23.4 11.6 10.0 45.0
125.8 144.7 120.9 391.4 109.6 108.7 609.719.9 32.8 29.5 82.2 25.6 23.7 131.436.4 43.2 44.2 123.8 48.3 47.1 219.228.2 31.5 34.1 93.8 32.3 30.7 156.8
522.5 559.3 617.0 1698.8 671.9 577.9 2948.689.0 73.6 78.6 241.1 115.5 81.9 438.5
155.1 174.3 213.0 542.3 216.5 162.4 921.237.6 31.3 43.3 112.2 39.2 34.3 185.631.8 30.3 32.4 94.5 33.5 30.1 158.15.4 8.3 17.2 31.0 30.3 19.9 81.1
42.8 44.2 41.1 128.1 42.7 41.6 212.434.6 48.7 58.4 141.7 58.1 64.8 264.519.5 22.8 25.0 67.2 24.3 24.2 115.82.3 0.7 0.9 3.9 1.6 2.2 7.7
16.0 9.9 5.4 31.3 4.5 5.4 41.288.6 115.1 101.7 305.4 105.7 111.2 522.2
177.2 220.5 204.3 602.1 208.4 211.4 1021.954.4 67.5 67.5 189.4 66.0 68.9 324.317.3 20.2 17.2 54.8 19.5 21.1 95.43.7 15.7 14.7 34.1 9.2 15.0 58.4
49.2 55.1 48.8 153.0 48.1 46.6 247.752.7 62.0 56.1 170.8 65.6 59.8 296.2
958.5 1088.4 1110.0 3156.9 1160.2 1057.4 5374.5
156.5 117.3 213.1 487.0 211.5 263.6 962.1
140.1 105.8 187.0 432.9 176.5 231.8 841.216.4 11.5 26.1 54.1 35.0 31.8 120.9
0.0 0.0 0.0 0.0 0.0 0.0 0.0
1115.1 1205.7 1323.1 3643.9 1371.7 1321.0 6336.7
92
BNB MONTHLY BULLETIN 6≠7/20082.
2.2
EX
PO
RT
S B
Y U
SE,
2007
(mill
ion
EU
R)
Com
mod
ity g
roup
sI
IIII
II
quar
ter
IVV
VI
II q
uart
erV
IIV
III
IXII
I qu
arte
rX
XI
XII
IV q
uart
erT
otal
Con
sum
er g
oods
F
ood
C
igar
ette
s
Dri
nk
Clo
thin
g an
d fo
otw
ear
M
edic
al g
oods
and
cos
met
ics
H
ousi
ng a
nd h
ome
furn
iture
O
ther
Raw
and
oth
er m
ater
ials
C
ast-
iron
, iro
n an
d st
eel
N
on-f
erro
us m
etal
s
Che
mic
als
P
last
ics
and
rubb
er
Fer
tiliz
ers
T
extil
es
Foo
d fe
edst
ocks
W
ood
and
pape
r, c
ardb
oard
C
emen
t
Tob
acco
O
ther
Inve
stm
ent g
oods
M
achi
nes,
tool
s an
d ap
plia
nces
E
lect
rica
l mac
hine
s
Tra
nspo
rtat
ion
faci
litie
s
Spa
re p
arts
and
equ
ipm
ent
O
ther
Non
-en
erg
y g
oods,
tota
l
En
erg
y r
eso
urc
es
O
il pr
oduc
ts
Oth
er
Oth
er e
xpor
ts1
EX
PO
RT
S, T
OT
AL
(F
OB
)
1In
clud
ing
info
rmat
ion
on e
xpor
ts o
f goo
ds n
ot c
lass
ifie
d el
sew
here
.
Sour
ce:
Cus
tom
s de
clar
atio
ns d
ata
supp
lem
ente
d w
ith N
SI in
form
atio
n an
d pr
oces
sed
by th
e B
NB
. Dat
a co
ordi
nate
d w
ith th
e N
SI. P
relim
inar
y da
ta p
rovi
ded
by th
e N
SI, i
nclu
ding
Int
rast
at s
yste
m d
ata
as o
f 4 M
arch
200
8 an
d cu
stom
sde
clar
atio
ns d
ata
as o
f 1
Feb
ruar
y 20
08.
220.
824
9.9
289.
776
0.4
233.
325
4.5
288.
377
6.1
290.
627
4.7
276.
284
1.5
302.
831
3.1
255.
387
1.2
3249
.229
.035
.141
.410
5.5
34.5
39.7
42.0
116.
239
.741
.548
.913
0.1
62.1
53.7
48.0
163.
851
5.7
1.5
1.8
2.3
5.6
1.8
2.0
3.1
6.9
3.4
3.8
3.2
10.3
2.9
4.0
2.6
9.6
32.4
6.1
6.6
8.7
21.4
8.7
10.2
10.0
28.9
10.0
10.2
9.3
29.5
10.9
9.6
9.8
30.3
110.
012
3.1
132.
914
3.3
399.
310
7.3
114.
714
5.6
367.
714
3.9
131.
211
8.8
393.
811
9.9
129.
211
0.2
359.
315
20.2
10.8
17.3
26.0
54.1
22.6
24.1
23.2
69.8
25.8
22.9
26.8
75.5
28.7
34.9
27.1
90.7
290.
131
.434
.642
.710
8.7
34.6
38.3
41.5
114.
341
.237
.142
.412
0.7
46.9
46.8
31.4
125.
146
8.8
18.9
21.6
25.3
65.8
23.7
25.5
23.1
72.3
26.7
27.9
26.9
81.5
31.4
35.0
26.1
92.5
312.
1
433.
944
1.9
505.
013
80.8
471.
851
1.4
526.
115
09.3
563.
652
0.5
547.
716
31.8
578.
452
9.6
438.
815
46.8
6068
.669
.680
.482
.823
2.9
102.
395
.610
7.8
305.
784
.488
.687
.326
0.3
77.5
72.2
64.9
214.
710
13.6
116.
311
8.7
138.
037
3.1
103.
099
.613
4.0
336.
717
8.0
162.
115
0.0
490.
117
5.6
137.
412
9.1
442.
116
42.0
34.4
22.9
39.0
96.4
22.6
28.6
26.4
77.6
35.6
33.8
36.4
105.
831
.930
.835
.197
.837
7.6
25.8
26.2
31.3
83.3
26.3
28.3
24.6
79.2
35.3
34.0
32.8
102.
134
.937
.026
.398
.236
2.6
1.7
3.4
9.1
14.2
16.8
6.1
10.4
33.3
0.5
10.4
5.7
16.5
15.2
0.8
11.6
27.6
91.6
42.1
41.1
46.4
129.
740
.046
.048
.813
4.7
48.7
31.8
38.0
118.
546
.143
.930
.412
0.4
503.
330
.231
.727
.689
.533
.839
.426
.799
.936
.532
.940
.410
9.8
38.7
38.7
29.0
106.
440
5.6
17.5
21.0
24.4
62.9
23.7
25.8
27.6
77.1
25.9
26.9
44.6
97.4
22.8
19.4
19.6
61.7
299.
20.
41.
41.
12.
91.
01.
21.
33.
51.
41.
91.
54.
81.
41.
62.
45.
416
.610
.16.
26.
823
.14.
74.
64.
213
.55.
13.
68.
717
.413
.423
.511
.148
.010
2.0
85.8
88.7
98.3
272.
997
.613
6.3
114.
134
8.0
112.
294
.710
2.2
309.
012
0.8
124.
379
.432
4.5
1254
.4
142.
914
7.5
189.
648
0.0
155.
316
3.2
183.
450
1.9
181.
517
8.0
179.
953
9.5
211.
021
8.5
209.
763
9.2
2160
.643
.245
.759
.014
7.9
50.5
53.3
55.6
159.
360
.951
.556
.816
9.2
71.3
69.4
80.2
220.
969
7.4
13.6
15.6
16.8
46.0
16.0
16.3
22.5
54.8
16.6
17.7
17.7
52.0
21.0
23.3
17.9
62.3
215.
015
.16.
827
.749
.76.
28.
817
.232
.16.
318
.010
.234
.517
.222
.815
.655
.617
1.9
35.6
37.5
42.1
115.
239
.640
.243
.212
3.0
42.8
42.1
43.3
128.
250
.754
.239
.114
4.1
510.
435
.441
.943
.912
1.2
43.0
44.7
45.0
132.
754
.948
.851
.815
5.6
50.7
48.8
56.9
156.
456
5.9
797.7
839.3
984.3
2621.3
860.5
929.0
997.7
2787.2
1035.7
973.2
1003.8
3012.7
1092.1
1061.2
903.9
3057.2
11478.4
70.9
66.8
140.1
277.9
166.6
170.3
181.9
518.7
206.5
172.3
196.4
575.2
212.7
205.4
205.3
623.4
1995.2
57.9
58.6
126.
424
2.8
145.
315
4.4
148.
544
8.1
180.
214
2.7
167.
349
0.2
182.
517
6.6
180.
853
9.9
1721
.113
.08.
313
.735
.021
.315
.933
.470
.626
.329
.629
.185
.030
.228
.824
.583
.527
4.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
868.6
906.1
1124.4
2899.1
1027.0
1099.3
1179.6
3305.9
1242.2
1145.5
1200.2
3587.9
1304.8
1266.7
1109.1
3680.6
13473.6
93
6≠7/2008 EXTERNAL SECTOR
2.2.3. IMPORTS BY USE, 2008(million EUR)
Commodity groups I II III I quarter IV V Total
Consumer goods Food, drink and cigarettes Housing and home furniture Medical goods and cosmetics Clothing and footwear Automobiles Other
Raw and other materials Ores Cast-iron, iron and steel Non-ferrous metals Textiles Wood and paper, cardboard Chemicals Plastics and rubber Food feedstocks Hide Tobacco Other
Investment goods Machines, tools and appliances Electrical machines Transportation facilities Spare parts and equipment Other
Non-energy goods, total
Energy resources
Fuels Crude oil and natural gas Coal Other fuels Other Oils Electricity
Other imports1
IMPORTS, TOTAL (CIF)
1 Including information on imports of goods in Chapter 99 Customs Concessions of the Customs Tariff and imports of goods not classified elsewhere.
Source: Customs declarations data supplemented with NSI information and processed by the BNB. Data coordinated with the NSI. Preliminary data provided by the NSI,including Intrastat system data as of 4 August 2008 and customs declarations data as of 4 July 2008.
267.6 326.3 346.1 940.1 370.6 347.4 1658.168.5 75.7 81.6 225.9 93.0 88.7 407.553.2 66.0 76.5 195.7 77.4 76.8 349.850.9 55.7 55.0 161.6 62.3 54.6 278.519.7 30.0 35.9 85.6 32.5 25.5 143.636.4 50.0 45.8 132.1 49.8 44.6 226.439.0 49.0 51.4 139.3 55.6 57.3 252.3
640.3 700.4 695.8 2036.5 772.6 767.7 3576.7106.0 106.2 80.0 292.1 64.1 102.4 458.798.4 98.8 97.7 295.0 121.7 112.8 529.647.8 58.3 46.0 152.1 83.5 58.2 293.8
105.1 98.1 98.8 302.0 115.0 121.5 538.535.2 36.9 39.6 111.7 41.6 40.2 193.431.4 36.9 36.7 105.0 36.2 27.6 168.866.7 80.2 88.2 235.1 98.7 90.0 423.932.7 45.4 47.6 125.7 37.9 36.0 199.66.3 4.8 5.9 17.1 10.0 10.2 37.23.1 2.4 7.8 13.4 6.8 27.3 47.4
107.4 132.4 147.4 387.2 157.2 141.4 685.8
457.6 535.3 537.8 1530.8 614.5 570.8 2716.0168.0 169.3 168.1 505.4 204.2 190.9 900.462.3 83.1 68.6 213.9 67.7 65.9 347.694.0 122.6 136.8 353.4 150.8 152.4 656.556.4 65.3 61.4 183.2 66.6 69.9 319.776.9 95.1 102.9 274.9 125.2 91.6 491.7
1365.6 1562.0 1579.7 4507.3 1757.6 1685.9 7950.8
451.2 340.5 416.8 1208.4 487.3 555.7 2251.5
406.3 294.3 369.2 1069.8 426.2 481.6 1977.7379.0 257.3 336.4 972.7 369.8 441.3 1783.823.2 32.1 32.1 87.4 50.3 36.4 174.14.1 4.9 0.8 9.8 6.1 4.0 19.8
44.9 46.2 47.5 138.6 61.1 74.1 273.844.9 46.2 47.5 138.6 61.1 74.1 273.80.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
1816.8 1902.5 1996.5 5715.7 2245.0 2241.6 10202.3
94
BNB MONTHLY BULLETIN 6≠7/20082.
2.4.
IM
PO
RT
S B
Y U
SE,
2007
(mill
ion
EU
R)
Com
mod
ity g
roup
sI
IIII
II
quar
ter
IVV
VI
II q
uart
erV
IIV
III
IXII
I qu
arte
rX
XI
XII
IV q
uart
erT
otal
Con
sum
er g
oods
F
ood,
dri
nk a
nd c
igar
ette
s
Hou
sing
and
hom
e fu
rnitu
re
Med
ical
goo
ds a
nd c
osm
etic
s
Clo
thin
g an
d fo
otw
ear
A
utom
obile
s
Oth
er
Raw
and
oth
er m
ater
ials
O
res
C
ast-
iron
, iro
n an
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ther
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rici
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Oth
er im
port
s1
IMP
OR
TS
, T
OT
AL
(C
IF)
1In
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ing
info
rmat
ion
on im
port
s of
goo
ds in
Cha
pter
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tom
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tom
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f and
impo
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of g
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not
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ssif
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else
whe
re.
Sour
ce:
Cus
tom
s de
clar
atio
ns d
ata
supp
lem
ente
d w
ith N
SI in
form
atio
n an
d pr
oces
sed
by th
e B
NB
. Dat
a co
ordi
nate
d w
ith th
e N
SI. P
relim
inar
y da
ta p
rovi
ded
by th
e N
SI, i
nclu
ding
Int
rast
at s
yste
m d
ata
as o
f 4 M
arch
200
8 an
d cu
stom
sde
clar
atio
ns d
ata
as o
f 1
Feb
ruar
y 20
08.
254.
326
4.4
287.
680
6.3
260.
028
7.5
278.
882
6.3
294.
328
4.8
295.
387
4.5
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737
0.4
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510
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164
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236.
878
3.9
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161
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65.8
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191
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.828
3.1
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349
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9.1
43.9
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9.2
62.4
58.6
49.8
170.
862
3.8
22.9
20.9
26.8
70.6
22.2
19.8
14.9
56.9
18.8
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32.1
74.2
34.4
26.4
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80.2
281.
936
.634
.637
.910
9.1
33.6
38.6
42.0
114.
243
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9.1
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948
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240
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7
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318
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27.1
748.
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721
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434
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3.2
215.
590
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4.3
108.
333
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111.
314
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211
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76.5
94.2
253.
478
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.892
.827
1.6
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91.8
87.8
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610
4.4
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272
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8.3
1078
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3.5
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111.
348
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9.0
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0.3
109.
298
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4.4
322.
512
0.7
144.
413
9.9
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6.7
78.6
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302.
613
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130.
311
0.0
370.
414
00.6
33.5
33.7
36.9
104.
235
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3.6
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37.7
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243
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824
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74.2
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4.9
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09.5
17.5
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16.9
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58.6
27.6
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103.
135
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0.3
356.
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77.
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723
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128
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6.8
0.7
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2.2
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4.9
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3.0
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3.0
2.2
1.8
7.0
40.3
110.
311
1.5
123.
834
5.5
115.
413
2.6
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137
4.1
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113
1.3
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0.4
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913
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1.5
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414.
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851
4.0
486.
714
21.4
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046
9.9
551.
315
42.2
600.
860
6.8
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918
19.5
6051
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8.0
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516
0.1
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613
6.4
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9.9
534.
317
7.2
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221
8.8
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120
0.6
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116
6.2
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921
17.9
56.3
55.2
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552
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7.4
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66.6
61.9
195.
380
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1.9
274.
981
5.0
78.8
79.8
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828
4.4
109.
312
7.0
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935
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836
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59.2
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856
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9.0
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70.1
217.
671
8.6
53.9
53.7
62.7
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373
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.864
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1.7
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71.3
88.4
258.
010
5.5
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110
2.7
326.
495
6.4
1258.2
1222.6
1436.0
3916.7
1251.7
1451.7
1465.0
4168.4
1505.8
1433.4
1504.6
4443.8
1722.1
1733.1
1620.1
5075.3
17604.2
272.1
217.5
291.0
780.6
377.4
330.8
361.7
1069.9
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386.5
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4272.7
248.
418
4.6
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7.9
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6.8
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44.4
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928.
230
3.3
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630
2.3
940.
233
09.7
15.4
30.5
25.5
71.4
22.2
23.1
39.1
84.4
35.7
33.3
29.4
98.5
29.5
21.6
12.6
63.6
318.
05.
210
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07.
314
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417
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99.
124
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.823
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3.1
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750
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0.3
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223
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20.
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00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
0.0
0.0
0.0
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0.0
0.0
0.0
0.0
0.0
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0.0
0.0
0.0
0.0
0.0
0.0
0.0
1530.3
1440.1
1727.0
4697.3
1629.1
1782.6
1826.6
5238.3
1937.9
1819.9
1899.1
5656.9
2112.7
2165.0
2006.7
6284.4
21876.9
95
6≠7/2008 EXTERNAL SECTOR
2.2.5. EXPORTS BY MAJOR TRADING PARTNER AND REGION, 2008(million EUR)
Countries I II III I quarter IV V Total
European Union-27, including: European Union-15, including: 1
Austria Belgium Denmark Finland France Germany Greece Ireland Italy Luxembourg Netherlands Portugal Spain Sweden United Kingdom European Union ≠ new Member States, including: 2
Cyprus Czech Republic Estonia Hungary Latvia Lithuania Malta Poland Romania Slovakia Slovenia
Europe, including: 3
Russia Switzerland Ukraine
Balkan countries, including: 4
Albania Bosnia and Herzegovina Croatia Turkey Macedonia Serbia Montenegro
North and South America, including: Brazil Canada USA
Asia, including: China Georgia Japan
Other countries
EXPORTS, TOTAL (FOB)
1 Including EU Member States prior to the enlargement of 1 May 2004.2 According to Eurostat classification. Including new Member States which joined the EU on 1 May 2004 and on 1 January 2007.3 Including Russia, Switzerland, Ukraine, Gibraltar (UK), Moldova, Belarus, Norway, Liechtenstein, San Marino, Iceland and Monaco.4 Including Turkey, Serbia, Montenegro, Macedonia, Albania, Croatia and Bosnia and Herzegovina. Data on Serbia prior to January 2007 include data on Montenegro.
Source: Customs declarations data supplemented with NSI information and processed by the BNB. Data coordinated with the NSI. Preliminary data provided by the NSI,including Intrastat system data as of 4 August 2008 and customs declarations data as of 4 July 2008.
709.2 757.8 835.7 2302.7 797.7 758.9 3859.2584.2 612.4 681.7 1878.2 649.6 577.8 3105.722.0 23.2 21.7 66.8 39.7 34.2 140.771.2 84.5 126.5 282.2 120.4 79.6 482.12.9 3.1 3.3 9.3 2.8 3.1 15.31.8 2.0 2.2 5.9 1.5 2.7 10.2
44.3 54.1 69.3 167.7 47.0 45.6 260.4118.7 121.1 120.1 359.9 113.0 112.8 585.6128.3 117.6 131.5 377.4 140.6 121.5 639.6
1.0 1.6 1.1 3.7 0.4 0.8 4.8119.2 128.7 126.7 374.6 106.9 102.2 583.7
0.2 0.3 0.6 1.1 0.4 0.9 2.512.9 17.8 13.0 43.7 16.7 13.9 74.32.2 1.1 1.0 4.2 1.4 3.5 9.2
27.2 24.7 22.9 74.8 26.1 29.0 129.95.4 5.8 6.5 17.7 6.8 5.9 30.4
26.9 27.0 35.2 89.1 25.8 22.1 137.0125.0 145.4 154.1 424.5 148.0 181.1 753.6
7.3 5.8 5.7 18.8 5.6 8.6 33.010.4 9.6 11.5 31.5 11.1 11.5 54.10.2 0.6 0.4 1.1 0.5 0.4 1.9
12.9 10.7 12.9 36.5 11.9 11.3 59.71.0 1.6 1.3 4.0 1.5 1.3 6.72.8 8.4 1.3 12.5 1.3 1.8 15.60.4 0.5 0.6 1.4 1.0 0.8 3.2
21.8 22.3 24.0 68.1 25.4 25.5 119.054.4 70.7 81.4 206.5 74.6 86.1 367.17.8 9.3 8.4 25.5 8.4 9.7 43.56.1 5.9 6.4 18.5 6.9 24.2 49.5
43.3 63.1 57.0 163.4 62.5 108.2 334.225.7 38.0 32.4 96.1 34.5 28.2 158.95.3 6.4 6.7 18.4 6.6 6.5 31.57.5 11.9 12.6 32.0 15.1 13.0 60.1
193.6 203.6 221.3 618.6 290.3 238.8 1147.64.9 6.5 6.1 17.4 5.3 5.7 28.42.4 2.4 3.0 7.8 3.2 2.9 13.82.4 7.2 5.6 15.2 4.5 12.5 32.1
119.7 123.9 115.5 359.1 187.3 135.2 681.522.2 24.9 34.2 81.3 23.9 24.5 129.741.5 38.4 55.9 135.7 65.1 57.1 258.00.6 0.4 1.2 2.1 0.9 0.9 4.0
22.2 41.2 36.9 100.3 46.6 43.4 190.21.0 0.2 7.9 9.2 20.7 1.1 31.01.8 11.0 1.5 14.3 1.9 7.3 23.6
16.3 14.3 14.6 45.3 16.1 16.6 78.0
139.4 120.0 81.6 341.0 135.0 145.7 621.721.3 3.8 5.5 30.6 5.7 2.6 38.817.4 20.4 15.8 53.7 24.2 25.2 103.10.8 1.2 0.8 2.8 1.3 1.1 5.1
7.3 20.0 90.6 117.9 39.7 26.1 183.6
1115.1 1205.7 1323.1 3643.9 1371.7 1321.0 6336.7
96
BNB MONTHLY BULLETIN 6≠7/20082.
2.6.
EX
PO
RT
S B
Y M
AJO
R T
RA
DIN
G P
AR
TN
ER
AN
D R
EG
ION
, 20
07(m
illio
n E
UR
)
Cou
ntrie
sI
IIII
II
quar
ter
IVV
VI
II q
uart
erV
IIV
III
IXII
I qu
arte
rX
XI
XII
IV q
uart
erT
otal
Eur
opea
n U
nion
-27,
incl
udin
g: E
urop
ean
Uni
on-1
5, in
clud
ing:
1
A
ustr
ia
Bel
gium
D
enm
ark
F
inla
nd
Fra
nce
G
erm
any
G
reec
e
Ire
land
I
taly
L
uxem
bour
g
Net
herl
ands
P
ortu
gal
S
pain
S
wed
en
Uni
ted
Kin
gdom
Eur
opea
n U
nion
≠ n
ew M
embe
r St
ates
, i
nclu
ding
: 2
C
ypru
s
Cze
ch R
epub
lic
Est
onia
H
unga
ry
Lat
via
L
ithua
nia
M
alta
P
olan
d
Rom
ania
S
lova
kia
S
love
nia
Eur
ope,
incl
udin
g: 3
Rus
sia
Sw
itzer
land
Ukr
aine
Bal
kan
coun
trie
s, in
clud
ing:
4
Alb
ania
Bos
nia
and
Her
zego
vina
Cro
atia
Tur
key
Mac
edon
ia S
erbi
a M
onte
negr
oN
orth
and
Sou
th A
mer
ica,
incl
udin
g: B
razi
l C
anad
a U
SAA
sia,
incl
udin
g: C
hina
Geo
rgia
Jap
anO
ther
cou
ntri
es
EX
PO
RT
S, T
OT
AL
(F
OB
)
1 In
clud
ing
EU
Mem
ber
Stat
es p
rior
to th
e en
larg
emen
t of 1
May
200
4.2 A
ccor
ding
to E
uros
tat c
lass
ific
atio
n. I
nclu
ding
new
Mem
ber
Stat
es w
hich
join
ed th
e E
U o
n 1
May
200
4 an
d on
1 J
anua
ry 2
007.
3 In
clud
ing
Rus
sia,
Sw
itzer
land
, Ukr
aine
, Gib
ralta
r (U
K),
Mol
dova
, Bel
arus
, Nor
way
, Lie
chte
nste
in, S
an M
arin
o, I
cela
nd a
nd M
onac
o.4 In
clud
ing
Tur
key,
Ser
bia,
Mon
tene
gro,
Mac
edon
ia, A
lban
ia, C
roat
ia a
nd B
osni
a an
d H
erze
govi
na. D
ata
on S
erbi
a pr
ior
to J
anua
ry 2
007
incl
ude
data
on
Mon
tene
gro.
Sour
ce: C
usto
ms
decl
arat
ions
dat
a su
pple
men
ted
with
NSI
info
rmat
ion
and
proc
esse
d by
the
BN
B. D
ata
coor
dina
ted
with
the
NSI
. Pre
limin
ary
data
pro
vide
d by
the
NSI
, inc
ludi
ng I
ntra
stat
sys
tem
dat
a as
of 4
Mar
ch 2
008
and
cust
oms
decl
arat
ions
dat
a as
of
1 F
ebru
ary
2008
.
579.
960
3.1
722.
519
05.5
605.
966
2.6
750.
820
19.2
728.
668
4.7
714.
121
27.4
760.
374
1.6
611.
221
13.1
8165
.349
4.5
515.
358
6.9
1596
.749
0.5
519.
262
3.7
1633
.460
6.5
560.
556
9.2
1736
.259
2.3
571.
847
5.3
1639
.466
05.8
19.8
19.7
20.3
59.8
20.7
20.7
23.8
65.2
21.3
18.7
21.0
61.0
24.7
22.1
15.3
62.1
248.
171
.564
.271
.920
7.5
49.7
35.0
84.5
169.
290
.510
5.1
74.8
270.
470
.564
.451
.718
6.6
833.
82.
22.
62.
47.
22.
41.
82.
97.
13.
63.
13.
210
.03.
03.
12.
48.
532
.71.
61.
52.
05.
11.
71.
42.
45.
52.
82.
72.
88.
43.
413
.01.
618
.037
.044
.342
.146
.413
2.8
42.3
45.3
51.6
139.
245
.838
.442
.812
7.1
49.1
48.6
40.7
138.
453
7.4
105.
211
6.8
124.
934
6.9
102.
711
7.8
134.
335
4.7
115.
611
7.6
113.
234
6.4
133.
912
2.9
82.1
338.
913
86.9
77.1
83.8
111.
127
2.0
109.
395
.611
9.7
324.
610
9.1
90.3
98.4
297.
811
1.4
105.
210
9.2
325.
812
20.2
1.5
1.0
1.0
3.6
0.3
0.6
1.1
2.1
1.4
1.2
1.6
4.1
1.3
1.0
1.4
3.6
13.4
106.
510
7.1
130.
334
4.0
94.9
115.
613
1.3
341.
812
8.6
100.
912
7.6
357.
112
2.4
113.
495
.633
1.4
1374
.31.
10.
90.
32.
40.
40.
10.
10.
50.
20.
20.
10.
50.
10.
50.
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94.
211
.113
.913
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.614
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.913
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.814
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.213
.412
.839
.516
0.7
1.9
4.4
2.6
9.0
1.7
2.0
0.6
4.3
3.4
0.7
1.4
5.5
0.8
0.8
0.4
2.0
20.8
21.9
26.6
27.6
76.1
20.6
27.7
23.3
71.7
34.8
32.4
33.0
100.
221
.626
.923
.371
.831
9.8
5.6
6.7
6.2
18.5
5.4
15.0
5.5
25.9
5.4
6.8
5.7
17.9
6.3
6.8
5.1
18.2
80.6
23.0
23.8
26.7
73.5
24.9
26.3
29.6
80.8
30.7
27.5
29.6
87.8
30.5
29.8
33.5
93.8
335.
9
85.4
87.8
135.
630
8.8
115.
414
3.3
127.
138
5.8
122.
112
4.2
144.
939
1.2
168.
016
9.7
135.
947
3.7
1559
.56.
62.
75.
014
.32.
83.
35.
111
.34.
60.
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19.
64.
55.
84.
414
.750
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86.
617
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47.
921
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88.
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822
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510
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40.
10.
30.
80.
30.
70.
41.
40.
50.
30.
31.
10.
30.
50.
21.
14.
511
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99.
530
.511
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.714
.237
.614
.611
.611
.437
.613
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.08.
935
.714
1.4
0.6
1.6
1.6
3.8
1.7
1.9
1.2
4.8
0.9
1.0
1.8
3.6
2.0
2.1
2.1
6.2
18.5
1.6
1.7
1.6
4.8
1.5
1.3
1.6
4.4
2.0
1.8
1.1
4.9
2.3
3.4
1.9
7.6
21.8
2.6
0.3
0.5
3.4
1.1
13.9
0.5
15.5
0.6
0.6
6.6
7.7
2.4
6.7
0.4
9.5
36.3
15.5
13.8
16.5
45.8
14.8
15.7
19.4
49.9
18.0
19.4
17.9
55.3
24.7
24.6
18.4
67.7
218.
729
.136
.446
.411
1.9
44.8
58.1
56.0
159.
054
.057
.567
.917
9.4
74.3
74.8
59.1
208.
265
8.5
7.8
10.7
10.7
29.2
5.3
8.2
12.9
26.4
8.9
8.0
7.8
24.7
9.1
10.2
5.2
24.5
104.
85.
14.
836
.946
.824
.621
.27.
853
.611
.314
.119
.244
.626
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0.1
56.8
63.9
65.1
185.
848
.847
.860
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7.0
55.8
54.3
66.2
176.
465
.064
.460
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0.1
709.
217
.420
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.828
.823
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.078
.524
.727
.527
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.533
.626
.594
.631
9.7
8.6
6.8
5.7
21.1
5.7
7.0
6.7
19.4
7.1
7.1
5.5
19.7
7.1
8.1
5.3
20.5
80.7
8.5
30.6
13.0
52.0
8.2
7.8
20.0
36.0
16.7
10.9
10.3
38.0
14.8
15.1
10.8
40.7
166.
713
7.6
165.
319
6.7
499.
622
1.1
245.
122
3.5
689.
725
4.2
242.
923
8.0
735.
126
3.5
263.
222
9.9
756.
626
81.0
3.5
3.3
4.1
10.9
4.5
5.3
4.5
14.2
4.7
5.4
4.9
15.0
4.7
4.1
3.7
12.5
52.5
1.1
1.4
2.2
4.7
1.7
1.7
7.3
10.8
2.4
1.3
1.8
5.6
1.8
1.9
2.6
6.4
27.4
2.3
2.6
7.4
12.3
15.3
13.6
15.7
44.7
24.2
11.5
6.0
41.7
14.6
10.4
3.8
28.8
127.
687
.410
4.0
123.
931
5.4
132.
613
2.2
126.
139
1.0
142.
614
8.9
121.
141
2.7
134.
416
1.3
133.
742
9.4
1548
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.253
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.720
.223
.563
.322
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.026
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.172
.328
7.1
30.1
34.1
37.4
101.
646
.972
.146
.316
5.3
57.0
48.4
55.3
160.
780
.460
.364
.720
5.4
633.
00.
30.
50.
41.
30.
40.
00.
40.
40.
50.
61.
50.
60.
80.
41.
85.
044
.825
.855
.412
6.0
50.9
37.9
55.1
143.
941
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.412
6.4
54.8
52.7
35.4
142.
953
9.2
0.3
0.6
0.6
1.5
11.5
5.7
3.2
20.5
0.1
0.1
0.7
1.0
0.2
0.2
0.3
0.8
23.8
5.9
2.0
7.1
15.1
2.1
8.7
2.5
13.4
7.4
2.3
1.5
11.2
7.0
7.1
1.4
15.5
55.2
19.1
15.2
28.2
62.5
34.7
14.7
31.7
81.1
31.4
28.6
28.0
88.1
36.3
20.7
22.9
79.9
311.
438
.831
.258
.912
8.8
81.9
81.7
67.4
230.
910
7.8
101.
110
2.5
311.
513
6.8
107.
114
8.9
392.
710
64.0
10.4
3.5
4.7
18.6
3.9
4.8
3.6
12.2
4.4
3.0
10.2
17.6
8.7
3.8
8.3
20.9
69.3
7.7
7.2
5.8
20.8
12.7
8.3
12.2
33.1
19.5
12.4
16.8
48.7
21.6
16.3
23.3
61.2
163.
80.
80.
71.
53.
06.
41.
41.
79.
52.
07.
40.
710
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70.
91.
33.
826
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1.1
24.4
37.7
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85.2
314.
9
868.6
906.1
1124.4
2899.1
1027.0
1099.3
1179.6
3305.9
1242.2
1145.5
1200.2
3587.9
1304.8
1266.7
1109.1
3680.6
13473.6
97
6≠7/2008 EXTERNAL SECTOR
2.2.7. IMPORTS BY MAJOR TRADING PARTNER AND REGION, 2008(million EUR)
Countries I II III I quarter IV V Total
European Union-27, including: European Union-15, including: 1
Austria Belgium Denmark Finland France Germany Greece Ireland Italy Luxembourg Netherlands Portugal Spain Sweden United Kingdom European Union ≠ new Member States, including: 2
Cyprus Czech Republic Estonia Hungary Latvia Lithuania Malta Poland Romania Slovakia Slovenia
Europe, including: 3
Russia Switzerland Ukraine
Balkan countries, including: 4
Albania Bosnia and Herzegovina Croatia Turkey Macedonia Serbia Montenegro
North and South America, including: Brazil Canada USA
Asia, including: China Georgia Japan
Other countries
IMPORTS, TOTAL (CIF)
* By country of origin.1 Including EU Member States prior to the enlargement of 1 May 2004.2 According to Eurostat classification. Including new Member States which joined the EU on 1 May 2004 and on 1 January 2007.3 Including Russia, Switzerland, Ukraine, Gibraltar (UK), Moldova, Belarus, Norway, Liechtenstein, San Marino, Iceland and Monaco.4 Including Turkey, Serbia, Montenegro, Macedonia, Albania, Croatia and Bosnia and Herzegovina. Data on Serbia prior to January 2007 include data on Montenegro.
Source: Customs declarations data supplemented with NSI information and processed by the BNB. Data coordinated with the NSI. Preliminary data provided by the NSI,including Intrastat system data as of 4 August 2008 and customs declarations data as of 4 July 2008.
827.7 982.8 1059.0 2869.5 1169.5 1106.4 5145.4623.3 733.2 800.0 2156.4 879.3 835.4 3871.137.5 42.2 48.3 128.0 61.7 51.5 241.323.9 21.7 26.0 71.6 32.4 31.6 135.77.4 9.3 6.5 23.2 6.8 9.3 39.4
10.7 8.0 8.3 26.9 7.6 7.1 41.656.2 74.1 86.2 216.5 91.3 78.3 386.1
178.3 213.6 229.2 621.1 242.0 223.6 1086.777.8 94.0 102.7 274.5 102.3 117.9 494.87.1 6.8 7.4 21.3 10.1 8.6 40.1
122.3 135.2 162.8 420.4 181.4 175.9 777.72.2 1.1 1.8 5.1 1.6 1.1 7.8
25.8 34.2 37.1 97.2 39.3 33.6 170.11.6 1.7 2.3 5.6 3.1 3.0 11.7
29.7 30.0 31.5 91.2 43.4 38.1 172.813.1 23.6 16.7 53.5 18.2 18.7 90.429.5 37.7 33.1 100.3 37.9 36.8 175.1
204.4 249.6 259.0 713.1 290.2 271.0 1274.31.5 1.4 2.7 5.6 1.8 1.5 8.9
40.5 30.8 34.8 106.1 45.0 43.2 194.40.2 0.3 0.5 1.0 0.2 0.5 1.6
37.5 37.8 39.7 115.1 47.0 40.7 202.70.5 0.2 0.4 1.1 0.6 0.7 2.31.1 1.2 1.9 4.2 1.2 2.9 8.30.2 0.2 0.0 0.4 0.1 0.3 0.7
31.8 66.7 49.1 147.6 52.1 41.8 241.572.8 89.7 105.6 268.2 115.1 115.7 499.010.7 12.3 13.6 36.6 16.7 13.9 67.27.6 9.0 10.6 27.2 10.4 10.0 47.6
473.5 378.8 457.9 1310.2 505.6 533.2 2348.9394.7 294.2 367.1 1056.0 408.9 440.4 1905.415.4 26.0 22.4 63.7 21.3 19.1 104.159.8 53.1 61.7 174.5 66.8 66.3 307.6
138.0 152.6 164.8 455.4 174.9 185.4 815.80.1 0.4 1.0 1.5 0.8 1.1 3.40.6 1.9 1.3 3.8 1.1 1.9 6.75.4 4.4 5.3 15.1 5.3 6.4 26.7
95.9 110.0 114.8 320.8 120.6 131.4 572.823.4 21.4 26.3 71.0 30.9 27.2 129.112.8 14.4 16.0 43.2 16.3 17.5 77.00.0 0.0 0.1 0.1 0.0 0.0 0.1
126.8 121.6 89.4 337.8 126.1 121.4 585.27.9 36.5 7.6 52.0 9.1 7.4 68.52.3 3.6 2.2 8.2 1.8 2.0 12.0
37.8 36.6 35.5 109.8 56.3 40.7 206.8
224.9 235.1 198.5 658.4 246.8 271.6 1176.8102.4 89.3 87.2 278.9 97.6 108.1 484.6
4.0 15.1 17.9 37.0 8.6 9.3 54.922.4 45.6 26.8 94.8 25.6 24.2 144.7
25.8 31.6 26.9 84.4 22.0 23.8 130.2
1816.8 1902.5 1996.5 5715.7 2245.0 2241.6 10202.3
98
BNB MONTHLY BULLETIN 6≠7/20082.
2.8.
IM
PO
RT
S B
Y M
AJO
R T
RA
DIN
G P
AR
TN
ER
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Cou
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IVV
VI
II q
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I qu
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-27,
incl
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urop
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Uni
on-1
5, in
clud
ing:
1
A
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Bel
gium
D
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ark
F
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G
erm
any
G
reec
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taly
L
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Net
herl
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P
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gal
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pain
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wed
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≠ n
ew M
embe
r St
ates
, i
nclu
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: 2
C
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Est
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H
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M
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lova
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love
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Eur
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incl
udin
g: 3
Rus
sia
Sw
itzer
land
Ukr
aine
Bal
kan
coun
trie
s, in
clud
ing:
4
Alb
ania
Bos
nia
and
Her
zego
vina
Cro
atia
Tur
key
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edon
ia S
erbi
a M
onte
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and
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th A
mer
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razi
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Geo
rgia
Jap
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ther
cou
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es
IMP
OR
TS
, T
OT
AL
(C
IF)
788.
981
2.9
940.
025
41.8
847.
094
7.0
947.
727
41.7
995.
384
5.8
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227
87.2
1136
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04.6
1035
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76.3
1134
7.0
633.
463
6.2
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320
17.0
676.
776
4.1
756.
821
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865
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021
80.9
877.
284
3.0
778.
424
98.5
8894
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1.5
41.1
51.5
41.1
133.
847
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.445
.013
3.1
49.7
52.5
48.6
150.
853
9.2
27.5
25.4
27.9
80.8
22.7
28.5
26.2
77.4
25.8
25.3
26.0
77.1
31.4
29.9
24.1
85.4
320.
77.
16.
86.
920
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18.
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925
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611
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17.
725
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512
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27.
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119
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19.
927
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27.
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5.1
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53.7
67.8
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280
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4.6
81.4
52.0
54.1
187.
490
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.490
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6.8
823.
117
4.7
181.
520
0.5
556.
717
9.7
217.
320
9.4
606.
421
1.3
211.
521
2.8
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625
4.8
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921
6.9
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625
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010
4.6
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229
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910
4.7
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211
27.5
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7.8
19.9
35.3
5.8
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9.3
23.4
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5.7
21.8
6.5
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99.8
134.
812
8.3
151.
141
4.1
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117
6.9
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150
5.1
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2.5
25.6
30.0
32.6
88.1
29.4
34.5
30.6
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27.9
28.2
33.8
89.9
33.8
34.4
27.7
95.9
368.
3
155.
417
6.7
192.
752
4.8
170.
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2.9
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4.1
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9.6
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260
6.3
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1.6
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02.
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80.
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30.
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232
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2.7
33.3
37.1
40.2
110.
747
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3.8
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20.
31.
00.
20.
30.
20.
70.
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20.
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41.
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01.
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8.4
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34.3
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036
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2.6
47.3
47.3
39.7
134.
245
9.1
34.0
59.2
65.1
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359
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.318
0.5
77.7
68.7
75.2
221.
694
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0.9
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411
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012
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510
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1.6
10.3
10.1
8.9
29.3
8.5
8.2
7.9
24.7
10.3
10.0
8.6
28.9
11.6
11.0
10.1
32.6
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2.3
212.
830
1.8
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5.6
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1.5
1132
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4.5
1269
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2.3
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6.3
299.
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4.8
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3.1
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61.2
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30.4
3708
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3.6
42.6
35.1
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.139
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1.8
49.3
51.2
42.8
143.
444
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.113
2.2
503.
713
7.0
146.
715
7.9
441.
615
8.3
191.
317
5.0
524.
518
8.1
176.
319
4.4
558.
820
3.4
195.
415
9.8
558.
620
83.6
0.1
0.2
0.1
0.3
0.2
1.1
0.2
1.5
0.2
0.5
0.5
1.2
2.3
2.0
0.2
4.4
7.5
5.4
2.8
0.9
9.1
0.8
1.9
1.9
4.6
2.1
3.0
3.0
8.2
3.4
1.7
4.6
9.7
31.6
6.5
7.1
4.0
17.6
4.7
5.5
4.6
14.8
6.7
5.3
5.3
17.3
6.5
6.0
3.8
16.2
65.9
100.
395
.411
5.8
311.
611
6.0
137.
113
0.4
383.
514
2.0
128.
214
5.2
415.
314
8.3
142.
811
4.8
405.
815
16.2
15.3
27.1
21.2
63.6
21.3
29.0
23.6
74.0
24.4
25.1
24.6
74.2
24.8
27.3
22.4
74.4
286.
39.
314
.016
.039
.415
.216
.714
.246
.112
.614
.115
.742
.418
.215
.614
.047
.817
5.7
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.1
0.1
0.0
0.0
0.1
0.0
0.0
0.0
0.1
0.3
115.
463
.610
2.3
281.
444
.466
.511
9.2
230.
112
2.1
172.
092
.438
6.5
88.4
153.
818
5.0
427.
213
25.2
28.9
9.2
18.3
56.4
4.8
8.2
20.3
33.3
24.9
26.1
16.3
67.3
46.2
9.7
41.3
97.1
254.
22.
72.
02.
37.
02.
01.
52.
05.
51.
42.
12.
86.
43.
83.
920
.428
.147
.031
.524
.528
.083
.923
.726
.136
.185
.938
.241
.228
.910
8.2
29.7
37.9
32.1
99.7
377.
817
4.5
190.
421
3.0
578.
018
0.0
176.
119
6.6
552.
718
6.7
204.
221
9.5
610.
324
5.4
248.
321
9.6
713.
324
54.3
81.7
77.4
83.8
242.
968
.385
.386
.123
9.8
90.3
108.
499
.229
7.9
121.
613
1.7
104.
135
7.5
1138
.10.
00.
36.
87.
12.
91.
413
.718
.07.
70.
09.
317
.111
.47.
13.
021
.563
.721
.519
.923
.665
.019
.719
.520
.960
.019
.119
.220
.759
.033
.823
.243
.010
0.0
284.
012
.213
.611
.937
.713
.916
.126
.656
.616
.216
.412
.244
.823
.719
.820
.363
.820
3.0
1530.3
1440.1
1727.0
4697.3
1629.1
1782.6
1826.6
5238.3
1937.9
1819.9
1899.1
5656.9
2112.7
2165.0
2006.7
6284.4
21876.9
* B
y co
untr
y of
ori
gin.
1 In
clud
ing
EU
Mem
ber
Stat
es p
rior
to th
e en
larg
emen
t of 1
May
200
4.2 A
ccor
ding
to E
uros
tat c
lass
ific
atio
n. I
nclu
ding
new
Mem
ber
Stat
es w
hich
join
ed th
e E
U o
n 1
May
200
4 an
d on
1 J
anua
ry 2
007.
3 In
clud
ing
Rus
sia,
Sw
itzer
land
, Ukr
aine
, Gib
ralta
r (U
K),
Mol
dova
, Bel
arus
, Nor
way
, Lie
chte
nste
in, S
an M
arin
o, I
cela
nd a
nd M
onac
o.4 In
clud
ing
Tur
key,
Ser
bia,
Mon
tene
gro,
Mac
edon
ia, A
lban
ia, C
roat
ia a
nd B
osni
a an
d H
erze
govi
na. D
ata
on S
erbi
a pr
ior
to J
anua
ry 2
007
incl
ude
data
on
Mon
tene
gro.
Sour
ce:
Cus
tom
s de
clar
atio
ns d
ata
supp
lem
ente
d w
ith N
SI in
form
atio
n an
d pr
oces
sed
by th
e B
NB
. Dat
a co
ordi
nate
d w
ith th
e N
SI. P
relim
inar
y da
ta p
rovi
ded
by th
e N
SI, i
nclu
ding
Int
rast
at s
yste
m d
ata
as o
f 4 M
arch
200
8 an
d cu
stom
sde
clar
atio
ns d
ata
as o
f 1
Feb
ruar
y 20
08.
99
6≠7/2008 EXTERNAL SECTOR
2.3. GROSS EXTERNAL DEBT
2.3.1. GROSS EXTERNAL DEBT FOR 20081
(million EUR)
By institutional sector I II III IV V
I. General government 2
Short-term
Long-term
Bonds and notes3
Bonds and notes held by residents 4
Loans
II. Monetary authorities
III. Banks 5
Short-term
Loans Currency and deposits Other debt liabilities Long-term
Bonds and notes Loans
IV. Other sectors 6
Short-term
Money market instruments Loans Trade credits Long-term
Bonds and notes 7
Loans
V. Direct investment: intercompany lending
GROSS EXTERNAL DEBT (I+II+III+IV+V)
Memo items
Long-term external debt 8
Short-term external debt
Public and publicly guaranteed external debtPrivate non-guaranteed external debt
Revolving credits 9
Trade credits 9, 10
Credits on demand 9
incl. intercompany loans
1 Preliminary data. Euro equivalent is calculated using average monthly exchange rates of respective foreign currencies as of end of period.2 Data source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data as of 1 July 2008.
Excluding debt liabilities of public sector companies and government guaranteed debt.3 Brady bonds, Eurobonds, Global bonds and government securities (denominated in BGN and foreign currency) held by non-residents are included in this item.4 In accordance with the residence concept, government securities issued and held by residents on international financial markets are subtracted from debt; therefore, they are
shown with a minus sign (at nominal value).5 Data source: banks (including data on private and state-owned banks). Deposits related to contingent liabilities are excluded.6 Data on public and private companies, including government guaranteed loans. Intercompany loans are excluded. Data cover only loans registered by the BNB and on which
the BNB has received information.7 Due to reconciliation of received data on portfolio investment of Other Sectors, data are to be revised (Source: Central Depository AD).8 In compliance with the requirements of the External Debt Statistics, Guide for Compilers and Users, IMF, 2003, paragraphs 3.14 and 7.5, disbursements related to direct
investment are included in the long-term external debt.9 Data are included in the Gross external debt amount. Bank loans are excluded.10 Due to quarterly reporting of firms, data are subject to revisions.
Source: BNB.
3046.4 3023.2 2735.8 2691.3 2673.5
0.0 0.0 0.0 0.0 0.0
3046.4 3023.2 2735.8 2691.3 2673.5
1649.4 1633.1 1599.8 1613.5 1615.2-469.2 -440.6 -435.1 -476.8 -489.01866.2 1830.6 1571.1 1554.6 1547.3
0.0 0.0 0.0 0.0 0.0
4975.3 5335.1 5765.2 6468.3 6434.8
3554.7 3900.6 4305.1 4779.8 4753.7
332.5 358.8 487.3 411.0 441.33131.6 3426.4 3728.9 4249.9 4171.1
90.6 115.4 88.9 118.9 141.31420.6 1434.5 1460.2 1688.5 1681.1
132.8 132.8 132.8 132.8 132.81287.9 1301.7 1327.4 1555.7 1548.3
10111.8 10211.1 10762.3 10793.7 10836.9
5419.3 5489.3 5689.4 5697.2 5730.8
0.0 0.0 0.0 0.0 0.03910.1 3983.4 4232.2 4240.0 4273.61509.1 1505.9 1457.2 1457.2 1457.24692.5 4721.8 5072.8 5096.5 5106.1
305.6 305.5 298.4 296.5 296.54386.9 4416.3 4774.4 4800.1 4809.7
10397.7 10474.4 10604.8 10768.1 11042.0
28531.3 29043.8 29868.1 30721.5 30987.1
19557.3 19653.9 19873.6 20244.5 20502.68973.9 9389.9 9994.5 10477.0 10484.5
4070.7 4049.2 3776.5 3735.3 3717.824460.6 24994.6 26091.6 26986.1 27269.3
2037.4 2068.6 2100.4 2198.9 2353.92365.8 2371.0 2319.4 2319.4 2319.4
6964.2 7017.2 7230.2 7272.0 7272.43832.3 3844.5 3893.0 3912.3 3912.7
100
BNB MONTHLY BULLETIN 6≠7/2008
2.3.2. GROSS EXTERNAL DEBT FOR 20071
(million EUR)
By institutional sector January February March April Çy June July August September October November December
I. General government 2
Short-term
Long-term
Bonds and notes3
Bonds and notes held by residents 4
Loans
II. Monetary authorities
III. Banks 5
Short-term
Loans Currency and deposits Other debt liabilities Long-term
Bonds and notes Loans
IV. Other sectors 6
Short-term
Money market instruments Loans Trade credits Long-term
Bonds and notes 7
Loans
V. Direct investment: intercompany lending
GROSS EXTERNAL DEBT (I+II+III+IV+V)
Memo items
Long-term external debt 8
Short-term external debt
Public and publicly guaranteed external debtPrivate non-guaranteed external debt
Revolving credits 9
Trade credits 9, 10
Credits on demand 9
incl. intercompany loans
1 Preliminary data. Euro equivalent is calculated using average monthly exchange rates of respective foreign currencies as of end of period.2 Data source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data as of 2 June 2008.
Excluding debt liabilities of public sector companies and government guaranteed debt.3 Brady bonds, Eurobonds, Global bonds and government securities (denominated in BGN and foreign currency) held by non-residents are included in this item.4 In accordance with the residence concept, government securities issued and held by residents on international financial markets are subtracted from debt; therefore, they are
shown with a minus sign (at nominal value).5 Data source: banks (including data on private and state-owned banks). Deposits related to contingent liabilities are excluded.6 Data on public and private companies, including government guaranteed loans. Intercompany loans are excluded. Data cover only loans registered by the BNB and on which
the BNB has received information.7 Due to reconciliation of received data on portfolio investment of Other Sectors, data are to be revised (Source: Central Depository AD).8 In compliance with the requirements of the External Debt Statistics, Guide for Compilers and Users, IMF, 2003, paragraphs 3.14 and 7.5, disbursements related to direct
investment are included in the long-term external debt.9 Data are included in the Gross external debt amount. Bank loans are excluded.10 Due to quarterly reporting of firms, data are subject to revisions.
Source: BNB.
3640.7 3407.4 3346.0 3069.0 3069.9 3172.5 3177.9 3180.1 3090.4 3064.2 3054.7 3024.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
3640.7 3407.4 3346.0 3069.0 3069.9 3172.5 3177.9 3180.1 3090.4 3064.2 3054.7 3024.2
2019.8 1754.1 1746.5 1724.4 1737.2 1733.6 1720.1 1720.3 1690.1 1673.9 1655.6 1659.6-475.0 -396.1 -429.7 -438.7 -451.1 -463.7 -463.2 -485.8 -512.2 -508.3 -499.3 -487.32095.9 2049.5 2029.2 1783.3 1783.7 1902.6 1921.0 1945.7 1912.5 1898.6 1898.4 1851.9
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
3024.3 3390.1 3600.3 3810.7 3543.3 3806.1 3878.4 4166.1 4586.3 4737.7 5177.7 5747.5
2112.7 2457.9 2644.0 2848.6 2714.7 2709.0 2658.8 2907.8 3235.2 3363.8 3792.4 4323.9
524.2 343.8 352.1 337.6 308.5 360.3 357.0 353.8 370.2 373.4 383.0 280.51446.0 1982.8 2174.1 2376.8 2257.9 2203.9 2165.4 2360.6 2751.1 2886.2 3289.2 3919.9142.5 131.3 117.8 134.2 148.2 144.8 136.4 193.4 113.9 104.2 120.2 123.5911.6 932.1 956.3 962.1 828.6 1097.1 1219.6 1258.2 1351.1 1373.8 1385.3 1423.6
141.6 141.1 141.1 141.1 151.1 151.1 139.2 132.6 132.5 132.5 132.5 132.5770.0 791.1 815.2 821.1 677.6 946.0 1080.4 1125.6 1218.6 1241.3 1252.8 1291.2
7444.2 7558.3 7736.8 7979.6 8208.4 8399.0 8731.7 8893.8 9119.5 9290.6 9857.7 9769.9
3668.7 3770.3 3850.3 4002.7 4194.9 4322.0 4462.0 4822.2 4991.7 5072.8 5302.9 5211.1
179.0 179.0 179.0 179.0 179.0 179.0 179.0 66.5 66.5 0.0 0.0 0.02068.3 2185.3 2307.2 2380.6 2493.8 2581.8 2733.1 3217.2 3419.7 3528.8 3720.8 3698.71421.4 1406.0 1364.1 1443.2 1522.2 1561.2 1549.9 1538.6 1505.6 1544.0 1582.1 1512.43775.6 3788.1 3886.5 3977.0 4013.5 4077.0 4269.7 4071.5 4127.8 4217.8 4554.8 4558.8
311.4 311.4 310.5 308.5 300.5 300.5 299.7 297.7 298.2 297.9 403.4 308.63464.2 3476.7 3576.0 3668.5 3713.0 3776.4 3970.0 3773.8 3829.6 3919.9 4151.4 4250.2
6083.5 6207.0 6365.1 6650.0 6874.4 7025.6 7371.4 8904.5 8759.1 8951.5 9255.6 9582.1
20192.8 20562.8 21048.2 21509.3 21695.9 22403.1 23159.5 25144.5 25555.4 26044.0 27345.7 28123.7
14411.4 14334.6 14553.9 14658.1 14786.3 15372.1 16038.7 17414.4 17328.4 17607.3 18250.5 18588.85781.4 6228.2 6494.3 6851.2 6909.5 7031.0 7120.8 7730.1 8226.9 8436.6 9095.3 9535.0
4492.2 4257.3 4205.4 3917.1 3923.6 4031.4 4088.0 4107.0 4008.5 4005.3 4041.1 4039.315700.6 16305.5 16842.9 17592.2 17772.3 18371.7 19071.5 21037.5 21546.8 22038.6 23304.6 24084.4
856.8 910.9 905.6 943.6 1000.5 922.1 1044.1 1449.1 1506.7 1579.2 1635.1 1854.32063.5 2079.3 2057.0 2174.4 2291.8 2383.8 2395.2 2406.7 2365.1 2405.3 2444.5 2360.7
3979.6 4123.3 4362.6 4607.1 4768.2 4931.3 5180.6 5378.4 5534.1 5602.9 5599.9 6206.12369.8 2418.5 2479.7 2654.9 2738.5 2867.6 2980.7 3036.1 3044.2 3100.9 3099.8 3237.8
101
6≠7/2008 EXTERNAL SECTOR
2.4. GROSS EXTERNAL DEBT DISBURSEMENTS
2.4.1. GROSS EXTERNAL DEBT DISBURSEMENTS IN 20081
(million EUR)
By institutional sector I II III I quarter IV V
I. General government 2
Short-term Long-term Bonds and notes Bonds and notes held by residents 3
Loans
II. Monetary authorities
III. Banks 4
Short-term Loans Currency and deposits 5
Other debt liabilities Long-term Bonds and notes Loans
IV. Other sectors 6
Short-term Money market instruments Loans Long-term Bonds and notes Loans
V. Direct investment: intercompany lending
GROSS EXTERNAL DEBT (I+II+III+IV+V)
Memo items
Long-term external debt 7
Short-term external debt
Public and publicly guaranteed external debtPrivate non-guaranteed external debt
Revolving credits 8
Trade credits 8
1 Actual external debt disbursements. Preliminary data. Data are recalculated in euro based on monthly average exchange rates of respective foreign currencies.2 Data source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data as of 1 July 2008. Excluding data on debt liabilities of
public sector companies and government guaranteed debt.3 In accordance with the residence concept, the net decrease in the stock of Brady bonds, Eurobonds and Global bonds held by residents over the reporting month represents a
net increase in liabilities to non-residents and is reflected with a positive sign in the Gross External Debt Disbursements table.4 Data source: banks.5 Deposits related to contingent liabilities are excluded.6 Including received loans (excluding intercompany loans) registered by the BNB and on which the BNB has received information, as well as government guaranteed loans
(Source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data as of 1 July 2008).7 Received loans related to direct investment are recorded as long-term loans.8 Data not included in the Gross External Debt Disbursements table by institutional sector. Data on revolving credits extended by banks are excluded.
Source: BNB.
14.4 46.8 25.2 86.5 15.5 1.7
0.0 0.0 0.0 0.0 0.0 0.014.4 46.8 25.2 86.5 15.5 1.70.0 0.0 0.0 0.0 0.0 0.03.2 42.6 5.9 51.7 0.0 0.9
11.1 4.3 19.4 34.8 15.5 0.8
0.0 0.0 0.0 0.0 0.0 0.0
25.0 378.6 479.0 882.6 811.9 63.6
12.4 356.5 443.3 812.2 580.7 53.812.2 34.7 136.8 183.6 26.7 31.60.2 296.5 306.2 602.9 523.3 0.00.0 25.3 0.4 25.7 30.7 22.3
12.6 22.1 35.7 70.4 231.2 9.70.3 0.0 0.0 0.3 0.0 0.0
12.3 22.1 35.7 70.1 231.2 9.7
175.2 115.6 842.9 1133.7 89.3 91.0
61.4 51.9 209.9 323.2 26.5 10.10.0 0.0 0.0 0.0 0.0 0.0
61.4 51.9 209.9 323.2 26.5 10.1113.8 63.7 633.0 810.5 62.8 80.9
0.0 0.0 0.0 0.0 0.0 0.0113.8 63.7 633.0 810.5 62.8 80.9
97.9 106.8 221.9 426.6 71.3 167.9
312.4 647.8 1569.1 2529.3 988.0 324.3
238.6 239.4 915.9 1393.9 380.8 260.373.8 408.4 653.2 1135.4 607.2 63.9
48.4 56.3 54.6 159.3 27.1 4.9264.0 591.5 1514.5 2370.0 960.9 319.4
466.7 434.3 371.2 1272.3 115.6 155.68.4 8.4 8.7 25.6 0.0 0.0
102
BNB MONTHLY BULLETIN 6≠7/20082.
4.2.
GR
OSS
EX
TE
RN
AL
DE
BT
DIS
BU
RSE
ME
NT
S IN
200
71
(mill
ion
EU
R)
B
y in
stitu
tiona
l sec
tor
III
III
I qu
arte
rIV
VV
III
qua
rter
VII
VII
IIX
III
quar
ter
XX
IX
IIIV
qua
rter
Tot
al
I. G
en
era
l govern
men
t 2
Sho
rt-t
erm
Lon
g-te
rm
Bon
ds a
nd n
otes
B
onds
and
not
es h
eld
by r
esid
ents
3
L
oans
II. M
on
eta
ry a
uth
ori
ties
III.
Ban
ks
4
Sho
rt-t
erm
L
oans
C
urre
ncy
and
depo
sits
5
O
ther
deb
t lia
bilit
ies
Lon
g-te
rm
Bon
ds a
nd n
otes
L
oans
IV. O
ther
secto
rs 6
Sho
rt-t
erm
M
oney
mar
ket i
nstr
umen
ts
Loa
ns
L
ong-
term
B
onds
and
not
es
Loa
ns
V. D
irect
invest
men
t: in
terc
om
pan
y len
din
g
GR
OS
S E
XT
ER
NA
L D
EB
T (
I+II
+II
I+IV
+V
)
Mem
o ite
ms
Lon
g-te
rm e
xter
nal d
ebt 7
Shor
t-te
rm e
xter
nal d
ebt
Pub
lic a
nd p
ublic
ly g
uara
ntee
d ex
tern
al d
ebt
Pri
vate
non
-gua
rant
eed
exte
rnal
deb
t
Rev
olvi
ng c
redi
ts 8
Tra
de c
redi
ts 8
1A
ctua
l ext
erna
l deb
t dis
burs
emen
ts. P
relim
inar
y da
ta. D
ata
are
reca
lcul
ated
in e
uro
base
d on
mon
thly
ave
rage
exc
hang
e ra
tes
of r
espe
ctiv
e fo
reig
n cu
rren
cies
.2
Dat
a so
urce
: Reg
iste
r of
Gov
ernm
ent a
nd G
over
nmen
t Gua
rant
eed
Deb
t of t
he M
inis
try
of F
inan
ce. P
relim
inar
y da
ta a
s of
2 J
une
2008
. Exc
ludi
ng d
ata
on d
ebt l
iabi
litie
s of
pub
lic s
ecto
r co
mpa
nies
and
gov
ernm
ent g
uara
ntee
d de
bt.
3T
he s
ubite
m r
epre
sent
s th
e ch
ange
in li
abili
ties
to n
on-r
esid
ents
res
ultin
g fr
om tr
ansa
ctio
ns w
ith r
esid
ents
. The
tran
sfer
of b
onds
from
res
iden
ts to
non
-res
iden
ts r
epre
sent
s an
incr
ease
in li
abili
ties
to n
on-r
esid
ents
and
is r
efle
cted
with
apo
sitiv
e si
gn.
4D
ata
sour
ce: b
anks
.5
Dep
osits
rel
ated
to c
ontin
gent
liab
ilitie
s ar
e ex
clud
ed.
6In
clud
ing
rece
ived
loan
s (e
xclu
ding
inte
rcom
pany
loan
s) r
egis
tere
d by
the
BN
B a
nd o
n w
hich
the
BN
B h
as r
ecei
ved
info
rmat
ion,
as
wel
l as
gove
rnm
ent g
uara
ntee
d lo
ans
(Sou
rce:
Reg
iste
r of
Gov
ernm
ent a
nd G
over
nmen
t Gua
rant
eed
Deb
tof
the
Min
istr
y of
Fin
ance
. Pre
limin
ary
data
as
of 2
6 F
ebru
ary
2008
).7
Rec
eive
d lo
ans
rela
ted
to d
irec
t inv
estm
ent a
re r
ecor
ded
as lo
ng-t
erm
loan
s. I
n co
mpl
ianc
e w
ith th
e re
quir
emen
ts o
f the
Ext
erna
l Deb
t Sta
tistic
s, G
uide
for
Com
pile
rs a
nd U
sers
, IM
F, 2
003,
par
agra
phs
3.14
and
7.5
, dis
burs
emen
ts r
elat
edto
dir
ect i
nves
tmen
t are
incl
uded
in th
e lo
ng-t
erm
ext
erna
l deb
t ser
vice
.8
Dat
a no
t inc
lude
d in
the
Gro
ss E
xter
nal D
ebt D
isbu
rsem
ents
tabl
e by
inst
itutio
nal s
ecto
r. D
ata
on r
evol
ving
cre
dits
from
ban
ks a
re n
ot in
clud
ed.
Sour
ce: B
NB
.
2.0
0.4
21.6
24.0
2.8
4.7
146.9
154.4
21.2
25.1
2.0
48.3
11.0
17.4
37.5
65.9
292.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.0
0.4
21.6
24.0
2.8
4.7
146.
915
4.4
21.2
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2.0
48.3
11.0
17.4
37.5
65.9
292.
60.
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00.
00.
00.
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00.
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113
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80.
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59.
82.
84.
714
6.9
154.
421
.225
.12.
048
.34.
94.
223
.032
.224
4.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
36.4
569.8
257.1
863.3
237.4
42.9
351.8
632.1
175.3
320.6
519.2
1015.1
190.0
446.6
718.1
1354.7
3865.2
33.4
544.
824
1.5
819.
622
9.7
20.4
76.4
326.
536
.326
8.3
412.
971
7.5
146.
843
1.4
672.
412
50.5
3114
.27.
26.
210
.523
.96.
70.
557
.264
.419
.50.
518
.338
.310
.510
.437
.158
.018
4.6
0.0
538.
622
9.9
768.
420
5.9
0.0
18.9
224.
816
.721
0.5
393.
262
0.4
136.
340
4.5
631.
011
71.9
2785
.526
.10.
01.
127
.317
.219
.90.
337
.40.
157
.31.
458
.80.
016
.54.
220
.714
4.1
3.0
25.0
15.6
43.7
7.6
22.5
275.
430
5.6
139.
052
.410
6.3
297.
643
.215
.345
.810
4.2
751.
10.
00.
00.
00.
00.
010
.00.
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.00.
00.
00.
00.
00.
00.
00.
00.
010
.03.
025
.015
.643
.77.
612
.527
5.4
295.
613
9.0
52.4
106.
329
7.6
43.2
15.3
45.8
104.
274
1.1
167.2
153.3
350.6
671.1
278.4
200.2
342.5
821.2
432.4
337.3
368.4
1138.1
339.8
577.6
229.6
1147.1
3777.5
64.7
93.0
210.
336
8.0
117.
797
.315
0.5
365.
515
0.9
155.
519
8.8
505.
217
7.7
216.
682
.947
7.2
1715
.80.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
064
.793
.021
0.3
368.
011
7.7
97.3
150.
536
5.5
150.
915
5.5
198.
850
5.2
177.
721
6.6
82.9
477.
217
15.8
102.
560
.314
0.3
303.
116
0.8
102.
919
2.0
455.
728
1.5
181.
816
9.6
632.
916
2.2
361.
014
6.8
669.
920
61.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.5
0.5
0.0
105.
50.
010
5.5
106.
010
2.5
60.3
140.
330
3.1
160.
810
2.9
192.
045
5.7
281.
518
1.8
169.
163
2.4
162.
225
5.5
146.
856
4.4
1955
.6
90.4
130.5
227.3
448.2
238.6
211.9
178.5
629.0
351.1
1518.7
140.5
2010.3
197.9
358.7
400.1
956.7
4044.3
296.0
854.0
856.6
2006.7
757.2
459.8
1019.7
2236.7
979.9
2201.7
1030.1
4211.7
738.6
1400.4
1385.4
3524.4
11979.6
198.
021
6.2
404.
981
9.1
409.
834
2.1
792.
815
44.7
792.
717
78.0
418.
429
89.1
414.
275
2.4
630.
117
96.7
7149
.698
.063
7.8
451.
711
87.6
347.
411
7.7
226.
969
2.0
187.
242
3.8
611.
712
22.6
324.
564
8.0
755.
217
27.7
4830
.0
10.8
5.8
38.8
55.5
8.4
11.3
164.
818
4.4
85.4
45.1
11.6
142.
157
.964
.679
.620
2.0
584.
028
5.2
848.
281
7.8
1951
.274
8.8
448.
685
4.9
2052
.389
4.5
2156
.710
18.5
4069
.768
0.8
1335
.813
05.8
3322
.411
395.
6
400.
837
3.0
503.
912
77.7
508.
951
3.9
547.
615
70.4
607.
293
7.0
483.
420
27.7
624.
549
8.3
386.
915
09.6
6385
.431
.131
.130
.993
.211
7.5
117.
411
8.0
352.
922
.722
.822
.668
.146
.045
.145
.313
6.4
650.
6
103
6≠7/2008 EXTERNAL SECTOR
2.5. GROSS EXTERNAL DEBT SERVICE
2.5.1. GROSS EXTERNAL DEBT SERVICE, 20081
(million EUR)
By institutional sectorJanuary February March First quarter
Principal Interest Total Principal Interest Total Principal Interest Total Principal Interest Total
I. General government 2
Short-term
Long-term
Bonds and notes
Bonds and notes held by residents 3
Loans
II. Monetary authorities
III. Banks 4
Short-term
Loans
Currency and deposits
Other debt liabilities
Long-term
Loans
IV. Other sectors 5
Short-term
Money market instruments
Loans
Long-term
Bonds and notes
Loans
V. Direct investment: intercompany lending
GROSS EXTERNAL DEBT (I+II+III+IV+V)
Memo items
Long-term external debt 6
Short-term external debt
Public and publicly guaranteed external debt
Private non-guaranteed external debt
Revolving credits 7
Trade credits 7
(continued)
15.7 69.8 85.5 53.6 3.6 57.2 284.2 12.3 296.5 353.5 85.7 439.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
15.7 69.8 85.5 53.6 3.6 57.2 284.2 12.3 296.5 353.5 85.7 439.2
0.1 98.3 98.3 0.0 0.0 0.0 0.0 0.0 0.0 0.1 98.3 98.312.8 -30.3 -17.6 15.4 0.0 15.4 7.5 0.0 7.5 35.6 -30.3 5.32.8 1.8 4.7 38.2 3.6 41.8 276.8 12.3 289.0 317.8 17.7 335.5
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
836.2 4.0 840.2 16.4 3.6 20.0 45.1 10.9 56.0 897.7 18.6 916.3
824.9 0.7 825.6 8.2 0.0 8.2 34.3 3.6 37.9 867.5 4.3 871.8
4.7 0.7 5.3 8.2 0.0 8.2 8.0 3.6 11.6 20.8 4.3 25.1787.6 0.0 787.6 0.0 0.0 0.0 0.4 0.0 0.4 788.0 0.0 788.032.7 0.0 32.7 0.0 0.0 0.0 26.0 0.0 26.0 58.7 0.0 58.711.3 3.4 14.6 8.2 3.6 11.8 10.7 7.3 18.0 30.2 14.2 44.5
11.3 3.4 14.6 8.2 3.6 11.8 10.7 7.3 18.0 30.2 14.2 44.5
68.6 19.6 88.2 48.0 12.6 60.6 292.8 16.6 309.4 409.3 48.9 458.2
35.0 7.4 42.4 18.4 4.7 23.2 20.4 5.5 25.8 73.8 17.6 91.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.035.0 7.4 42.4 18.4 4.7 23.2 20.4 5.5 25.8 73.8 17.6 91.433.6 12.2 45.8 29.5 7.9 37.4 272.4 11.2 283.5 335.5 31.3 366.8
3.0 0.0 3.0 0.1 0.0 0.1 7.1 0.0 7.1 10.2 0.0 10.230.6 12.2 42.8 29.4 7.9 37.3 265.3 11.2 276.4 325.3 31.3 356.6
38.0 27.2 65.1 23.1 1.8 25.0 52.4 8.6 61.0 113.5 37.6 151.1
958.4 120.6 1079.0 141.1 21.7 162.8 674.5 48.4 722.9 1774.0 190.7 1964.7
98.5 112.5 211.1 114.5 16.9 131.4 619.8 39.3 659.1 832.8 168.8 1001.6859.9 8.1 868.0 26.6 4.8 31.4 54.7 9.1 63.8 941.3 21.9 963.2
17.1 73.8 90.9 57.9 6.0 64.0 287.9 16.8 304.7 362.9 96.6 459.5941.4 46.8 988.2 83.2 15.7 98.8 386.6 31.6 418.2 1411.1 94.1 1505.2
324.9 7.0 331.9 399.9 3.6 403.4 339.5 4.2 343.7 1064.2 14.8 1079.03.3 0.0 3.3 3.2 0.0 3.2 2.8 0.0 2.8 9.4 0.0 9.4
104
BNB MONTHLY BULLETIN 6≠7/2008
1 Actual disbursements. Preliminary data. Data are recalculated in euro based on monthly average exchange rates of respective foreign currencies.2 Data source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data as of 1 July 2008. Excluding data on debt liabilities of pub-
lic sector companies and government guaranteed debt.3 In accordance with the residence concept, external debt payments are reduced with payments on securities held by residents and are increased with the securities (issued by resi-
dents in the international financial markets) which changed owners from residents to non-residents.4 Data source: banks. Deposits related to contingent liabilities are not included.5 Including principal and interest payments (excluding intercompany loans) registered by the BNB and on which the BNB has received information, as well as payments on gov-
ernment guaranteed debt (Source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data as of 1 July 2008).6 In compliance with the requirements of the External Debt Statistics, Guide for Compilers and Users, IMF, 2003, paragraphs 3.14 and 7.5, disbursements related to direct invest-
ment are included in the long-term external debt service.7 Data not included in the Gross External Debt Service tables. Data on revolving credits from banks are not included.
Source: BNB.
(continued) (million EUR)
By institutional sectorApril May June Second quarter
Principal Interest Total Principal Interest Total Principal Interest Total Principal Interest Total
I. General government 2
Short-term
Long-term
Bonds and notes
Bonds and notes held by residents 3
Loans
II. Monetary authorities
III. Banks 4
Short-term
Loans
Currency and deposits
Other debt liabilities
Long-term
Loans
IV. Other sectors 5
Short-term
Money market instruments
Loans
Long-term
Bonds and notes
Loans
V. Direct investment: intercompany lending
GROSS EXTERNAL DEBT (I+II+III+IV+V)
Memo items
Long-term external debt 6
Short-term external debt
Public and publicly guaranteed external debt
Private non-guaranteed external debt
Revolving credits 7
Trade credits 7
71.8 6.2 77.9 22.5 5.8 28.2
0.0 0.0 0.0 0.0 0.0 0.0
71.8 6.2 77.9 22.5 5.8 28.2
0.0 0.3 0.3 0.0 0.0 0.043.2 0.0 43.2 14.9 0.0 14.928.6 5.9 34.5 7.5 5.8 13.3
0.0 0.0 0.0 0.0 0.0 0.0
94.5 3.5 98.0 97.3 2.7 100.0
90.3 0.3 90.6 80.2 0.3 80.5
86.2 0.3 86.4 1.3 0.3 1.63.3 0.0 3.3 78.9 0.0 78.90.9 0.0 0.9 0.0 0.0 0.04.2 3.2 7.4 17.1 2.4 19.5
4.2 3.2 7.4 17.1 2.4 19.5
46.2 10.1 56.2 81.4 6.7 88.1
10.5 0.4 11.0 11.0 0.2 11.2
0.0 0.0 0.0 0.0 0.0 0.010.5 0.4 11.0 11.0 0.2 11.235.7 9.6 45.3 70.4 6.5 76.9
2.0 0.0 2.0 0.0 0.0 0.033.7 9.6 43.3 70.4 6.5 76.9
14.7 2.9 17.6 15.1 16.2 31.3
227.1 22.6 249.7 216.3 31.3 247.6
126.3 21.9 148.2 125.1 30.8 156.0100.8 0.7 101.6 91.2 0.5 91.7
76.6 11.3 87.8 24.4 8.7 33.1150.6 11.4 161.9 191.9 22.7 214.5
17.1 0.7 17.8 0.5 0.3 0.90.0 0.0 0.0 0.0 0.0 0.0
105
6≠7/2008 EXTERNAL SECTOR
2.5.2. GROSS EXTERNAL DEBT SERVICE, 20071
(million EUR)
By institutional sectorJanuary February March First quarter
Principal Interest Total Principal Interest Total Principal Interest Total Principal Interest Total
I. General government 2
Short-term
Long-term
Bonds and notes
Bonds and notes held by residents 3
Loans
II. Monetary authorities
III. Banks 4
Short-term
Loans
Currency and deposits
Other debt liabilities
Long-term
Loans
IV. Other sectors 5
Short-term
Money market instruments
Loans
Long-term
Bonds and notes
Loans
V. Direct investment: intercompany lending
GROSS EXTERNAL DEBT (I+II+III+IV+V)
Memo items
Long-term external debt 6
Short-term external debt
Public and publicly guaranteed external debt
Private non-guaranteed external debt
Revolving credits 7
Trade credits 7
(continued)
27.0 85.1 112.1 222.1 17.8 239.9 79.4 7.9 87.3 328.5 110.8 439.3
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
27.0 85.1 112.1 222.1 17.8 239.9 79.4 7.9 87.3 328.5 110.8 439.3
0.1 103.0 103.1 247.1 21.0 268.1 0.0 0.0 0.0 247.2 124.0 371.220.5 -20.1 0.4 -68.1 -10.4 -78.5 54.3 0.0 54.3 6.7 -30.5 -23.86.4 2.1 8.5 43.1 7.2 50.3 25.2 7.9 33.1 74.7 17.2 91.9
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
469.2 3.1 472.3 201.5 2.9 204.4 70.0 4.6 74.6 740.7 10.6 751.3
464.1 1.0 465.1 197.1 0.0 197.1 54.4 1.3 55.7 715.6 2.3 717.9
8.6 1.0 9.6 186.6 0.0 186.6 2.2 1.3 3.5 197.4 2.3 199.6455.5 0.0 455.5 0.0 0.0 0.0 37.9 0.0 37.9 493.4 0.0 493.4
0.0 0.0 0.0 10.5 0.0 10.5 14.3 0.0 14.3 24.8 0.0 24.85.1 2.1 7.2 4.4 2.9 7.3 15.6 3.3 18.9 25.1 8.3 33.4
5.1 2.1 7.2 3.9 2.9 6.8 15.6 3.3 18.9 24.6 8.3 32.9
44.6 12.7 57.3 49.2 8.2 57.4 80.7 16.6 97.3 174.5 37.5 212.0
21.7 4.1 25.8 7.0 2.4 9.5 33.7 2.7 36.3 62.4 9.2 71.6
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.021.7 4.1 25.8 7.0 2.4 9.5 33.7 2.7 36.3 62.4 9.2 71.622.9 8.6 31.5 42.1 5.8 47.9 47.1 13.9 61.0 112.1 28.3 140.4
0.0 0.0 0.0 0.0 0.0 0.0 0.9 0.0 0.922.9 8.6 31.5 42.1 5.8 47.9 46.2 13.9 60.1 111.2 28.3 139.5
57.3 22.2 79.5 56.2 5.1 61.3 104.1 10.4 114.5 217.6 37.7 255.3
598.1 123.0 721.1 529.0 34.0 563.0 334.2 39.5 373.7 1461.3 196.5 1657.8
112.3 118.0 230.3 324.9 31.5 356.4 246.2 35.6 281.7 683.3 185.0 868.4485.8 5.0 490.9 204.1 2.5 206.6 88.0 3.9 92.0 778.0 11.5 789.4
31.9 87.5 119.4 226.4 19.7 246.1 84.2 11.1 95.4 342.6 118.3 460.9566.2 35.6 601.7 302.6 14.3 316.9 250.0 28.4 278.3 1118.7 78.2 1196.9
348.1 2.7 350.8 315.8 1.8 317.7 508.5 3.0 511.5 1172.5 7.6 1180.115.7 0.0 15.7 15.4 0.0 15.4 14.8 0.0 14.8 45.8 0.0 45.8
106
BNB MONTHLY BULLETIN 6≠7/2008
(continued) (million EUR)
By institutional sectorApril May June Second quarter
Principal Interest Total Principal Interest Total Principal Interest Total Principal Interest Total
I. General government 2
Short-term
Long-term
Bonds and notes
Bonds and notes held by residents 3
Loans
II. Monetary authorities
III. Banks 4
Short-term
Loans
Currency and deposits
Other debt liabilities
Long-term
Loans
IV. Other sectors 5
Short-term
Money market instruments
Loans
Long-term
Bonds and notes
Loans
V. Direct investment: intercompany lending
GROSS EXTERNAL DEBT (I+II+III+IV+V)
Memo items
Long-term external debt 6
Short-term external debt
Public and publicly guaranteed external debt
Private non-guaranteed external debt
Revolving credits 7
Trade credits 7
(continued)
253.6 5.0 258.7 17.3 5.2 22.5 40.1 15.2 55.3 311.0 25.4 336.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
253.6 5.0 258.7 17.3 5.2 22.5 40.1 15.2 55.3 311.0 25.4 336.4
0.0 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.314.4 0.0 14.4 12.1 0.0 12.1 15.1 0.0 15.1 41.6 0.0 41.6
239.2 4.8 244.0 5.2 5.2 10.4 25.0 15.2 40.2 269.3 25.2 294.5
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
24.9 2.4 27.4 312.0 4.6 316.6 88.9 3.9 92.9 425.9 11.0 436.8
22.6 0.3 22.9 155.8 0.9 156.7 81.8 1.4 83.2 260.3 2.6 262.9
21.2 0.3 21.6 29.6 0.9 30.5 5.4 1.4 6.8 56.2 2.6 58.91.4 0.0 1.4 119.9 0.0 119.9 72.7 0.0 72.7 194.0 0.0 194.00.0 0.0 0.0 6.3 0.0 6.3 3.7 0.0 3.7 10.0 0.0 10.02.3 2.1 4.4 156.2 3.7 159.9 7.1 2.5 9.6 165.6 8.3 173.9
2.3 2.1 4.4 156.2 3.7 159.9 7.1 2.5 9.6 165.6 8.3 173.9
82.7 17.7 100.4 85.5 11.1 96.6 117.3 23.9 141.2 285.4 52.7 338.2
23.4 4.6 28.0 17.1 3.1 20.1 17.6 5.8 23.4 58.1 13.4 71.5
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.023.4 4.6 28.0 17.1 3.1 20.1 17.6 5.8 23.4 58.1 13.4 71.559.3 13.1 72.4 68.4 8.0 76.4 99.7 18.2 117.8 227.4 39.3 266.7
2.0 0.0 2.0 8.0 0.0 8.0 0.0 0.0 0.057.3 13.1 70.4 60.5 8.0 68.5 99.7 18.2 117.8 217.4 39.3 256.7
41.7 8.9 50.6 51.6 4.3 55.9 71.9 6.8 78.8 165.3 20.0 185.3
402.9 34.1 437.0 466.5 25.2 491.6 318.2 49.9 368.1 1187.6 109.1 1296.7
356.9 29.1 386.1 293.6 21.2 314.8 218.8 42.8 261.5 869.2 93.1 962.346.0 5.0 51.0 172.9 4.0 176.9 99.4 7.1 106.6 318.3 16.1 334.4
263.7 9.7 273.4 20.1 8.1 28.2 50.2 19.7 69.9 333.9 37.5 371.4139.3 24.4 163.6 446.4 17.0 463.4 268.0 30.2 298.2 853.7 71.6 925.3
468.3 2.1 470.4 458.5 1.9 460.4 626.3 3.5 629.8 1553.1 7.6 1560.70.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
107
6≠7/2008 EXTERNAL SECTOR
(continued) (million EUR)
By institutional sectorJuly August September Third quarter
Principal Interest Total Principal Interest Total Principal Interest Total Principal Interest Total
I. General government 2
Short-term
Long-term
Bonds and notes
Bonds and notes held by residents 3
Loans
II. Monetary authorities
III. Banks 4
Short-term
Loans
Currency and deposits
Other debt liabilities
Long-term
Loans
IV. Other sectors 5
Short-term
Money market instruments
Loans
Long-term
Bonds and notes
Loans
V. Direct investment: intercompany lending
GROSS EXTERNAL DEBT (I+II+III+IV+V)
Memo items
Long-term external debt 6
Short-term external debt
Public and publicly guaranteed external debt
Private non-guaranteed external debt
Revolving credits 7
Trade credits 7
6.27 33.82 40.09 30.10 1.59 31.68 65.42 9.42 74.84 101.79 44.83 146.61
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6.27 33.82 40.09 30.10 1.59 31.68 65.42 9.42 74.84 101.79 44.83 146.61
0.00 38.26 38.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 38.26 38.262.01 -6.33 -4.32 25.72 0.00 25.72 37.28 0.00 37.28 65.01 -6.33 58.684.25 1.89 6.15 4.38 1.59 5.96 28.14 9.42 37.57 36.78 12.90 49.68
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
101.37 2.84 104.21 33.34 5.81 39.15 96.27 5.62 101.89 230.97 14.26 245.24
85.18 1.06 86.23 19.09 3.42 22.52 83.27 0.45 83.71 187.53 4.93 192.46
22.86 1.06 23.91 3.68 3.42 7.10 3.56 0.45 4.00 30.09 4.93 35.0254.15 0.00 54.15 15.16 0.00 15.16 0.02 0.00 0.02 69.32 0.00 69.328.17 0.00 8.17 0.25 0.00 0.25 79.69 0.00 79.69 88.12 0.00 88.12
16.19 1.78 17.97 14.25 2.38 16.63 13.00 5.17 18.17 43.44 9.34 52.77
4.34 1.78 6.12 7.61 2.38 10.00 12.94 5.17 18.11 24.89 9.34 34.23
125.98 17.63 143.61 519.53 14.78 534.32 132.53 17.64 150.18 778.04 50.06 828.10
39.20 4.98 44.18 134.78 3.54 138.32 29.66 5.05 34.72 203.65 13.57 217.21
0.00 0.00 0.00 112.48 0.00 112.48 0.00 0.00 0.0039.20 4.98 44.18 22.30 3.54 25.84 29.66 5.05 34.72 91.16 13.57 104.7386.78 12.66 99.44 384.75 11.25 395.99 102.87 12.59 115.46 574.40 36.49 610.89
0.81 0.00 0.81 2.02 0.00 2.02 0.00 0.00 0.0085.97 12.66 98.63 382.72 11.25 393.97 102.87 12.59 115.46 571.56 36.49 608.05
71.44 28.51 99.96 63.88 6.18 70.06 285.52 14.40 299.92 420.85 49.09 469.94
305.05 82.80 387.86 646.85 28.36 675.21 579.74 47.08 626.83 1531.65 158.24 1689.89
180.68 76.77 257.45 492.98 21.39 514.37 466.82 41.58 508.40 1140.47 139.75 1280.22124.38 6.03 130.41 153.87 6.96 160.84 112.93 5.50 118.43 391.18 18.50 409.68
17.73 38.39 56.12 34.66 4.28 38.94 70.24 11.99 82.23 122.63 54.66 177.29287.32 44.42 331.74 612.19 24.07 636.26 509.50 35.09 544.60 1409.02 103.58 1512.60
484.28 2.18 486.46 532.20 2.55 534.74 413.18 4.76 417.95 1429.66 9.49 1439.1511.30 0.00 11.30 11.36 0.00 11.36 11.20 0.00 11.20 33.85 0.00 33.85
(continued)
108
BNB MONTHLY BULLETIN 6≠7/2008
(continued) (million EUR)
By institutional sectorOctober November December Fourth quarter
Principal Interest Total Principal Interest Total Principal Interest Total Principal Interest Total
I. General government 2
Short-term
Long-term
Bonds and notes
Bonds and notes held by residents 3
Loans
II. Monetary authorities
III. Banks 4
Short-term
Loans
Currency and deposits
Other debt liabilities
Long-term
Loans
IV. Other sectors 5
Short-term
Money market instruments
Loans
Long-term
Bonds and notes
Loans
V. Direct investment: intercompany lending
GROSS EXTERNAL DEBT (I+II+III+IV+V)
Memo items
Long-term external debt 6
Short-term external debt
Public and publicly guaranteed external debt
Private non-guaranteed external debt
Revolving credits 7
Trade credits 7
20.5 5.6 26.1 13.2 4.5 17.7 67.8 16.8 84.6 101.4 26.9 128.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
20.5 5.6 26.1 13.2 4.5 17.7 67.8 16.8 84.6 101.4 26.9 128.4
0.0 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.35.8 0.0 5.8 7.7 0.0 7.7 0.0 0.0 0.0 13.4 0.0 13.4
14.7 5.3 20.0 5.5 4.5 10.0 67.8 16.8 84.6 88.0 26.7 114.7
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
36.7 3.1 39.8 4.4 1.1 5.5 148.2 10.7 158.9 189.3 14.9 204.2
16.5 0.1 16.5 0.8 0.0 0.9 140.6 3.9 144.5 157.9 4.0 161.9
7.3 0.1 7.3 0.8 0.0 0.8 139.6 3.9 143.6 147.7 4.0 151.70.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.2 0.0 0.29.2 0.0 9.2 0.0 0.0 0.0 0.8 0.0 0.8 10.0 0.0 10.0
20.2 3.1 23.3 3.5 1.1 4.6 7.6 6.7 14.4 31.4 10.9 42.3
20.2 3.1 23.3 3.5 1.1 4.6 7.6 6.7 14.4 31.4 10.9 42.3
171.9 17.8 189.7 67.4 11.9 79.3 190.5 18.2 208.7 429.8 47.9 477.8
105.6 5.4 111.0 44.9 5.2 50.2 56.5 5.3 61.8 207.0 15.9 222.9
66.5 0.0 66.5 0.0 0.0 0.0 0.0 0.0 0.039.1 5.4 44.5 44.9 5.2 50.2 56.5 5.3 61.8 140.6 15.9 156.466.3 12.4 78.7 22.5 6.7 29.2 134.0 13.0 146.9 222.8 32.1 254.9
0.3 0.0 0.3 0.0 0.0 0.0 94.8 0.0 94.866.0 12.4 78.4 22.5 6.7 29.2 39.2 13.0 52.2 127.8 32.1 159.8
103.8 7.4 111.2 43.7 1.5 45.2 97.4 7.8 105.2 244.9 16.7 261.5
333.0 33.9 366.8 128.7 19.0 147.7 503.8 53.6 557.4 965.5 106.4 1071.9
210.9 28.4 239.3 82.9 13.8 96.7 306.8 44.4 351.1 600.6 86.6 687.1122.1 5.4 127.5 45.8 5.2 51.0 197.1 9.2 206.3 364.9 19.9 384.8
39.4 10.8 50.2 14.1 5.4 19.4 79.3 21.9 101.2 132.7 38.1 170.8293.6 23.0 316.6 114.6 13.6 128.3 424.5 31.6 456.2 832.8 68.3 901.1
550.6 3.8 554.4 442.5 4.1 446.5 398.1 6.5 404.5 1391.1 14.3 1405.55.8 0.0 5.8 5.8 0.0 5.8 5.8 0.0 5.8 17.5 0.0 17.5
(continued)
109
6≠7/2008 EXTERNAL SECTOR
1 Actual disbursements. Preliminary data. Data are recalculated in euro based on monthly average exchange rates of respective foreign currencies.2 Data source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data as of 26 February 2008. Excluding data on debt liabilities
of public sector companies and government guaranteed debt.3 In accordance with the residence concept, external debt payments are reduced with payments on securities held by residents and are increased with the securities (issued by resi-
dents in the international financial markets) which changed owners from residents to non-residents.4 Data source: banks. Deposits related to contingent liabilities are not included.5 Including principal and interest payments (excluding intercompany loans) registered by the BNB and on which the BNB has received information, as well as payments on gov-
ernment guaranteed debt (Source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data as of 26 February 2008).6 In compliance with the requirements of the External Debt Statistics, Guide for Compilers and Users, IMF, 2003, paragraphs 3.14 and 7.5, disbursements related to direct invest-
ment are included in the long-term external debt service.7 Data not included in the Gross External Debt Service tables. Data on revolving credits from banks are not included.
Source: BNB.
(continued) (million EUR)
By institutional sectorTotal 2007 November December Fourth quarter
Principal Interest Total Principal Interest Total Principal Interest Total Principal Interest Total
I. General government 2
Short-term
Long-term
Bonds and notes
Bonds and notes held by residents 3
Loans
II. Monetary authorities
III. Banks 4
Short-term
Loans
Currency and deposits
Other debt liabilities
Long-term
Loans
IV. Other sectors 5
Short-term
Money market instruments
Loans
Long-term
Bonds and notes
Loans
V. Direct investment: intercompany lending
GROSS EXTERNAL DEBT (I+II+III+IV+V)
Memo items
Long-term external debt 6
Short-term external debt
Public and publicly guaranteed external debt
Private non-guaranteed external debt
Revolving credits 7
Trade credits 7
842.7 208.0 1050.7
0.0 0.0 0.0
842.7 208.0 1050.7
247.2 162.8 410.0126.8 -36.8 89.9468.8 82.0 550.8
0.0 0.0 0.0
1586.8 50.7 1637.6
1321.3 13.8 1335.1
431.4 13.8 445.2756.9 0.0 756.9133.0 0.0 133.0265.6 36.9 302.4
246.5 36.9 283.3
1667.8 188.2 1856.0
531.2 52.0 583.2
0.0 0.0 0.0352.2 52.0 404.3
1136.7 136.1 1272.8
0.0 0.0 0.01027.9 136.1 1164.0
1048.6 123.5 1172.1
5146.0 570.3 5716.4
3293.6 504.4 3798.01852.4 65.9 1918.3
931.9 248.6 1180.54214.2 321.8 4535.9
5546.4 39.0 5585.497.1 0.0 97.1
110
BNB MONTHLY BULLETIN 6≠7/2008
2.6. DEBT INDICATORS*(%)
2007 2008
III VI IX XII I II III IV V
Gross external debt/GDPShort-term debt/Gross external debtShort-term debt/GDPBNB international reserves/Short-term debtGross external debt service/GDPGross external debt service/Exportsof goods and non-factor services
* Preliminary data for 2007 and GDP projections for 2008. Data on flows cover the period between the start of the year and the end of the reporting month, while those onamounts (balances) are as of the end of the reporting month.
Sources: BNB, MF, banks and local natural persons and legal entities.
72.8 77.5 88.4 97.3 86.9 88.5 91.0 93.6 94.430.9 31.4 32.2 33.9 31.5 32.3 33.5 34.1 33.822.5 24.3 28.5 33.0 27.3 28.6 30.4 31.9 31.9
138.3 136.1 142.3 125.2 130.2 124.1 121.2 123.5 122.25.7 10.2 16.1 19.8 3.3 3.8 6.0 6.7 7.5
45.8 36.4 34.1 31.6 78.4 43.6 44.2 36.3 31.2
111
6≠7/2008 EXTERNAL SECTOR
2.7. BULGARIAíS INTERNATIONAL INVESTMENT POSITION1
(million EUR)
III.2007 VI.2007 IX.2007 XII.2007 III.2008
International investment position, net1
Assets
Direct investment abroad 2
Equity capital and reinvested earnings Other capital Portfolio investment 3
Equity securities Debt securities Bonds Money market instruments Financial derivatives Other investment Trade credits 4
Loans 5
Monetary authorities General government Banks Other sectors Currency and deposits 6
Other assets Monetary authorities General government Banks Other sectors Reserve assets 7
Liabilities
Direct investment in Bulgaria 2
Equity capital and reinvested earnings Other capital Portfolio investment 8
Equity securities Debt securities Bonds Money market instruments Financial derivatives 8
Other investment Trade credits 9
Loans Monetary authorities 10
General government 11
Banks 12
Other sectors 13
Currency and deposits 14
Other liabilities Monetary authorities General government Banks Other sectors
1 Preliminary data. The Âuro equivalent is calculated using the exchange rates of the respective foreign currencies at the end of the period. Data for 2007 are revised,2 For information on the compilation of foreign direct investment stocks see ëMethodological Notes on the Compilation of International Investment Position of Bulgariaí
published on the BNB website (www.bnb.bg).3 Portfolio investments in securities issued by non-residents and held by residents. Sources: banks, non-bank investment intermediaries and other financial institutions.4 Data on trade credits-assets (prepaid advances and receivables from suppliers) reported to the BNB are included. Due to quarterly reporting, data are subject to revisions.5 Data are based on the reports provided to the BNB by banks and companies on financial credits lent to non-residents. Due to quarterly reporting, data are subject to
revisions.6 Source: Bank for International Settlements (BIS), Basel. For March 2008 the last published data (December 2007) are used.7 Including monetary and non-monetary gold at market value. Source: Issue Department.8 Source: Central Depository AD.9 Data on trade credits-liabilities (received advances and payables to suppliers) reported to the BNB are included in this item. Due to quarterly reporting, data for 2007 are
subject to revisions.10 Use of IMF credit.11 Data source: The Register of Government and Government-guaranteed Debt of the Ministry of Finance. Preliminary data as of 22 April 2008. Debt liabilities of the public
companies and the government guaranteed debt are excluded.12 Data are based on the monthly reports by banks.13 Data on public and private companies, including government guaranteed loans. Intracompany loans are excluded. Data cover only loans registered by the BNB and on which
the BNB has received information. Due to quarterly reporting, data are subject to revisions.14 Data source: banks (including private and state-owned banks). Deposits related to contingent liabilities are excluded.
Source: BNB.
-16 589.1 -18 285.6 -20 662.6 -23 130.6 -25 304.4
16 810.0 17 388.2 19 448.8 20 558.6 20 150.3
231.1 318.5 361.4 407.8 793.8193.4 262.6 293.9 324.4 713.837.7 55.8 67.6 83.4 79.9
974.8 984.3 877.4 1 027.5 938.9166.5 188.4 244.6 257.5 242.8808.3 795.9 632.8 769.9 696.1711.0 681.9 588.7 699.0 621.997.3 114.1 44.2 70.9 74.2
136.3 142.4 122.4 102.8 114.26 487.1 6 375.9 6 382.3 7 083.9 6 188.9
624.6 696.5 662.0 662.0 662.0301.1 316.0 349.8 443.6 518.8
0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0
134.3 134.0 148.6 216.1 270.3166.8 182.0 201.2 227.5 248.5
3 921.2 3 761.2 3 798.3 4 454.0 3 573.01 640.2 1 602.2 1 572.1 1 524.3 1 435.1
11.4 11.4 11.4 0.0 0.01 564.6 1 543.5 1 480.9 1 430.6 1 368.2
64.1 47.3 79.8 93.7 66.80.0 0.0 0.0 0.0 0.0
8 980.7 9 567.1 11 705.3 11 936.6 12 114.5
33 399.1 35 673.8 40 111.5 43 689.2 45 454.8
18 208.8 19 784.3 22 826.7 24 743.0 25 822.012 313.4 13 291.2 14 622.8 15 711.2 16 290.45 895.3 6 493.1 8 204.0 9 031.9 9 531.52 301.4 2 255.6 2 089.7 1 964.7 1 933.6
354.1 355.1 414.6 351.3 337.81 947.3 1 900.5 1 675.1 1 613.4 1 595.81 768.3 1 721.5 1 608.6 1 613.4 1 595.8
179.0 179.0 66.5 0.0 0.058.9 67.9 72.2 33.9 31.6
12 830.0 13 566.1 15 122.9 16 947.5 17 667.61 364.1 1 561.2 1 505.6 1 512.4 1 457.29 173.7 9 655.9 10 752.0 11 391.6 12 392.5
237.2 0.0 0.0 0.0 0.01 792.0 1 902.6 1 912.5 1 851.9 1 571.11 261.2 1 395.0 1 590.2 1 590.9 1 814.75 883.2 6 358.3 7 249.3 7 948.9 9 006.72 174.1 2 203.9 2 751.1 3 919.9 3 728.9
118.2 145.1 114.3 123.6 89.00.0 0.0 0.0 0.0 0.00.4 0.3 0.3 0.1 0.1
117.8 144.8 113.9 123.5 88.90.0 0.0 0.0 0.0 0.0
112
BNB MONTHLY BULLETIN 6≠7/20082.8
. T
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PL
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7I.2
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III.2
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IV.2
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A. O
ffic
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serv
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ssets
(1)
For
eign
cur
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serv
es
(
in c
onve
rtib
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n cu
rren
cies
)1
(a)
Secu
ritie
s
of w
hich
: iss
uer
head
quar
tere
d in
rep
ortin
g co
untr
y
but l
ocat
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broa
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(b)
tota
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renc
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d de
posi
ts w
ith:
o
ther
nat
iona
l cen
tral
ban
ks, B
IS a
nd I
MF
b
anks
hea
dqua
rter
ed in
the
repo
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o
f whi
ch: l
ocat
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b
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hea
dqua
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de th
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port
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coun
try
o
f w
hich
: loc
ated
in th
e re
port
ing
coun
try
(2)
IMF
res
erve
pos
ition
(3)
SDR
s
(4)
Gol
d (i
nclu
ding
gol
d de
posi
ts a
nd g
old
swap
ped)
2
v
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e in
mill
ions
of
fine
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(5)
Oth
er r
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ve a
sset
s
f
inan
cial
der
ivat
ives
l
oans
to n
on-b
ank
non-
resi
dent
s
o
ther
3
B. O
ther
fore
ign
cu
rren
cy a
ssets
s
ecur
ities
not
incl
uded
in o
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ve a
sset
s
d
epos
its n
ot in
clud
ed in
off
icia
l res
erve
ass
ets 4
l
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not
incl
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in o
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f
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not
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in o
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not i
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in o
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eser
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s
o
ther
5
1 F
orei
gn c
urre
ncy
rese
rves
dir
ectly
man
aged
by
the
BN
B.
2 G
old
is v
alue
d at
the
mar
ket p
rice
.3 A
ccru
ed in
tere
st.
4 C
entr
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over
nmen
t dep
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with
loca
l ban
ks.
5 B
rady
bon
ds c
olla
tera
l.
Sour
ce: B
NB
.
9567
.198
55.0
1032
6.3
1170
5.3
1182
1.2
1203
2.7
1193
6.6
1167
9.6
1165
6.2
1211
4.5
1293
6.8
1281
3.9
1323
4.1
8913
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94.7
9663
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411
091.
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308.
211
179.
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847.
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316.
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183.
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3
6551
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69.6
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00.9
8671
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80.9
9385
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44.6
9284
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38.1
1016
9.4
1071
7.2
1073
9.9
--
--
--
--
--
--
-
2361
.718
25.1
1808
.727
01.5
2419
.221
27.2
1793
.616
03.1
1519
.521
78.6
2014
.213
30.8
1705
.5
12.2
20.4
24.4
22.4
64.4
64.4
64.0
64.2
64.9
54.0
59.0
56.4
72.5
--
--
--
--
--
--
-
--
--
--
--
--
--
-
2349
.518
04.7
1784
.326
79.2
2354
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62.8
1729
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38.9
1454
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24.6
1955
.212
74.4
1633
.0
--
--
--
--
--
--
-
37.3
37.1
37.2
36.5
36.2
35.9
35.8
35.8
35.4
34.7
34.9
34.9
34.6
0.6
0.6
0.6
0.6
0.6
0.7
0.7
0.7
0.8
4.1
4.1
4.2
4.2
616.
062
2.7
625.
466
5.8
693.
468
7.9
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279
5.5
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6.8
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1.3
1.3
1.3
1.3
1.3
1.3
1.3
1.3
1.3
1.3
1.3
1.3
1.3
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-
--
--
--
--
--
--
-
307.
730
6.8
311.
535
2.4
357.
234
9.1
385.
137
1.7
369.
136
1.8
369.
734
7.7
348.
0
--
--
--
--
--
--
-
297.
929
6.9
301.
634
1.9
346.
333
8.3
373.
835
9.2
355.
934
8.8
358.
233
5.9
335.
9
--
--
--
--
--
--
-
--
--
--
--
--
--
-
9.8
9.9
9.9
10.5
10.9
10.8
11.3
12.5
13.2
13.0
11.5
11.8
12.1
--
--
--
--
--
--
-
113
6≠7/2008 EXTERNAL SECTOR2.
8.2.
Par
t II
. P
RE
DE
TE
RM
INE
D S
HO
RT
-TE
RM
NE
T D
RA
INS
ON
FO
RE
IGN
CU
RR
EN
CY
ASS
ET
S (N
OM
INA
L V
AL
UE
) IN
TH
E F
OL
LO
WIN
G 1
2 M
ON
TH
S (
mill
ion
EU
R)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
TO
TA
L
1. F
ore
ign
cu
rren
cy loan
s; s
ecu
riti
es
an
d d
eposi
ts
o
utfl
ows
(-)
(Pri
ncip
al)
o
utfl
ows
(-)
(Int
eres
t)
infl
ows
(+)
(Pri
ncip
al)
in
flow
s (+
) (I
nter
est)
2. A
ggre
gate
sh
ort
an
d l
on
g p
osi
tion
s in
forw
ard
s an
d f
utu
res
in
fore
ign
cu
rren
cie
s vi
s-a-
vis
the d
om
est
ic c
urr
en
cy (
inclu
din
g
the f
orw
ard
leg o
f cu
rren
cy s
waps)
(
a) S
hort
pos
ition
s (-
)
(b)
Lon
g po
sitio
ns (
+)
3. O
ther
o
utfl
ows
rela
ted
to r
epos
(-)
in
flow
s re
late
d to
rev
erse
rep
os (
+)
tr
ade
cred
it (-
)
trad
e cr
edit
(+)
o
ther
acc
ount
s pa
yabl
e (-
)
oth
er a
ccou
nts
rece
ivab
le (
+)
MA
TU
RIT
Y B
RE
AK
DO
WN
(R
ES
IDU
AL
MA
TU
RIT
Y)
(n<
=1)
1. F
ore
ign
cu
rren
cy loan
s; s
ecu
riti
es
an
d d
eposi
ts
o
utfl
ows
(-)
(Pri
ncip
al)
o
utfl
ows
(-)
(Int
eres
t)
infl
ows
(+)
(Pri
ncip
al)
in
flow
s (+
) (I
nter
est)
2. A
ggre
gate
sh
ort
an
d l
on
g p
osi
tion
s in
forw
ard
s an
d f
utu
res
in
fore
ign
cu
rren
cie
s vi
s-a-
vis
the d
om
est
ic c
urr
en
cy (
inclu
din
g
the f
orw
ard
leg o
f cu
rren
cy s
waps)
(
a) S
hort
pos
ition
s (-
)
(b)
Lon
g po
sitio
ns (
+)
3. O
ther
o
utfl
ows
rela
ted
to r
epos
(-)
in
flow
s re
late
d to
rev
erse
rep
os (
+)
tr
ade
cred
it (-
)
trad
e cr
edit
(+)
o
ther
acc
ount
s pa
yabl
e (-
)
oth
er a
ccou
nts
rece
ivab
le (
+)
-461
.1-4
58.3
-457
.2-4
54.4
-436
.8-4
48.1
-456
.3-4
55.0
-422
.7-3
90.9
-386
.7-3
89.5
-394
.6
-211
.1-2
10.2
-210
.6-2
08.4
-192
.5-1
95.3
-200
.1-2
00.6
-170
.3-1
61.3
-159
.0-1
58.6
-162
.3-2
50.0
-248
.1-2
46.6
-246
.0-2
44.3
-252
.9-2
56.2
-254
.4-2
52.5
-229
.7-2
27.7
-230
.9-2
32.3
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-48.
2-6
.7-3
7.7
-8.7
-7.3
-85.
3-1
07.9
-38.
0-1
7.1
-9.1
-14.
6-3
4.2
-41.
0
-4.5
-4.5
-28.
3-0
.4-3
.3-6
8.4
-3.1
-35.
7-8
.5-0
.4-3
.6-2
1.5
-2.9
-43.
7-2
.3-9
.3-8
.3-4
.0-1
6.9
-104
.9-2
.4-8
.6-8
.7-1
1.0
-12.
6-3
8.1
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
(con
tinue
d)
114
BNB MONTHLY BULLETIN 6≠7/20082.
8.2.
Par
t II
. P
RE
DE
TE
RM
INE
D S
HO
RT
-TE
RM
NE
T D
RA
INS
ON
FO
RE
IGN
CU
RR
EN
CY
ASS
ET
S (N
OM
INA
L V
AL
UE
) IN
TH
E F
OL
LO
WIN
G 1
2 M
ON
TH
S(c
ontin
ued)
(m
illio
n E
UR
)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
-44.
6-4
6.6
-16.
1-1
08.0
-193
.1-1
46.0
-58.
5-3
0.2
-26.
1-5
4.3
-74.
9-4
7.1
-41.
5
-33.
0-2
9.0
-3.8
-86.
7-7
1.2
-38.
8-4
6.7
-12.
0-4
.1-2
6.4
-24.
4-7
.4-3
0.8
-11.
6-1
7.6
-12.
3-2
1.3
-121
.9-1
07.2
-11.
8-1
8.2
-21.
9-2
7.9
-50.
5-3
9.7
-10.
7-
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-368
.4-4
04.9
-403
.4-3
37.7
-236
.4-2
16.8
-289
.8-3
86.8
-379
.6-3
27.6
-297
.2-3
08.3
-312
.1
-173
.6-1
76.7
-178
.5-1
21.3
-118
.0-8
8.0
-150
.4-1
52.9
-157
.7-1
34.5
-130
.9-1
29.7
-128
.6-1
94.8
-228
.2-2
24.9
-216
.4-1
18.4
-128
.7-1
39.5
-233
.9-2
22.0
-193
.1-1
66.2
-178
.6-1
83.5
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
MA
TU
RIT
Y B
RE
AK
DO
WN
(R
ES
IDU
AL
MA
TU
RIT
Y)
(1<
n<
=3)
1. F
ore
ign
cu
rren
cy loan
s; s
ecu
riti
es
an
d d
eposi
ts
o
utfl
ows
(-)
(Pri
ncip
al)
o
utfl
ows
(-)
(Int
eres
t)
infl
ows
(+)
(Pri
ncip
al)
in
flow
s (+
) (I
nter
est)
2. A
ggre
gate
sh
ort
an
d l
on
g p
osi
tion
s in
forw
ard
s an
d f
utu
res
in
fore
ign
cu
rren
cie
s vi
s-a-
vis
the d
om
est
ic c
urr
en
cy (
inclu
din
g
the f
orw
ard
leg o
f cu
rren
cy s
waps)
(
a) S
hort
pos
ition
s (-
)
(b)
Lon
g po
sitio
ns (
+)
3. O
ther
o
utfl
ows
rela
ted
to r
epos
(-)
in
flow
s re
late
d to
rev
erse
rep
os (
+)
tr
ade
cred
it (-
)
trad
e cr
edit
(+)
o
ther
acc
ount
s pa
yabl
e (-
)
oth
er a
ccou
nts
rece
ivab
le (
+)
MA
TU
RIT
Y B
RE
AK
DO
WN
(R
ES
IDU
AL
MA
TU
RIT
Y)
(3<
n<
=12)
1. F
ore
ign
cu
rren
cy loan
s; s
ecu
riti
es
an
d d
eposi
ts
o
utfl
ows
(-)
(Pri
ncip
al)
o
utfl
ows
(-)
(Int
eres
t)
infl
ows
(+)
(Pri
ncip
al)
in
flow
s (+
) (I
nter
est)
2. A
ggre
gate
sh
ort
an
d l
on
g p
osi
tion
s in
forw
ard
s an
d f
utu
res
in
fore
ign
cu
rren
cie
s vi
s-a-
vis
the d
om
est
ic c
urr
en
cy (
inclu
din
g
the f
orw
ard
leg o
f cu
rren
cy s
waps)
(
a) S
hort
pos
ition
s (-
)
(b)
Lon
g po
sitio
ns (
+)
3. O
ther
o
utfl
ows
rela
ted
to r
epos
(-)
in
flow
s re
late
d to
rev
erse
rep
os (
+)
tr
ade
cred
it (-
)
trad
e cr
edit
(+)
o
ther
acc
ount
s pa
yabl
e (-
)
oth
er a
ccou
nts
rece
ivab
le (
+)
Sour
ce: B
NB
.
115
6≠7/2008 EXTERNAL SECTOR2.
8.3.
Par
t II
I. C
ON
TIN
GE
NT
SH
OR
T-T
ER
M N
ET
DR
AIN
S O
N F
OR
EIG
N C
UR
RE
NC
Y A
SSE
TS
(NO
MIN
AL
VA
LU
E)
IN T
HE
FO
LL
OW
ING
12
MO
NT
HS
(m
illio
n E
UR
)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
TO
TA
L
1. C
on
tin
gen
t li
abil
itie
s in
fore
ign
cu
rren
cy
(
a) C
olla
tera
l gua
rant
ees
on d
ebt f
allin
g du
e w
ithin
1 y
ear
(
b) O
ther
con
tinge
nt li
abili
ties
2. F
ore
ign
cu
rren
cy s
ecu
riti
es
issu
ed w
ith
em
bedded o
pti
on
s
(p
utt
able
bon
ds)
3.1
. U
ndra
wn
or
un
con
dit
ion
al
cre
dit
lin
es
pro
vid
ed b
y:
(a)
othe
r na
tiona
l mon
etar
y au
thor
ities
; BIS
; IM
F; a
nd o
ther
inte
rnat
iona
l org
anis
atio
ns
oth
er n
atio
nal m
onet
ary
auth
oriti
es (
+)
B
IS (
+)
I
MF
(+
)(b
) ba
nks
and
othe
r fi
nanc
ial i
nstit
utio
ns h
eadq
uart
ered
in th
e
rep
ortin
g co
untr
y (+
)(c
) ba
nks
and
othe
r fi
nanc
ial i
nstit
utio
ns h
eadq
uart
ered
out
side
t
he r
epor
ting
coun
try
(+)
3.2
. U
ndra
wn
or
un
con
dit
ion
al
cre
dit
lin
es
pro
vid
ed t
o:
(a)
othe
r na
tiona
l mon
etar
y au
thor
ities
; BIS
; IM
F; a
nd o
ther
inte
rnat
iona
l org
anis
atio
ns
oth
er n
atio
nal m
onet
ary
auth
oriti
es (
-)
BIS
(-)
I
MF
(-)
(b)
bank
s an
d ot
her
fina
ncia
l ins
titut
ions
hea
dqua
rter
ed in
the
r
epor
ting
coun
try
(-)
(c)
bank
s an
d ot
her
fina
ncia
l ins
titut
ions
hea
dqua
rter
ed o
utsi
de
the
rep
ortin
g co
untr
y (-
)4. A
ggre
gate
sh
ort
an
d lon
g p
osi
tion
s of
opti
on
s in
fore
ign
cu
rren
cie
s vi
s-a-
vis
the d
om
est
ic c
urr
en
cy
(a)
Shor
t pos
ition
s
(
i) B
ough
t put
s1
(ii)
Wri
tten
cal
ls2
(b)
Lon
g po
sitio
ns
(
i) B
ough
t ca
lls
(
ii) W
ritt
en p
uts
PR
O M
EM
OR
IA: In
-th
e-m
on
ey o
pti
on
s
(1)
At c
urre
nt e
xcha
nge
rate
s
(a
) Sh
ort p
ositi
on
(b
) L
ong
posi
tion
(2)
+ 5
% (
depr
ecia
tion
of 5
%)
(a)
Shor
t pos
ition
(b)
Lon
g po
sitio
n(3
) -
5 %
(ap
prec
iatio
n of
5%
)
(a
) Sh
ort p
ositi
on
(b
) L
ong
posi
tion
(4)
+10
% (
depr
ecia
tion
of 1
0%)
(a)
Shor
t pos
ition
(b)
Lon
g po
sitio
n
-68.
6-6
9.3
-69.
7-7
0.3
-70.
4-7
0.4
-73.
3-7
2.0
-71.
7-6
9.1
-80.
0-7
9.8
-80.
7
--
--
--
--
--
--
--6
8.6
-69.
3-6
9.7
-70.
3-7
0.4
-70.
4-7
3.3
-72.
0-7
1.7
-69.
1-8
0.0
-79.
8-8
0.7
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
(con
tinue
d)
116
BNB MONTHLY BULLETIN 6≠7/20082.
8.3.
Par
t II
I. C
ON
TIN
GE
NT
SH
OR
T-T
ER
M N
ET
DR
AIN
S O
N F
OR
EIG
N C
UR
RE
NC
Y A
SSE
TS
(NO
MIN
AL
VA
LU
E)
IN T
HE
FO
LL
OW
ING
12
MO
NT
HS
(con
tinue
d) (
mill
ion
EU
R)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
(con
tinue
d)
(5)
- 10
% (
appr
ecia
tion
of 1
0%)
(a)
Shor
t pos
ition
(b)
Lon
g po
sitio
n(6
) O
ther
(a)
Shor
t pos
ition
(b)
Lon
g po
sitio
n
MA
TU
RIT
Y B
RE
AK
DO
WN
(R
ES
IDU
AL
MA
TU
RIT
Y,
WH
ER
E A
PP
LIC
AB
LE
)(n
<=
1)
1. C
on
tin
gen
t li
abil
itie
s in
fore
ign
cu
rren
cy
(a)
Col
late
ral g
uara
ntee
s on
deb
t fal
ling
due
with
in 1
yea
r(b
) O
ther
con
tinge
nt li
abili
ties
2. F
ore
ign
cu
rren
cy s
ecu
riti
es
issu
ed w
ith
em
bedded o
pti
on
s
(p
utt
able
bon
ds)
3.1
. U
ndra
wn
or
un
con
dit
ion
al
cre
dit
lin
es
pro
vid
ed b
y:
(a)
othe
r na
tiona
l mon
etar
y au
thor
ities
; BIS
; IM
F; a
nd o
ther
inte
rnat
iona
l org
anis
atio
ns
oth
er n
atio
nal m
onet
ary
auth
oriti
es (
+)
B
IS (
+)
I
MF
(+
)(b
) ba
nks
and
othe
r fi
nanc
ial i
nstit
utio
ns h
eadq
uart
ered
in th
e
rep
ortin
g co
untr
y (+
)(c
) ba
nks
and
othe
r fi
nanc
ial i
nstit
utio
ns h
eadq
uart
ered
out
side
t
he r
epor
ting
coun
try
(+)
3.2
. U
ndra
wn
or
un
con
dit
ion
al
cre
dit
lin
es
pro
vid
ed t
o:
(a)
othe
r na
tiona
l mon
etar
y au
thor
ities
; BIS
; IM
F; a
nd o
ther
inte
rnat
iona
l org
anis
atio
ns
oth
er n
atio
nal m
onet
ary
auth
oriti
es (
-)
BIS
(-)
I
MF
(-)
(b)
bank
s an
d ot
her
fina
ncia
l ins
titut
ions
hea
dqua
rter
ed in
the
r
epor
ting
coun
try
(-)
(c)
bank
s an
d ot
her
fina
ncia
l ins
titut
ions
hea
dqua
rter
ed o
utsi
de
the
rep
ortin
g co
untr
y (-
)4. A
ggre
gate
sh
ort
an
d lon
g p
osi
tion
s of
opti
on
s in
fore
ign
cu
rren
cie
s vi
s-a-
vis
the d
om
est
ic c
urr
en
cy
(a)
Shor
t pos
ition
s
(
i) B
ough
t put
s
(
ii) W
ritt
en c
alls
(b)
Lon
g po
sitio
ns
(
i) B
ough
t ca
lls
(
ii) W
ritt
en p
uts
PR
O M
EM
OR
IA: In
-th
e-m
on
ey o
pti
on
s
(1)
At c
urre
nt e
xcha
nge
rate
s
(a
) Sh
ort p
ositi
on
(b
) L
ong
posi
tion
(2)
+ 5
% (
depr
ecia
tion
of 5
%)
(a)
Shor
t pos
ition
(b)
Lon
g po
sitio
n
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-1.9
-6.5
-2.8
-6.2
-1.6
-11.
4-2
.0-6
.8-3
.9-5
.9-3
.9-1
2.6
-2.0
--
--
--
--
--
--
--1
.9-6
.5-2
.8-6
.2-1
.6-1
1.4
-2.0
-6.8
-3.9
-5.9
-3.9
-12.
6-2
.0
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
117
6≠7/2008 EXTERNAL SECTOR2.
8.3.
Par
t II
I. C
ON
TIN
GE
NT
SH
OR
T-T
ER
M N
ET
DR
AIN
S O
N F
OR
EIG
N C
UR
RE
NC
Y A
SSE
TS
(NO
MIN
AL
VA
LU
E)
IN T
HE
FO
LL
OW
ING
12
MO
NT
HS
(con
tinue
d) (
mill
ion
EU
R)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
(con
tinue
d)
(3)
- 5
% (
appr
ecia
tion
of 5
%)
(a)
Shor
t pos
ition
(b)
Lon
g po
sitio
n(4
) +
10 %
(de
prec
iatio
n of
10%
)
(a
) Sh
ort p
ositi
on
(b
) L
ong
posi
tion
(5)
- 10
% (
appr
ecia
tion
of 1
0%)
(a)
Shor
t pos
ition
(b)
Lon
g po
sitio
n(6
) O
ther
(a)
Shor
t pos
ition
(b)
Lon
g po
sitio
n
MA
TU
RIT
Y B
RE
AK
DO
WN
(R
ES
IDU
AL
MA
TU
RIT
Y,
WH
ER
E A
PP
LIC
AB
LE
)(1<
n<
=3)
1. C
on
tin
gen
t li
abil
itie
s in
fore
ign
cu
rren
cy
(a)
Col
late
ral g
uara
ntee
s on
deb
t fal
ling
due
with
in 1
yea
r(b
) O
ther
con
tinge
nt li
abili
ties
2. F
ore
ign
cu
rren
cy s
ecu
riti
es
issu
ed w
ith
em
bedded o
pti
on
s
(pu
ttable
bon
ds)
3.1
. U
ndra
wn
or
un
con
dit
ion
al
cre
dit
lin
es
pro
vid
ed b
y:
(a)
othe
r na
tiona
l mon
etar
y au
thor
ities
; BIS
; IM
F; a
nd o
ther
inte
rnat
iona
l org
anis
atio
ns
oth
er n
atio
nal m
onet
ary
auth
oriti
es (
+)
B
IS (
+)
I
MF
(+
)(b
) ba
nks
and
othe
r fi
nanc
ial i
nstit
utio
ns h
eadq
uart
ered
in th
e
rep
ortin
g co
untr
y (+
)(c
) ba
nks
and
othe
r fi
nanc
ial i
nstit
utio
ns h
eadq
uart
ered
out
side
t
he r
epor
ting
coun
try
(+)
3.2
. U
ndra
wn
or
un
con
dit
ion
al
cre
dit
lin
es
pro
vid
ed t
o:
(a)
othe
r na
tiona
l mon
etar
y au
thor
ities
; BIS
; IM
F; a
nd o
ther
inte
rnat
iona
l org
anis
atio
ns
oth
er n
atio
nal m
onet
ary
auth
oriti
es (
-)
BIS
(-)
I
MF
(-)
(b)
bank
s an
d ot
her
fina
ncia
l ins
titut
ions
hea
dqua
rter
ed in
the
r
epor
ting
coun
try
(-)
(c)
bank
s an
d ot
her
fina
ncia
l ins
titut
ions
hea
dqua
rter
ed o
utsi
de
the
rep
ortin
g co
untr
y (-
)4. A
ggre
gate
sh
ort
an
d lon
g p
osi
tion
s of
opti
on
s in
fore
ign
cu
rren
cie
s vi
s-a-
vis
the d
om
est
ic c
urr
en
cy
(a)
Shor
t pos
ition
s
(
i) B
ough
t put
s
(
ii) W
ritt
en c
alls
(b)
Lon
g po
sitio
ns
(
i) B
ough
t ca
lls
(
ii) W
ritt
en p
uts
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-9.1
-10.
0-8
.2-1
3.6
-13.
4-8
.6-1
0.1
-10.
1-1
0.5
-16.
5-1
4.6
-7.4
-9.1
--
--
--
--
--
--
--9
.1-1
0.0
-8.2
-13.
6-1
3.4
-8.6
-10.
1-1
0.1
-10.
5-1
6.5
-14.
6-7
.4-9
.1
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
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--
--
-
118
BNB MONTHLY BULLETIN 6≠7/20082.
8.3.
Par
t II
I. C
ON
TIN
GE
NT
SH
OR
T-T
ER
M N
ET
DR
AIN
S O
N F
OR
EIG
N C
UR
RE
NC
Y A
SSE
TS
(NO
MIN
AL
VA
LU
E)
IN T
HE
FO
LL
OW
ING
12
MO
NT
HS
(con
tinue
d) (
mill
ion
EU
R)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
(con
tinue
d)
PR
O M
EM
OR
IA: In
-th
e-m
on
ey o
pti
on
s
(1)
At c
urre
nt e
xcha
nge
rate
s
(a
) Sh
ort p
ositi
on
(b
) L
ong
posi
tion
(2)
+ 5
% (
depr
ecia
tion
of 5
%)
(a)
Shor
t pos
ition
(b)
Lon
g po
sitio
n(3
) -
5 %
(ap
prec
iatio
n of
5%
)
(a
) Sh
ort p
ositi
on
(b
) L
ong
posi
tion
(4)
+10
% (
depr
ecia
tion
of 1
0%)
(a)
Shor
t pos
ition
(b)
Lon
g po
sitio
n(5
) -
10 %
(ap
prec
iatio
n of
10%
)
(a
) Sh
ort p
ositi
on
(b
) L
ong
posi
tion
(6)
Oth
er
(a
) Sh
ort p
ositi
on
(b
) L
ong
posi
tion
MA
TU
RIT
Y B
RE
AK
DO
WN
(R
ES
IDU
AL
MA
TU
RIT
Y,
WH
ER
E A
PP
LIC
AB
LE
)(3<
n<
=12)
1. C
on
tin
gen
t li
abil
itie
s in
fore
ign
cu
rren
cy
(a)
Col
late
ral g
uara
ntee
s on
deb
t fal
ling
due
with
in 1
yea
r(b
) O
ther
con
tinge
nt li
abili
ties
2. F
ore
ign
cu
rren
cy s
ecu
riti
es
issu
ed w
ith
em
bedded o
pti
on
s
(pu
ttable
bon
ds)
3.1
. U
ndra
wn
or
un
con
dit
ion
al
cre
dit
lin
es
pro
vid
ed b
y:
(a)
othe
r na
tiona
l mon
etar
y au
thor
ities
; BIS
; IM
F; a
nd o
ther
inte
rnat
iona
l org
anis
atio
ns
oth
er n
atio
nal m
onet
ary
auth
oriti
es (
+)
B
IS (
+)
I
MF
(+
)(b
) ba
nks
and
othe
r fi
nanc
ial i
nstit
utio
ns h
eadq
uart
ered
in th
e
rep
ortin
g co
untr
y (+
)(c
) ba
nks
and
othe
r fi
nanc
ial i
nstit
utio
ns h
eadq
uart
ered
out
side
t
he r
epor
ting
coun
try
(+)
3.2
. U
ndra
wn
or
un
con
dit
ion
al
cre
dit
lin
es
pro
vid
ed t
o:
(a)
othe
r na
tiona
l mon
etar
y au
thor
ities
; BIS
; IM
F; a
nd o
ther
inte
rnat
iona
l org
anis
atio
ns
oth
er n
atio
nal m
onet
ary
auth
oriti
es (
-)
BIS
(-)
I
MF
(-)
(b)
bank
s an
d ot
her
fina
ncia
l ins
titut
ions
hea
dqua
rter
ed in
the
r
epor
ting
coun
try
(-)
(c)
bank
s an
d ot
her
fina
ncia
l ins
titut
ions
hea
dqua
rter
ed o
utsi
de
the
rep
ortin
g co
untr
y (-
)
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-57.
6-5
2.8
-58.
7-5
0.5
-55.
4-5
0.3
-61.
1-5
5.1
-57.
4-4
6.7
-61.
5-5
9.8
-69.
5
--
--
--
--
--
--
--5
7.6
-52.
8-5
8.7
-50.
5-5
5.4
-50.
3-6
1.1
-55.
1-5
7.4
-46.
7-6
1.5
-59.
8-6
9.5
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
-
119
6≠7/2008 EXTERNAL SECTOR2.
8.3.
Par
t II
I. C
ON
TIN
GE
NT
SH
OR
T-T
ER
M N
ET
DR
AIN
S O
N F
OR
EIG
N C
UR
RE
NC
Y A
SSE
TS
(NO
MIN
AL
VA
LU
E)
IN T
HE
FO
LL
OW
ING
12
MO
NT
HS
(con
tinue
d) (
mill
ion
EU
R)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
4. A
ggre
gate
sh
ort
an
d lon
g p
osi
tion
s of
opti
on
s in
fore
ign
cu
rren
cie
s vi
s-a-
vis
the d
om
est
ic c
urr
en
cy
(a)
Shor
t pos
ition
s
(
i) B
ough
t put
s
(
ii) W
ritt
en c
alls
(b)
Lon
g po
sitio
ns
(
i) B
ough
t ca
lls
(
ii) W
ritt
en p
uts
PR
O M
EM
OR
IA: In
-th
e-m
on
ey o
pti
on
s
(1)
At c
urre
nt e
xcha
nge
rate
s
(a
) Sh
ort p
ositi
on
(b
) L
ong
posi
tion
(2)
+ 5
% (
depr
ecia
tion
of 5
%)
(a)
Shor
t pos
ition
(b)
Lon
g po
sitio
n(3
) -
5 %
(ap
prec
iatio
n of
5%
)
(a
) Sh
ort p
ositi
on
(b
) L
ong
posi
tion
(4)
+10
% (
depr
ecia
tion
of 1
0%)
(a)
Shor
t pos
ition
(b)
Lon
g po
sitio
n(5
) -
10 %
(ap
prec
iatio
n of
10%
)
(a
) Sh
ort p
ositi
on
(b
) L
ong
posi
tion
(6)
Oth
er
(a
) Sh
ort p
ositi
on
(b
) L
ong
posi
tion
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
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--
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--
--
--
--
--
--
--
1 P
ut o
ptio
n ≠
an o
ptio
n th
at g
ives
the
hold
er th
e ri
ght b
ut n
ot th
e ob
ligat
ion
to s
ell c
urre
ncie
s or
oth
er fi
nanc
ial i
nstr
umen
ts a
t the
exe
rcis
e pr
ice
with
in a
spe
cifi
ed p
erio
d or
dat
e.2 C
all o
ptio
n ≠
an o
ptio
n th
at g
ives
the
hold
er th
e ri
ght b
ut n
ot th
e ob
ligat
ion
to p
urch
ase
the
unde
rlyi
ng in
stru
men
t at t
he e
xerc
ise
pric
e on
or
befo
re a
spe
cifi
ed d
ate.
Sour
ce: B
NB
.
120
BNB MONTHLY BULLETIN 6≠7/20082.
8.4.
Par
t IV
. M
EM
O I
TE
MS
(m
illio
n E
UR
)
VI.2
007
VII
.200
7V
III.2
007
IX.2
007
X.2
007
XI.2
007
XII
.200
7I.2
008
II.2
008
III.2
008
IV.2
008
V.2
008
VI.2
008
1)
To b
e r
eport
ed w
ith
sta
ndard
peri
odic
ity a
nd t
imeli
ness
:
(a)
shor
t-te
rm d
omes
tic c
urre
ncy
debt
inde
xed
to th
e ex
chan
ge r
ate
(b)
fina
ncia
l ins
trum
ents
den
omin
ated
in fo
reig
n cu
rren
cy a
nd
se
ttle
d by
oth
er m
eans
(e.
g. in
dom
estic
cur
renc
y)
-
non
-del
iver
able
for
war
ds
-
shor
t po
sitio
ns
-
long
pos
ition
s
-
oth
er in
stru
men
ts 1
(c)
pled
ged
asse
ts
-
incl
uded
in r
eser
ve a
sset
s
-
incl
uded
in o
ther
for
eign
cur
renc
y as
sets
(d)
secu
ritie
s le
nt a
nd o
n re
po
-
lent
or
repo
ed a
nd in
clud
ed in
Sec
tion
I (-
)
-
lent
or
repo
ed b
ut n
ot in
clud
ed in
Sec
tion
I (-
)
-
bor
row
ed o
r ac
quir
ed a
nd in
clud
ed in
Sec
tion
I (+
)
-
bor
row
ed o
r ac
quir
ed b
ut n
ot in
clud
ed in
Sec
tion
I (+
)(e
) fi
nanc
ial d
eriv
ativ
e as
sets
(ne
t mar
ked
to m
arke
t)
-
for
war
ds
-
fut
ures
- s
wap
s
-
opt
ions
- o
ther
(f)
deri
vativ
es (
forw
ard;
futu
res;
or
optio
ns c
ontr
acts
) th
at h
ave
a
res
idua
l mat
urity
gre
ater
than
one
yea
r w
hich
are
sub
ject
to
mar
gin
calls
- a
ggre
gate
sho
rt a
nd lo
ng p
ositi
ons
in f
orw
ards
and
fut
ures
in
for
eign
cur
renc
ies
vis-
a-vi
s th
e do
mes
tic c
urre
ncy
(inc
ludi
ng
the
for
war
d le
g of
cur
renc
y sw
aps)
ï
sho
rt p
ositi
ons
(-)
ï
long
pos
ition
s (+
)
-
agg
rega
te s
hort
and
long
pos
ition
s of
opt
ions
in f
orei
gn
cur
renc
ies
vis-
a-vi
s th
e do
mes
tic c
urre
ncy
ï
sho
rt p
ositi
ons
(
i) b
ough
t pu
ts2
(
ii) w
ritt
en c
alls
3
ï
long
pos
ition
s
(i)
bou
ght
calls
(
ii) w
ritt
en p
uts
2)
To b
e d
isclo
sed l
ess
fre
qu
en
tly:
(a)
curr
ency
com
posi
tion
of r
eser
ves
(by
grou
ps o
f cur
renc
ies)
- c
urre
ncie
s in
SD
R b
aske
t
-
cur
renc
ies
not i
n SD
R b
aske
t
--
--
--
--
--
--
-
188.
118
6.8
186.
818
3.9
182.
418
0.6
181.
016
5.0
163.
616
0.7
161.
916
2.0
160.
9-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
188.
118
6.8
186.
818
3.9
182.
418
0.6
181.
016
5.0
163.
616
0.7
161.
916
2.0
160.
9-
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
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-
--
--
--
--
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--
-
--
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--
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--
9567
.198
55.0
1032
6.3
1170
5.3
1182
1.2
1203
2.7
1193
6.6
1167
9.6
1165
6.2
1211
4.5
1293
6.8
1281
3.9
1323
4.1
8912
.291
93.6
9662
.011
001.
411
090.
111
307.
011
177.
710
846.
410
802.
811
315.
512
182.
512
046.
912
443.
965
4.9
661.
466
4.3
703.
973
1.2
725.
675
8.9
833.
285
3.4
799.
075
4.3
767.
079
0.1
1 Se
curi
ties
issu
ed fo
r th
e st
ruct
ural
ref
orm
(Z
UN
K).
2 P
ut o
ptio
n ≠
an o
ptio
n th
at g
ives
the
hold
er th
e ri
ght b
ut n
ot th
e ob
ligat
ion
to s
ell c
urre
ncie
s or
oth
er fi
nanc
ial i
nstr
umen
ts a
t the
exe
rcis
e pr
ice
with
in a
spe
cifi
ed p
erio
d or
dat
e.3 C
all o
ptio
n ≠
an o
ptio
n th
at g
ives
the
hold
er th
e ri
ght b
ut n
ot th
e ob
ligat
ion
to p
urch
ase
the
unde
rlyi
ng in
stru
men
t at t
he e
xerc
ise
pric
e on
or
befo
re a
spe
cifi
ed d
ate.
Sour
ce: B
NB
.
121
6≠7/2008 EXTERNAL SECTOR
2.9. CENTRAL EXCHANGE RATES OF SOME CONVERTIBLE CURRENCIES, JUNE 2008
(BGN)
June 2008 EUR USD (10) JPY GBP CHF TRY
2 1.95583 1.26012 1.20255 2.47104 1.20865 1.027763 1.95583 1.25430 1.19990 2.47245 1.21405 1.022284 1.95583 1.26460 1.20865 2.47511 1.21957 1.018665 1.95583 1.26985 1.19652 2.47667 1.21127 1.034836 1.95583 1.25398 1.17999 2.45368 1.20850 1.013339 1.95583 1.23912 1.17284 2.45276 1.21457 0.99584
10 1.95583 1.25971 1.17985 2.46528 1.21631 1.0099811 1.95583 1.26061 1.17559 2.47120 1.21352 1.0048412 1.95583 1.26862 1.17764 2.47198 1.21390 1.0107613 1.95583 1.27532 1.17786 2.48092 1.21382 1.0133816 1.95583 1.26517 1.16934 2.48422 1.21262 1.0170217 1.95583 1.26370 1.16703 2.46202 1.20962 1.0275518 1.95583 1.26240 1.16682 2.46544 1.21029 1.0271719 1.95583 1.26337 1.17158 2.48738 1.20760 1.0285720 1.95583 1.25293 1.16536 2.47683 1.20992 1.0218523 1.95583 1.26012 1.16794 2.47089 1.20559 1.0257124 1.95583 1.25631 1.16418 2.47276 1.20842 1.0201025 1.95583 1.25382 1.16142 2.47354 1.20596 1.0241026 1.95583 1.24330 1.15572 2.46964 1.20850 1.0228727 1.95583 1.24195 1.17059 2.46839 1.21836 1.0076430 1.95583 1.24069 1.17510 2.46870 1.21813 1.01218
Monthly, average 1.95583 1.25762 1.17650 2.47100 1.21187 1.01840
Source: BNB.
2.9. CENTRAL EXCHANGE RATES OF SOME CONVERTIBLE CURRENCIES, JULY 2008
(BGN)
July 2008 EUR USD (10) JPY GBP CHF TRY
1 1.95583 1.23983 1.17418 2.47292 1.21821 0.999452 1.95583 1.23740 1.16135 2.45954 1.21217 0.994783 1.95583 1.23124 1.15990 2.44723 1.21503 0.980374 1.95583 1.24806 1.16899 2.47323 1.21593 1.009627 1.95583 1.24965 1.16094 2.45615 1.21112 1.017398 1.95583 1.24678 1.16446 2.46202 1.21495 1.015339 1.95583 1.24456 1.15819 2.45538 1.20544 1.01866
10 1.95583 1.24512 1.16073 2.45815 1.20559 1.0208411 1.95583 1.23513 1.16176 2.44739 1.20753 1.0070714 1.95583 1.23420 1.15565 2.45245 1.20492 1.0170715 1.95583 1.22316 1.16780 2.45846 1.21745 1.0019616 1.95583 1.23101 1.18063 2.46342 1.21935 1.0132317 1.95583 1.23404 1.16815 2.47135 1.21142 1.0235118 1.95583 1.23661 1.15709 2.46590 1.20678 1.0406121 1.95583 1.23334 1.15286 2.46140 1.20581 1.0344522 1.95583 1.22861 1.15552 2.46466 1.20924 1.0264723 1.95583 1.24251 1.15218 2.48454 1.20085 1.0377424 1.95583 1.24758 1.15784 2.47887 1.20189 1.0357625 1.95583 1.24306 1.15887 2.47950 1.20226 1.0312328 1.95583 1.24211 1.15300 2.46792 1.20100 1.0313929 1.95583 1.24535 1.15504 2.47652 1.19990 1.0339030 1.95583 1.25462 1.16280 2.48612 1.19879 1.0542431 1.95583 1.25285 1.15716 2.47903 1.19593 1.08117
Monthly, average 1.95583 1.24030 1.16109 2.46618 1.20789 1.02288
Source: BNB.
122
BNB MONTHLY BULLETIN 6≠7/2008
2.10. BGN/USD EXCHANGE RATE
(BGN)
Monthly, average At end of period
2007 2008 2007 2008
January 1.50619 1.32895 1.50983 1.31529February 1.49601 1.32634 1.48046 1.28953March 1.47707 1.25940 1.46856 1.23693April 1.44788 1.24138 1.43358 1.25858May 1.44686 1.25702 1.45382 1.26117June 1.45751 1.25762 1.44823 1.24069July 1.42604 1.24030 1.42688 1.25285August 1.43583 1.42709September 1.40559 1.37939October 1.37476 1.35380November 1.33207 1.32500December 1.34265 1.33122
Source: BNB.
123
6≠7/2008 FISCAL SECTOR
3 Fiscal Sector
3.2. EXECUTION OF THE REPUBLICAN BUDGET*(million BGN)
2007 2008
III VI IX XII III IV V VI
I. Revenue and grants 1. Tax revenue 2. Non-tax revenue and grants
II. Expenditure and transfers 1. Current expenses 2. Transfers
III. Contribution to the EU budget
IV. Deficit (-)/surplus (+) 1. Primary deficit/surplus 2. Internal deficit/surplus 3. Cash deficit/surplus
V. Cash deficit/surplus financing 1. Domestic and foreign financing (net) - foreign financing, net - domestic financing, net 2. Privatisation, acquisition of shares, requited funds, net - revenue from privatisation
* End of period data.
Sources: Consolidated fiscal programme, MF.
3.1. CONSOLIDATED STATE BUDGET*(million BGN)
2007 2008
III VI IX XII III IV V VI
1. Revenue and grants
2. Expenditure
3. Transfers
4. Contribution to the EU budget
5. Deficit/surplus
6. Financing 6.1. Domestic and foreign financing (net) - foreign financing, net - domestic financing, net 6.2. Privatisation, acquisition of shares, requited funds, net - revenue from privatisation
* End of period data.
Sources: Consolidated fiscal programme, MF.
5051.5 11250.4 17331.9 24063.3 6744.1 9616.8 11756.6 14031.2
-4334.4 -8817.9 -13570.9 -21504.2 -4804.7 -6626.1 -8127.0 -9890.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-177.6 -272.0 -407.5 -595.2 -228.9 -286.1 -324.2 -359.2
539.5 2160.5 3353.6 1963.8 1710.5 2704.6 3305.5 3781.9
-539.5 -2160.5 -3353.6 -1963.8 1710.5 -2704.6 -3305.5 -3781.9-598.0 -2250.8 -3666.5 -2571.6 -1727.0 -2736.9 -3330.5 -3821.1-568.2 -288.9 -286.0 -332.9 -520.1 -548.1 -564.8 -609.8-29.8 -1962.0 -3380.5 -2238.6 -1206.9 -2188.9 -2765.7 -3211.4
58.5 90.4 312.9 607.7 16.5 32.3 25.0 39.232.7 103.2 296.5 575.8 20.5 29.4 32.7 38.2
3469.5 7772.9 11907.1 16181.4 4607.5 6546.4 8019.9 9570.02950.2 6589.2 10269.7 13920.6 4099.6 5629.6 6937.4 8308.5519.3 1183.7 1637.4 2260.8 507.9 916.8 1082.5 1261.5
2888.5 5577.3 8453.3 14456.9 3301.9 4479.7 5323.2 6375.41722.0 3263.8 4878.8 8613.8 1783.7 2406.6 2868.0 3466.71166.5 2313.6 3574.5 5843.1 1518.3 2073.0 2455.2 2908.7
177.6 272.0 407.5 595.2 228.9 286.1 324.2 359.2
732.4 2323.6 3601.3 1746.9 1359.8 2085.8 2701.6 3187.4672.7 2233.8 3456.7 1590.1 1302.0 2017.5 2619.0 3105.2403.5 1923.5 3046.3 1129.4 1076.7 1780.7 2372.6 2835.4
-403.5 -1923.5 -3046.3 -1129.4 -1076.7 -1780.7 -2372.6 -2835.4-420.1 -1942.6 -3242.9 -1479.6 -1047.0 -1758.0 -2336.3 -2803.8-582.3 -305.7 -306.1 -347.8 -535.0 -562.7 -571.7 -616.5162.2 -1636.9 -2936.8 -1131.8 -512.1 -1195.3 -1764.6 -2187.3
16.7 19.0 196.6 350.2 -29.7 -22.7 -36.3 -31.6-20.4 20.2 176.8 330.4 -9.4 -3.5 -3.3 -2.2
124
BNB MONTHLY BULLETIN 6≠7/2008
3.3. DOMESTIC GOVERNMENT DEBT*(million BGN)
2007
I II III IV V VI VII VIII IX X XI XII
(million BGN)
2008
I II III IV V VI VII VIII IX X XI XII
* End of period data covering the debt issued by the Ministry of Finance, with operations related to this debt reported in the central republican budget.
Source: Government Debt Management bulletin of the MF.
I. Debt on government securities issued
II. Debt on government securities issued for structural reform
Domestic government debt, total
I. Debt on government securities issued
II. Debt on government securities issued for structural reform
Domestic government debt, total
2536.1 2501.1 2570.0 2590.0 2640.0 2659.8 2644.5 2674.4 2733.8 2763.8 2823.3 2838.3
383.4 380.0 378.5 374.4 376.8 376.1 373.5 373.5 367.8 364.4 360.9 361.6
2919.5 2881.0 2948.6 2964.4 3016.8 3035.9 3017.9 3047.9 3101.6 3128.1 3184.2 3199.9
2 808.1 2 838.1 2 722.9 2 722.8 2 762.8 2 797.8
330.1 327.3 321.6 324.0 324.2 322.0
3138.2 3165.4 3044.5 3046.8 3087.1 3119.8
125
6≠7/2008 REAL SECTOR
4 Real Sector
4.1. GDP BY COMPONENT OF FINAL DEMAND
(million BGN, at prices of corresponding year)
2007 2008
I quarter II quarter I≠VI III quarter I≠IX IV quarter I≠XII I quarter
Final consumption
Personal Households Non-profit institutions serving households Government Collective
Gross fixed capital formation
Physical inventory change
Balance (exports ≠ imports)
Exports of goods and services Imports of goods and servicesStatistical discrepancy
Gross domestic product
* Preliminary data.
Source: NSI.
4.2. GDP BY ECONOMIC SECTOR
(million BGN, at prices of corresponding year)
2007 2008
I quarter II quarter I≠VI III quarter I≠IX IV quarter I≠XII I quarter
Agriculture and forestryIndustryServices
Gross value added at base prices, total
Adjustments
GROSS DOMESTIC PRODUCT
Growth rate on corresponding period of previous year, %
* Preliminary data.
Source: NSI.
10 416 11 107 21 523 12 258 33 781 14 428 48 209 12 444
9 495 10 015 19 510 11 120 30 631 12 522 43 152 11 390 8 628 9 015 17 643 10 112 27 755 11 071 38 827 10 344
54 52 106 77 183 71 254 63 814 947 1 761 932 2 692 1 379 4 072 983 920 1 092 2 012 1 138 3 150 1 906 5 057 1 054
3 196 3 769 6965 4 249 11214 5 619 16832 4 101
938 907 1 845 1 123 2 968 997 3 965 679
- 3 262 - 2 640 - 5 902 - 1 887 - 7 790 - 4 697 - 12 487 - 3 740
7 147 8 895 16 042 10 843 26 884 8 946 35 831 8 809 10 409 11 535 21 944 12 730 34 674 13 644 48 317 12 549
0 0 0 0 0 0 0 0
11 288 13 143 24 430 15 743 40 173 16 346 56 520 13 484
431 679 1 110 1 157 2 267 631 2 898 512 3 168 3 590 6 758 4 152 10 910 4 075 14 985 3 517 5 552 6 480 12 032 7 653 19 685 8 833 28 518 6 918
9 151 10 749 19 900 12 962 32 862 13 539 46 401 10 947
2 137 2 394 4 530 2 781 7 311 2 808 10 119 2 537
11 288 13 143 24 430 15 743 40 173 16 346 56 520 13 484
5.5 7.3 6.5 4.9 5.9 6.9 6.2 7.6
126
BNB MONTHLY BULLETIN 6≠7/2008
4.3. ECONOMIC ACTIVITY
4.3.1. EMPLOYED UNDER LABOUR CONTRACT*
Payroll number** Change on previous month (%)
Total for the economy Total for the economy
Public Private Agriculture, forestryIndustry Servicessector sector and fishery
4.3.2. UNEMPLOYMENT
Unemployed registered at end of month% of
Total labour force
Youths (total)up to 29 years inclusive
Adults
2007
January 2 347 755 649 065 1 698 690 4.47 -0.86 7.40 2.88February 2 355 835 652 431 1 703 404 0.34 0.40 0.11 0.49March 2 379 551 659 208 1 720 343 1.01 9.11 0.47 1.00April 2 400 343 660 419 1 739 924 0.87 3.18 0.27 1.16May 2 417 169 662 122 1 755 047 0.70 1.98 -0.33 1.30June 2 436 369 662 258 1 774 111 0.79 0.98 0.13 1.20July 2 451 607 660 051 1 791 556 0.63 -0.19 0.31 0.86August 2 450 865 659 925 1 790 940 -0.03 -0.40 -0.22 0.11September 2 429 024 661 101 1 767 923 -0.89 -0.17 -0.56 -1.13October 2 408 166 655 626 1 752 540 -0.86 -2.80 -0.54 -0.97November 2 406 337 659 276 1 747 061 -0.08 -3.35 -0.12 0.11December 2 384 903 648 766 1 736 137 -0.89 -6.47 -0.91 -0.63
2008
January 2 430 009 642 670 1 787 339 1.89 -5.06 1.32 2.54February 2 437 034 644 977 1 792 057 0.29 0.81 0.10 0.38March 2 450 120 650 755 1 799 365 0.54 7.37 0.04 0.57April 2 477 055 643 156 1 833 899 1.10 4.45 1.61 0.65May 2 487 052 641 891 1 845 161 0.40 3.06 -0.68 0.96June 2 502 368 640 556 1 861 812 0.62 0.58 0.07 0.95
* Preliminary data.** Payroll number as of the last working day of the month.
Source: NSI.
2007
January 358 079 76 429 281 650 9.67February 351 175 74 078 277 097 9.48March 330 270 69 321 260 949 8.92April 310 260 64 375 245 885 8.38May 289 753 58 469 231 284 7.82June 274 820 54 669 220 151 7.42July 268 446 53 951 214 495 7.25August 259 310 52 268 207 042 7.00September 251 091 49 678 201 413 6.78October 249 376 48 024 201 352 6.73November 245 275 46 098 199 177 6.62December 255 910 47 235 208 675 6.91
2008
January 273 280 50 632 222 648 7.38February 268 756 49 650 219 106 7.26March 251 640 46 440 205 200 6.79April 241 075 43 976 197 099 6.51May 229 133 40 804 188 329 6.19June 221 089 38 920 182 169 5.97
Source: National Employment Agency.
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4.4. AVERAGE MONTHLY SALARY OF EMPLOYED UNDER LABOUR CONTRACT*
(BGN)
Total for the economy
Sectors by type of ownership Economic sectors
Public Private Agriculture, forestry Industry Servicessector sector and fishery
4.5. CHANGE IN CONSUMER PRICES
(%)
2007
January 382 442 358 268 371 394February 385 442 362 272 377 395March 401 464 377 291 398 409April 405 465 382 293 397 416May 415 503 381 284 405 428June 412 484 384 316 410 417July 423 503 392 302 408 438August 421 504 390 303 421 427September 436 532 400 320 433 444October 436 521 403 313 433 443November 454 555 414 317 440 469December 480 608 431 332 457 501
2008
January 479 551 453 329 461 496February 474 546 448 342 469 483March 500 593 465 372 500 505April 512 588 485 371 493 531May 503 592 471 367 501 510June 515 628 475 405 511 522
* Preliminary data.
Source: NSI.
On corresponding monthof previous yearOn previous month
On December of previous year
Consumer priceindex
Harmonized indexof consumer prices
Harmonized indexof consumer prices
Consumer priceindex
Harmonized indexof consumer prices
Consumer priceindex
2007
January 1.4 1.5 7.1 6.8 1.4 1.5February 0.5 0.5 4.5 4.6 1.9 2.0March -0.1 0.0 4.1 4.4 1.8 2.0April 0.5 0.6 4.2 4.4 2.3 2.6May 0.1 0.3 4.3 4.5 2.4 3.0June -0.4 -0.2 5.6 5.3 2.0 2.8July 2.2 1.7 8.4 6.8 4.3 4.5August 3.1 2.2 12.0 9.3 7.5 6.8September 1.3 1.2 13.1 11.0 8.9 8.1October 0.6 0.3 12.4 10.6 9.5 8.5November 1.6 1.8 12.6 11.4 11.3 10.4December 1.1 1.1 12.5 11.6 12.5 11.6
2008
January 1.4 1.5 12.5 11.7 1.4 1.5February 1.1 1.0 13.2 12.2 2.5 2.6March 0.8 0.9 14.2 13.2 3.4 3.5April 0.9 0.7 14.6 13.4 4.2 4.3May 0.5 0.9 15.0 14.0 4.7 5.2June -0.2 0.5 15.3 14.7 4.6 5.7July 1.5 1.4 14.5 14.4 6.1 7.2
Source: NSI.
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Methodological Notes
Overview ............................................................................................................................................... 130
1 Financial SectorMonetary Statistics ............................................................................................................................... 130Sector Table ......................................................................................................................................... 133Interest Rate Statistics ......................................................................................................................... 140
2 External SectorBalance of Payments ........................................................................................................................... 142Imports and Exports ............................................................................................................................ 148Gross External Debt ............................................................................................................................ 149International Investment Position of Bulgaria ................................................................................... 152International Reserves and Foreign Currency Liquidity Data Template of Bulgaria .................... 155
3 Fiscal Sector ..................................................................................................................................................... 157
4 Real Sector ......................................................................................................................................................... 158
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BNB Monthly Bulletin includes data on the state and dynamics of the national economy. It fo-cuses on financial and external sectors since information on these sectors is prepared at the BNB.
A common principle is adopted: tables represent information on the current and the previousyear, and charts, on the current and the preceding two years. Depending on availability, specificity,compatibility and comparability of data, tables and charts may contain information on separate pe-riods (months, quarters, years), as well as cumulative data since early year.
Financial SectorThe information presented in this section is from monetary, interest rate and other financial sta-
tistics.
I. GENERAL METHODOLOGICAL NOTES ON MONETARY STATISTICS
1. Methodological Conceptions and Rules of Monetary Statistics Organization
Monetary statistics is collected and compiled according to the international statistical standardsand covers, to a great extent, the rules of international financial statistics. The most importantstandards include:
European System of Accounts (ESAí95) and System of National Accounts (SNAí93);1
Regulation No. 13 of 22 November 2001 and Money and Banking Statistics CompilationGuide, ECB, 1998;Money and Banking Statistics Sector Manual: Guidance for the Statistical Classificationof Customers, ECB, 1998;Monetary and Financial Statistics Manual, IMF, 2000.
Bulgaria is a subscriber to the Special Data Dissemination Standard (SDDS) developed by theIMF (see the National Summary Data Page on the BNB website: Statistics Section, Other).
Main Rules:
a) Accounting rules ≠ the accounting rules followed by monetary financial institutions arepresented in the International Accounting Standards (IAS).2
b) Reporting rules:Valuation of assets and liabilities ≠ all financial assets and liabilities are reported at mar-ket or close to market price. Financial instruments, however, as currency in circulation,deposits, capital and reserves, cash and loans are reported at nominal value.Revaluation of foreign currency positions ≠ exchange rates as of end of the period areapplied.Reporting of loans and provisions ≠ for the purposes of statistics loans are shown on agross basis until their writing off. Accrued provisions are classified under Other liabilities.Definition of the reporting period ≠ the reporting period finishes on the last calendar dayand if it coincides with a holiday, on the last business day of the month.
c) Economic territory and residency ≠ the economic territory of the country consists of thegeographic territory administrated by the government; within this territory, persons,goods and capital circulate freely. The economic territory includes the airspace, territorialwaters, and continental shelf lying in international waters over which the country has ex-clusive rights. Also it includes territorial enclaves, i.e. geographic territories situated in therest of the world and used, under international treaties or agreements between states, bygeneral government agencies of the country (embassies, consulates, military bases, scien-tific bases, etc.), and any free zones.
Overview
MonetaryStatistics
1 European System of Accounts ≠ an international framework of accounts for a systematic and detailed description of the countryís economy, its com-ponents, as well as its relationships with other economies developed by Eurostat. ESAí95 is fully compatible with SNAí93 (a joint paper of the IMF,UN, OECD, the European Commission and the World Bank). ESAí95 focuses primarily on conditions and data necessary for the EU.
2 Unified national accounting standards harmonized with the international standards, valid until end-2002. After that the International AccountingStandards/International Financial Reporting Standards came into effect.
1
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Residents of the country are defined as institutional units which have a center of economic inter-est3 within the economic territory of the country; their residence is on the same territory and theymanage a significant output in which they participate or intend to participate.
Branches of resident credit institutions abroad with a center of economic interest on the terri-tory of another country are treated as non-residents. Branches of foreign credit institutions licensedto operate in the country are residents and are included in money-creating sector (see Sector Table).
Borderline cases of residency:1) Bulgarian diplomatic, consular, commercial and other representations, as well as their
members and staff, and all Bulgarian citizens working for them who are staying abroad byan appointment of the Bulgarian government, regular servicemen on long-term commis-sion abroad and civil persons from the Ministry of Defence employed in missions, head-quarters and bodies of international organizations, as well as the members of their fami-lies are deemed residents. The foreign ones are classified as residents of their nativecountries.
2) The following persons are classified as resident units:Bulgarian citizens staying abroad for education purposes, irrespective of the length oftheir stay;Bulgarian citizens staying abroad for medical treatment, irrespective of the length of theirstay.
The concept of residency is consistent with the Bulgarian Foreign Exchange Law, ESAí95, andIMF Balance of Payments Manual, 5th edition.
d) Sector distribution ≠ ESAí95 standards of sector classification of institutional units are fol-lowed. The main sectors by residency include: Resident Sector (S.1) and Rest of the World(S.2). The Resident Sector is divided into monetary financial sector, general governmentsector and non-government sector. Monetary financial sector covers the BNB (S.121) andother monetary financial institutions (S.122); general government sector (S.13) consists ofthree subsectors: central government (S.1311), local government (S.1313) and social secu-rity funds (S.1314); non-government sector includes non-financial public corporations(S.11001), non-financial private corporations (S.11002+S.11003), other financial intermedi-aries and auxiliaries except insurance companies and pension funds (S.123 and S.124), in-surance companies and pension funds (S.125), households (S.14) and non-profit institutionsserving households (S.15). Non-resident Sector is divided into European Union and Thirdcountries and international organisations .European union comprises Monetary Union (MU)and Non-MU, according to the participation of the EU countries in the Monetary Union.
e) Instrumental categories ≠ in the Monetary Survey and Analytical Reporting, indicatorsare defined in conformity with ECB Regulation No. 13, the Monetary and Financial Sta-tistics Manual of the IMF in accordance with ESAí95 and SNAí93. Definitions of most ofthe instruments are given in the corresponding tables in Specific Methodological Notes.
f) Foreign currency distribution ≠ all indicators and instruments are in levs and foreign cur-rency, including euro of the forex component.
g) Maturity structure ≠ for the purposes of statistics financial assets and liabilities are pre-sented according to the original term to maturity (Regulation No. 13 of the ECB andSNAí93).
2. Reporting AgentsMonetary financial institutions (MFIs) residing on the territory of the Republic of Bulgaria.
These are the BNB and other MFIs. Other MFIs comprise all credit institutions4, including foreignbanksí branches registered in Bulgaria, as well as money market funds5. Of all credit institutions, 24are banks licensed to conduct bank operations in Bulgaria and abroad and five are foreign banksíbranches. The number of money market funds is three.
3 An institutional unit has a center of economic interest within a country when there exists some location ≠ dwellings, place of production or otherpremises, which the unit engages or intends to engage in economic activities and transactions for an indefinite period of time or for a definite but longerperiod of time (according to ESAí95 the period is a year or more).
4 Data on non-operating banks is available on the BNB website for the February 2004 ≠ January 2007 reference period in the Monthly Sectoral Survey ofNon-operating Banks table.
5 Included in the scope since February 2007.
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BNB MONTHLY BULLETIN 6≠7/2008
Resident monetary financial institutions (MFIs) are included in the MFIs list of EU accessioncountries. This list is maintained by the ECB on the website http://www.ecb.int.
3. Basic Framework of Monetary StatisticsReporting agents submit reports pursuant to Article 69 of the Law on Credit Institutions and
Article 42 of the Law on the Bulgarian National Bank.Data are collected electronically via BNBís virtual network with the other MFIs.Monetary statistics framework includes two levels of data compilation and presentation:
ï On the first level, the accounting data received from individual reporting agents are ag-gregated in analytical reporting containing comprehensive balance sheet data on the BNBand other MFIs. Analytical reporting of the BNB and analytical reporting of other MFIsaim to provide data classified by residency, sector and instrument.
ï On the second level, data from analytical reporting are consolidated into a monetary sur-vey. The monetary survey is the main form of monetary statistics and contains a lot ofimportant indicators necessary for macroeconomic analysis. It reveals the mechanism ofmultiplying the monetary base into aggregate money supply serving transactions in thenational economy. Its structure is built so as to facilitate the analysis of broad money andits sources. The monetary survey is accompanied by a detailed presentation of the mainelements (by sector and instrument).
4. Principles of Data ProcessingAggregation ≠ summing up data by balance of all institutional units within a sector orsubsector, or of all assets and liabilities in the framework of a particular indicator. Forsectors and subsectors, data on financial assets and liabilities are aggregated in instru-ments (i.e. loans classified by sector of debtor and deposits classified by sector of credi-tor). Further aggregation is used to combine the instruments into indicators.Consolidation ≠ it refers to elimination of stocks and flows that occur between institu-tional units, residents of the country, where they are grouped. The institutional units con-sisting of a head office and branches report consolidated data through elimination ofclaims and obligations between them. (This rule does not apply to consolidation of databetween a head office and non-resident branches.) Further consolidation is made in themonetary survey between MFIs.Netting ≠ the general principles set in the international statistical standards; data shouldbe collected and compiled on a gross basis. Despite this fact, some categories of data inthe monetary survey are also presented in net form due to their use for analytical needs.In the monetary survey and analytical reporting, the following items are presented in netform: foreign assets, claims on the central government, other items; while gross claims onand gross liabilities to non-residents, central government and other unclassified assets and li-abilities are also shown.
5. Policy of Revisions and Statistical ProcessingRevisions of published data are made in the following cases:
error in data;change in accounting or statistical standard.
Revisions are marked by the sign r and an explanatory text. In case of change in the standard,historical data is also revised starting from the moment of occurrence of the event or change in thestandard.
Upon occurrence or creation of prerequisites for publishing a new indicator ≠ sector, instru-ment, etc. ≠ historical time series are constructed by using statistical methods as of the moment ofindicator occurrence (where appropriate conditions exist).
6. PublicationsMonthly data are as of the end of the reporting period and are published before the end of the
month following the reporting period according to the Statistical Data Release Calendar (availableon the BNB website: http://www.bnb.bg). Monthly statistical data are also included in periodicalpublications of the central bank: annual and semiannual reports of the BNB, monthly bulletins.Publications are available on paper and on the website of the BNB.
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Appendix: Sector Table 6
Sectors in Bulgariaís monetarystatistics Definitions
S.12
Fin
anci
al c
orpo
ratio
ns
Central bank
Other monetaryfinancial
institutions
Other financialintermediaries andauxiliaries, exceptinsurance compa-nies and pension
funds
Insurance compa-nies and pension
funds
A financial corporation whose principal function is to issue currency, tomaintain the internal and external value of the national currency and to hold theinternational reserves of the country.
6 Institutional sectors in Bulgariaís monetary statistics totally meet ECB requirements under strict consistency with ESAí95.7 NPIs controlled and mainly financed by General government are classified in the general government sector.
Financial corporations, except those classified in the central banksubsector, which are principally engaged in financial intermediation and whosebusiness is to receive deposits and/or close substitutes for deposits from insti-tutional units other than monetary financial institutions, and, for their own ac-count, to grant loans and/or to make investments in securities. These are: a)credit institutions - banks and electronic money institutions, and b) moneymarket funds.
Money market funds are collective investment undertakings of which theunits are, in terms of liquidity, close substitutes for deposits and which prima-rily invest in money market instruments and/or in MMF shares/units and/orother transferable debt instruments with a residual maturity of up to and in-cluding one year and/or in bank deposits and/or which pursue a rate of returnthat approaches the interest rates of money market instruments.
1. Financial corporations, which are principally engaged in financial inter-mediation by undertaking liabilities in a form, other than:
a) money, deposits and/or close substitutes of deposits of institutional units,other than monetary financial institutions;
b) insurance and pension reserves.Here are included investment companies, loan companies, leasing companies,financial houses, pawn shops, etc.
2. Financial corporations ≠ auxiliaries, which are closely connected with fi-nancial intermediation but are not financial intermediaries.
Here are included stock exchanges, exchange bureaux, consultants, bro-kers, etc.
Financial corporations, which are principally engaged in financial interme-diation as the consequence of taking insurance and pension risks (and whichincur liabilities in the form of insurance and pension reserves).
Mon
ey-c
reat
ing
sect
orM
oney
-hol
ding
sec
tor
Non-financialcorporations
Households
Non-financial corporations, which are market producers, and whose mainactivity is the production of goods and non-financial services.
Individuals or groups of individuals as consumers and possibly also as en-trepreneurs producing market goods and non-financial and financial services(market producers). The sector includes individuals or groups of individuals asproducers of goods and non-financial services for exclusively own final use.
The sector also includes sole proprietorship and partnership without inde-pendent legal status which are market producers.
Non-profit institutions which are separate legal entities, whose main activ-ity is connected with servicing, supporting and assisting households. Theirprincipal resources, apart from those derived from occasional sales, are de-rived from voluntary contributions in cash or in kind from households in theircapacity as consumers, from payments made by general government sector7
and from property income. Here are included trade unions, political parties,foundations, associations, churches or religious societies, social, cultural andsports clubs.
Non-profit institutionsserving households
(NPISHs)
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Sectors in Bulgariaís monetarystatistics Definitions
S.13
Gen
eral
gov
ernm
ent
Central govern-ment
All institutional units, which offer public services, deal with distribution ofnational income and guarantee the operation of social and economic system.These are ministries, institutions and other central agencies, non-budget fundsand administrative departments of the state whose competence extends nor-mally over the whole economic territory, except for the administration of socialsecurity funds. Here are included those non-profit institutions which are con-trolled and mainly financed by central government and whose competence ex-tends over the whole economic territory.
Local government
All institutional units, which offer public services, deal with distribution ofnational income and guarantee the operation of social and economic systemlocally. This is the local administration, whose competence extends to the eco-nomic territory, except for the administration of social security funds.
Here are included those non-profit institutions which are controlled andmainly financed by local government bodies and whose competence is re-stricted to the economic territory of the local government.
Central and local institutional units whose main activity is to provide socialbenefits and which fulfill each of the following two criteria: 1) by law or byregulation certain groups of population are obliged to participate in thescheme or to pay contributions; 2) general government is responsible for themanagement of the institution in respect of the settlement or approval of thecontributions and benefits independently from its role as supervisory body oremployer.
Social securityfunds
Mon
ey-n
eutr
al s
ecto
rM
oney
-hol
ding
sec
tor
8 Including institutions of the European Union and international organisations.
All non-resident units8 which are engaged in transactions with resident in-stitutional units, or have other economic links with resident units. This sector'saccounts provide an overall view of the economic relationships linking the na-tional economy with the rest of the world. The sector includes such institu-tional units, which are physically located on the territory of the country. It isdivided into two sub-sectors: The European Union and Third countries andinternational organizations. The European Union is divided into MonetaryUnion and EU member states non-participating in the Monetary Union, in-cluding EU institutions.
S.2
Res
t of
the
wor
ld
Eur
opea
n U
nion
Third countries andinternationalorganisations
Non
-res
iden
t se
ctor
MU
Non-MU
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II. SPECIFIC METHODOLOGICAL NOTES
The monetary statistics is presented in dynamics in a monetary survey, analytical reporting ofthe BNB and analytical reporting of other MFIs, and in some additional tables which contain moredetailed information. The principle of the organization of all tables is the following: the data is bro-ken down by sector, indicator, national and foreign currency, including euro, instrument and matu-rity, while the indicators on the asset side are grouped by sector and instrument and on the liabilityside ≠ by instrument and degree of callability.
Simultaneously monthly sectoral surveys of the BNB and other MFIs are compiled and pub-lished. These are static tables presenting the relevant assets and liabilities indicators in a way whichallows identification of the sector affiliation of the balance sheets items.
Monetary statistics (dynamic or static) is compiled on the basis of the monthly reporting of theBNB and other MFIs.
In order to preserve the confidentiality9 and prevent disclosure of individual information abouta given reporting agent, some indicators are presented on a more aggregated level.
Tables 1.3.1≠1.3.4: Monetary Survey and Analytical ReportingThe structure of the monetary survey may be expressed by the following mathematical identity:net foreign assets + net domestic assets = broad money + long-term liabilitiesNet domestic assets include domestic credit, fixed assets and other items (net).The analytical reporting of the BNB and other MFIs follows the format of the monetary survey.
Indicators
Net Foreign Assets10 ≠ a balance between gross foreign assets and liabilities of the Monetary fi-nancial sector. Gross foreign assets are reported by instrument and include Bulgariaís internationalreserves and other foreign assets of the BNB and other MFIs. Gross foreign liabilities reflect liabili-ties of the MFIs to the foreign sector. A split of gross foreign assets and liabilities of the BNB ismade in Table 1.3.5: Foreign Assets and Liabilities of the BNB.
Domestic credit ≠ incorporates credit to the consolidated general government sector and non-government sector.
Credit to the consolidated general government sector includes net claims on the central govern-ment and gross claims on local government, and social security funds. Credit to the non-govern-ment sector includes gross claims on non-financial corporations, financial corporations, householdsand NPISHs.
Fixed assets ≠ movable or immovable non-financial assets which monetary financial institutionsintend to use over a period longer than one year in their main activity.
Other items (net) ≠ consolidates all components of the balance sheets of the BNB and otherMFIs which are not included in the instruments displayed above. They include Relations betweenother MFIs (net), Relations between the BNB and other MFIs (net) and Other assets and liabilities(net). Accrued and overdue interest, derivatives, depreciation, provisions, as well as assets and li-abilities which are not included elsewhere are part of the Other assets and liabilities (net) item (apart of them is presented in Tables 1.3.7 and 1.3.8: Memoranda to the Analytical Reporting of theBNB and other MFIs). The balance on the Relations between the MFIs (net) item reflects the floatas a result of netting of claims and liabilities between MFIs.
Broad money (money supply) comprises liabilities with money character of MFIs to the residentsector with the exception of the liabilities to the central government and the Monetary financial sec-tor (money-holding sectors: see Sector Table). Monetary aggregate instruments are grouped by li-quidity and are presented by currency and sector.
The following monetary aggregates are used: M1, M2, and M3. The M1 monetary aggregate,commonly referred to as narrow money, includes the most liquid instruments used in settlements(currency outside MFIs and overnight deposits in national and foreign currency). The M2 mon-etary aggregate comprises quasi-money and the M1 monetary aggregate. Quasi-money comprisesdeposits with agreed maturity of up to two years and deposits redeemable at notice of up to three
9 Article 25 of the Law on Statistics.10 Monetary gold, special drawing rights holdings, claims on interest and interest liabilities in Net foreign assets are in BNB only.
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BNB MONTHLY BULLETIN 6≠7/2008
months (including savings deposits). The least liquid financial instruments include repos, shares/units of MMFs and debt securities issued up to two years, also called marketable instruments. Theyare denominated in national and foreign currency and together with M2 form the broadest mon-etary aggregate, M3, commonly referred to as money supply (broad money).
Long-term liabilities and monetary financial institutions ≠ include liabilities of monetary financialinstitutions with maturity of over two years or with a notice of over three months, as well as capitaland reserves. Capital and reserves comprise the statutory fund of the banking system, reserves andfinancial result.
Main Indicators
Assets side:1. Repos ≠ funds extended under agreements for reverse repurchases of securities where one
of the parties receives funds against securities sold under a firm commitment to purchasethe same or similar securities at a particular price on a fixed future date.
2. Loans ≠ financial assets arising to provide borrowers with funds, goods or services. Loanterms (fixed by the creditor or negotiated) are set in an untransferrable document. A loanis an unconditional debt which shall be repaid upon maturity and shall generate income inthe form of interest (see Table 1.3.6: Loans to Non-financial Corporations and House-holds and NPISHs).
3. Securities other than shares ≠ includes securities other than shares and other equity whichgive the holder the unconditional right to fixed income or contractually determined in-come in the form of coupon payments and/or stated fixed sum at a stated date or datesstarting from the issue date till the date set as maturity/redemption date. These securitiesdo not grant the holder any ownership rights and interest over the issuing company. Alsoincluded are instruments with the same characteristics but with options for conversioninto shares or other forms of ownership. The Securities other than shares indicator coversvarious types of bonds and other debt securities of bond nature (which can be discount orpromissory notes accepted by other MFIs or other commercial paper, used as a form ofshort-term investments). Compensatory instruments held by credit institutions are alsoincluded in the Non-financial Public Enterprises sector.11
4. Shares and other equity ≠ holdings of securities which represent property rights in corpo-rations. These securities generally entitle the holders to a share in the profit of corpora-tions and to a share in their own funds in the event of liquidation. MMFs shares/units arealso included here.
Liabilities side:1. Currency outside MFIs is currency into circulation less other MFIsí vault cash.2. Deposits are funds accepted by monetary financial institutions payable at sight, without
any notice, at notice or under other preliminary agreed payment conditions. Deposits areagreed upon between the parties by negotiating the terms of keeping deposit accounts,interest amount (if the agreement provides for interest accrual), terms of payment andsanctions for the parties in case of failure to perform their obligations. These are liabilitiesof the financial institution.
Overnight deposits include deposits without agreed maturity and which are immedi-ately convertible into currency or transferable on demand through bankerís order orby cheque without significant restrictions or penalties. One-day deposits are also in-cluded in this item.Deposits with agreed maturity are not immediately available as they have an agreedterm prior to withdrawal. These deposits cannot be used in settlements and are notconvertible into currency without any significant restrictions or penalties. They arebroken down by maturity: up to two years and over two years. These include loans re-ceived with the exception of those from the IMF.Deposits redeemable at notice include savings deposits and other deposits redeemableat notice. Savings deposits are untransferable deposits without specified maturity used
11 Compensatory instruments include compensatory bills and housing compensatory bills issued under the Law on Compensation of the Owners of Na-tionalized Properties and registered compensatory bills issued under the Law on the Restitution of Ownership and the Use of Agricultural Lands.These instruments are issued by the government and are freely transferable. Pursuant to the Law on Public Offering of Securities, these are referred toas securities.
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for safekeeping of funds of households against issuance of a personal savings book oranalogous document. These include lending for house purchase, childrenís depositsand other deposits. Other deposits redeemable at notice are untransferable depositswithout specified maturity which cannot be converted into cash without any notice.Their conversion into cash is not possible or they can be converted into cash prior tothe term of the notice but by imposing a sanction. Untransferable deposits with speci-fied maturity which can be converted into cash prior to maturity only at notice are alsoincluded here.
3. Repos include cash received against securities sold by monetary financial institution undera firm commitment to purchase the same (or similar) securities at a particular price on afixed future date.
4. Money market funds shares/units include shares/unit issued by money market funds.5. Debt securities issued include securities other than shares and other equity issued by credit
institutions, generally traded in the secondary market, that do not grant the holder anyownership rights over the issuerís equity. Non-marketable instruments issued (which havenot been initially placed through a stock exchange or other official marketplace) and sub-sequently becoming marketable also belong to this item.
Table 1.3.5: Foreign Assets and Liabilities of the BNBThe table displays claims and liabilities of the BNB to non-residents forming the positions of
Foreign assets and Foreign liabilities.
Instruments
BNB Foreign AssetsCentral bankís foreign claims are divided into two groups according to their liquidity ≠ Interna-
tional reserves and Other foreign assets:1. International reserves include the most liquid foreign assets. Under a currency board (in-
troduced on 1 July 1997) international foreign exchange reserves shall be equal to the as-sets of the Issue Department included in the BNB consolidated balance sheet (describedin Article 28, paragraph 3 of the Law on the BNB).International foreign reserves are divided into three sub-sectors: non-resident banks, non-resident governments and other non-residents including the following indicators:
Cash ≠ banknotes and coins held in freely convertible foreign currency;Special Drawing Rights (SDR)12 held by the BNB;Monetary gold consisting of gold bullion in standard form in vault and monetary golddeposited with foreign banks. From 1 July 1997 up to 31 January 2005, pursuant to Ar-ticle 28, paragraph 3, item 6 of the Law on the BNB, the stock of monetary gold is val-ued at BGN 500 per troy ounce or market value if lower. From 1 February 2005 on-wards, monetary gold is valued at market value.Deposits ≠ funds in freely convertible currency held by the BNB on accounts with for-eign central banks graded by degree of liquidity (overnight deposits, deposits withagreed maturity, deposits redeemable at notice);Repos include funds received in the BNB against a sale of securities with a commit-ment of reverse repurchase of the same or similar securities at a particular price on afixed future date;Securities other than shares ≠ debt instruments held by the BNB, issued by non-residentbanks, financial institutions and governments, whereof liabilities are assigned one ofthe two highest ratings by two internationally recognized credit rating agencies, andwhich are payable in freely convertible currencies with the exception of debt instru-ments given or received as collateral;Reserve position in the IMF ≠ Bulgariaís unconditional right to draw funds from theIMF. This indicator reflects the payment of forex component in Bulgariaís quota andindicates the balance between the quota and the cash of IMF in national currency.13
12 Special Drawing Rights are reserve assets established by the IMF in addition to existing reserve assets. The value of SDR is set on the basis of a basketof reference currencies (the euro, the British pound, the US dollar and the Japanese yen).
13 The reserve position can be raised to the amount of funds in national currency used by the IMF in transactions with other member states.
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Interest receivable includes claims on accrued interest. The specificity associated withthe currency board suggests that interest receivables and interest payable are reportedas part of the International reserves, correspondingly as part of Bulgariaís foreign li-abilities. Therefore, they are not reported as part of Other assets and Other liabilities asin other reporting units.
2. Other foreign assets include less liquid claims on non-residents which after the introduc-tion of the currency board are reported as part of assets of the Banking Department. Thisposition is divided into two sectors (non-resident governments and other non-residents) andincludes the following instruments:
Securities other than shares ≠ debt securities which are not included in internationalreserves;Shares and other equity represent capital investment in international financial institu-tions (e.g. BIS, Basel); MMFs shares/units are also included here ≠ these holdings ofsecurities give the owner the right of a share in the capital of a money market fund.
BNB Foreign LiabilitiesForeign liabilities of the BNB reflect the central bankís liabilities to the non-resident sector
grouped into non-resident banks, non-resident governments and other non-residents. Following theintroduction of the currency board, foreign liabilities comprise only Bulgariaís liabilities to the IMFand include the following instruments:
Loans ≠ interest-bearing credits with a fixed term received from IMF common funds;Accrued interest payable ≠ this item includes interest payable to the IMF.
Table 1.3.6: Loans to Non-financial Corporations, Households and NPISHsThis table reveals information on loans (their residual value) by type, currency and sector
granted by credit institutions. Loans are reported under the Claims on non-government sector itemin the monetary survey and analytical reporting.
Types of Loans
1. By maturityShort-term loans ≠ loans with an original maturity of one year or less, including over-draft.Loans with maturity of over one to five years ≠ loans with an original maturity exceed-ing one year but less than five years.Loans with maturity of over five years ≠ loans with an original maturity exceeding fiveyears.
2. By qualityRegular loans ≠ loans classified as ëstandard exposuresí and ëwatch exposuresí (exclud-ing restructured loans) as per Ordinance No. 9 of the BNB.Bad and restructured loans14 ≠ the total amount of balance sheet loans exposures,which are classified as ìsubstandard exposuresî, ìnon-performing exposuresî and re-structured loans (regardless of the group they are classified in) as per Ordinance No. 9of BNB, is included.
3. By useConsumer loans ≠ these are loans extended to households. Consumer loans are used tobuy goods and services for personal use by households.Loans for house purchase ≠ these are loans extended to households against security(mortgage, guarantee, etc.) to finance real estate construction or purchase of homes.Also included are loans for home improvements.Other loans include loans extended to households for business purposes, training, etc.These are loans made to physical persons with commercial, production or other pur-poses (e.g. financial leasing, agricultural loans, etc.)
4. By manner of disbursementOverdraft ≠ overdrafts are loans made by credit institutions when funds on customercurrent accounts are insufficient to meet ordered payments. Payment is automatic
14 Until 30 June 2006 the indicator includes overdue principal, which is not paid.
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upon receipt of funds on current accounts. Included are both overdrafts with pre-agreed interest terms and amounts and without pre-agreed terms.Loans, other than overdraft.
Tables 1.3.7 and 1.3.8: Memoranda to the Analytical Reporting of the BNB and Other MFIsThe memoranda show accrued interest and interest arrears on claims and liabilities by type of
instrument, derivatives as well as all adjusting balance sheet items employed in accounting practices(i.e. depreciation and provisions).
Data in the table are as of December 2001 since when there is available information.
Description of Items
Accrued interest is interest receivable/payable accrued that has not matured, recorded on a cur-rent accrual basis. According to the analytical reporting this interest is recorded in the Other assetsand Other liabilities item in the monetary survey. A specificity of the BNB analytical reporting isthat interest accrued on international reserves and IMF loans is recorded in the Foreign assets item,correspondingly the Foreign liabilities item.
Provisions include allocated provisions for impairment loss (currently the specific provisions onassets), as well as provisions recognized as liabilities in accordance with IAS and Bulgariaís effectivelegislation. For statistical purposes, assets subject to provisioning are stated on a gross basis and theallocated provisions are included in the Other liabilities item. (See General Methodological Notes)
Depreciation represents a kind of adjustment to depreciable long-term tangible and intangibleassets. In the published information, long-term assets are reported on a gross basis and accrueddepreciation is recorded in the Other liabilities item.
Derivatives include the gross fair value of all derivatives held by monetary financial institutionsand reported in the balance sheet.
Tables 1.4.1 and 1.4.2: Monthly Sectoral Survey of the BNB and Other MFIsMonthly sectoral surveys show on a gross basis the claims and liabilities of other MFIs and of
the BNB so that asset and liability balance sheet items can be identified by sector. Tables are staticand contain information on end-of-month balances. Presented data is in compliance with the mainprinciples of sectoral classification and aggregation of instruments into indicators.
1. Sectoral classification ≠ the main principles set out in ESAí95 have been complied with.All items that are not classified by sector as well as MFIsí own claims and liabilities arereported in a separate column as not allocated.
2. Financial indicators ≠ the scope and content of the indicators are described underneathrespective tables. Some items are more aggregated in comparison with monetary surveyand analytical reporting, where a part of the instruments in the liability side is presentedwith additional breakdowns according to their inclusion in the monetary aggregates.
Specific Features of Monthly Sectoral Survey of the BNB
For the purposes of the table, BNB foreign claims are grouped by sector where foreign assets,included in international reserves, and other foreign assets of the central bank are presented to-gether. Cash in foreign currency, Special Drawing Rights and monetary gold are represented in theNot allocated column. Foreign assets grouped according to their liquidity as international reservesor other foreign assets are represented in Table 1.3.6: BNB Foreign Assets and Liabilities.
Tables 1.5.1 and 1.5.2: Monetary Aggregates and Their Counterparts ≠ ECB PresentationThe tables present monetary aggregates and their counterparts according to the European Cen-
tral Bank format.Besides stocks at the end of the reference period, tables also include data about real transactions.A real transaction is a creation, purchase, sale or liquidation of a financial asset or liability. It
can be calculated by taking the difference between stock positions on end-period reporting datesand then removing all changes which are not consequence of real transactions. These arereclassifications by sector and instrument, adjustments of reporting errors, price revaluation of se-curities, write-downs and write-offs of loans, exchange rate adjustments.
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Real transaction = Stock position at the end of the reporting period ≠ Stock position at the end ofthe previous reporting period ≠ Exchange rate adjustments ≠ Other revaluations (Write-downs/write-offsof loans, price revaluation of securities).
The statistics of the interest rates, applied by the monetary financial institutions (excluding theBNB and the money market funds), prepared by the BNB, is based on a harmonized methodologyfor the euro area countries specified in Regulation (EO) π 63/2002 of the European Central bankof 20 December 2001 (≈—¬/2001/18)15. This statistics presents information on deposits and loans ofthe Non-financial Corporations and Households and NPISHs sectors16.
The interest rate statistics comprises also interbank interest rates and yield to maturity on gov-ernment securities.
I. LOANS AND DEPOSITS OF THE NON-FINANCIAL CORPORATIONS AND
HOUSEHOLDS AND NPISHS SECTORS
Types of interest rates and methods of calculation
The interest rates are effective annual rates. They are average weighted with the volumes of newbusiness throughout the reporting period or with the outstanding amounts as of the end of the re-porting period. They include all interest payments on deposits and loans, excluding other chargesrelated to these instruments. The interest rate statistics also presents an annual percentage rate ofcharge which is the total cost of the loan to the borrower expressed as an annual percentage of theamount of the extended loan (Consumer Credit Directive 87/102/EEC amended and comple-mented by Directives 90/88/≈≈— and 98/7/EC).
The annual percentage rate of charge comprises all the interest payments on a loan, as well as allfees, commissions and other charges a client must pay in order to obtain the loan. It is calculatedonly for consumer loans and loans for house purchase.
Interest rate statistics provides interest rates and volumes on new business and outstanding
amounts:
ï Outstanding amounts ≠ all liabilities of the reporting agents (monetary financial institu-tions) to their customers on deposits and repurchase agreements, and all claims of the re-porting agents on loans;
ï New business ≠ every new agreement between the customer and the reporting agent. Newagreements are contracts which set for the first time the interest rate, maturity and otherconditions on the deposit, repurchase agreement or loan. A new agreement is also everyrenegotiation of the interest rate, maturity and/or other conditions of an existing contractwhen the possibility for this renegotiation has not been previously provided for in it, aswell as the renegotiation of the maturity with the active involvement of the customer.
Breakdown by sector
The interest rate statistics covers the Non-financial Corporations and Households and NPISHssectors.
Breakdown by instrument
ï Overnight deposits17 ≠ deposits without fixed maturity which are immediately convertiblein currency and/or transferable at demand by cheque, bankerís order, or the like withoutany significant delay, restriction or penalty. These include also deposits of up to one day;
ï Deposits with agreed maturity ≠ deposits that are not immediately available as they have anagreed term or other restrictions on their withdrawal. These deposits may not be used insettlements and they are not convertible into currency without any significant restrictionsor penalties. Time deposits and other deposits with similar characteristics are includedhere (amounts deposited as a security for open letters of credit, amounts pledged as col-lateral, amounts blocked in relation to legal proceedings and other amounts blocked indeposit accounts, etc.);
ï Loans ≠ claims on funds lent by reporting agents to borrowers, as well as claims trans-ferred from third parties. Loans classified as ësubstandard exposuresí, ënon-performing
Interest RateStatistics
15 Statistics on interest rates applied by monetary financial institutions to deposits and loans vis-a-vis households and non-financial corporations.16 Non-profit institutions serving households.17 Interest rates and volumes on new business and on outstanding amounts for this instrument coincide.
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exposuresí and ërestructured loansí (regardless of the group they are classified in) underBNB Ordinance No. 9 are not included in the scope of interest rate statistics. Loans aredivided in two subcategories: overdraft17 and loans other than overdraft18.
Breakdown by currency ≠ BGN.Breakdown by purpose of loans ≠ for the Households and NPISHs sector only.
ï Consumer loans ≠ loans used mainly for buying goods and services for personal use byhouseholds;
ï Loans for house purchases ≠ these are loans extended to households to finance real estateconstruction or purchase of homes. Loans for home improvements are included as well.
ï Other loans ≠ all other loans extended to households, loans for training and treatment areincluded. Loans for commercial or production purposes and also loans to NPISHs are re-ported in this indicator.
Breakdown by agreed size of the loan ≠ for the Non-financial corporations sector only;ï loans of up to an amount of EUR 1 million expressed as its BGN equivalent (the limit of
EUR 1 million refers to every individual loan);ï loans of over an amount of EUR 1 million expressed as its BGN equivalent (the limit of
EUR 1 million refers to every individual loan).Breakdown by agreed period
ï Original maturity ≠ the initially agreed period of time in which the loan may not be repaidand the deposit ≠ redeemed without some kind of penalty;
ï Period of initial rate fixation ≠ the predetermined period of time at the start of a loan con-tract during which the value of the agreed interest rate may not change;
Reporting period ≠ a calendar month. End-of-month information is presented for the purposeof interest rate statistics on outstanding amounts. Information for the purpose of interest rate statis-tics on new business includes all new agreements concluded during the reporting period.
Data source ≠ banks (reporting agents) resident on the territory of the Republic of Bulgaria andforeign bank branches licensed for banking operations in Bulgaria.
II. INTERBANK MARKET
Scope
ï Interbank market indices ≠ LEONIA, SOFIBOR, EONIA and EURIBOR;ï Base interest rate (BIR).
Data processing
ï Monthly data on indices are calculated as simple average of daily data.ï Since 1 February 2005, according to a resolution of the Governing Council of the BNB,
the BIR equals the simple average of the values of the index LEONIA for the businessdays of the preceding month (base period).
Reporting period ≠ a calendar month.Data source
ï Bank Policy Directorate ≠ for the Bulgarian interbank money market (www.bnb.bg/Fi-nancial Markets).
ï ECB ≠ for EONIA and EURIBOR (www.ecb.int).
III. YIELD TO MATURITY ON GOVERNMENT SECURITIES. LONG-TERM
INTEREST RATE FOR CONVERGENCE ASSESSMENT PURPOSES
Scope
ï Secondary market yield to maturity on interest-bearing government securities.ï Long-term interest rate for convergence assessment purposes (LTIR) ≠ determined on
the basis of the secondary market yield to maturity of a long-term government bond(benchmark bond) issued by the Ministry of Finance (Central Government sector) anddenominated in the national currency. For more information, please see www.bnb.bg/Sta-tistics/Interest Rate Statistics/Long-term Interest Rate for Convergence Purposes (LTIR).
18 Repo claims of the reporting units are included in the loans other than overdraft indicator.
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Data processing
ï The yield to maturity of government securities is calculated as an average weighted effec-tive yield to maturity on individual transactions between primary dealers of governmentsecurities during the reporting period.
ï The monthly value of the LTIR is the simple average of its daily values.Reporting period ≠ a calendar month.Data source ≠ Fiscal Services Department (www.bnb.bg /Fiscal Services).
IV. CONTACTS
Should you have any questions on the methodology applied by the Bulgarian National Bank oron data published, please do not hesitate to contact Mrs. Violeta Peicheva, Head of Division, andMrs. Tsvetanka Grigorova, expert, Monetary and Banking Statistics Division via e-mail [email protected] or by mail to the following address:
Bulgarian National BankStatistics DirectorateMonetary and Banking Statistics Division1 Knyaz Alexander I Square1000 Sofia,Bulgaria
External Sector
Information on the external sector includes four major categories:(a) balance of payments;(b) trade in goods;(c) debt indicators;(d) exchange rates.
The Bulgarian National Bank is in charge of the compilation of Bulgariaís balance of payments.The legal framework of the balance of payments compilation in Bulgaria is provided for in Article42 of the Law on the Bulgarian National Bank (published in the Darjaven Vestnik, issue 46 of 10June 1997). Data for the purposes of the BOP compilation are collected on the basis of Article 42of the Law on the Bulgarian National Bank as well as pursuant to Articles 7≠10 of the Foreign Ex-change Law (published in the Darjaven Vestnik, issue 83 of 21 September 1999; amended, issue 60of 2003). The data are processed by the Balance of Payments and External Debt Division withinthe BNB Statistics Directorate keeping its confidentiality. At present, the Bulgarian National Bankcompiles and publishes analytical presentation as well as standard presentation of the balance ofpayments in accordance with the Fifth Edition of the Balance of Payments Manual (IMF, 1993)and the Guideline of the European Central Bank.20
The balance of paymentsí methodology is conceptually related to that of the System of NationalAccounts (SNA). The items of the balance of payments correspond closely to the relevant catego-ries of the Rest of the World account in the SNA.
There is a close relationship between the International Investment Position and the balance ofpayments as well. The BOP financial account reveals economyís transactions in external financialassets and liabilities which affect the amount of external financial assets and liabilities reported un-der the international investment position.
I. Accounting Principles and Conventions
The basic convention applied in constituting Bulgariaís balance of payments is the implementa-tion of the double entry system. Credit, with a positive sign, includes: exports of goods and services,income receivable, offsets to unrequited real and financial resources received (transfers), increases
19 Revised as of 15 April 2008.20 Guideline of the European Central Bank on the Statistical Reporting Requirements of the European Central Bank in the Field of Balance of Payments
Statistics, the International Reserves Template and International Investment Position Statistics (ECB/2004/15).
Balance ofPayments19
2
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in financial liabilities, decreases in financial assets. Debit, with a negative sign, includes: imports ofgoods and services, income payable, offsets to unrequited real and financial resources provided, in-creases in financial assets, decreases in financial liabilities.
The time of recording the balance of payments transactions is the time of the change in ownership.Transaction valuations are based on market prices. If the actual market prices are not available,
the average market prices are used as approximation.Valuation changes in Bulgariaís external assets and liabilities due to valuation adjustments are
not included in the balance of payments.The units of account for the balance of payments of Bulgaria are euro, lev and US dollar. The
conversion into the unit of account is based on the exchange rate at the time of transaction. If notavailable, or inapplicable due to other practical reasons, the average exchange rate for the report-ing period is used.
II. Balance of Payments Components
The balance of payments components are compiled using basically the International Transac-tions Reporting System (ITRS), which includes (i) banksí reports, and (ii) reports of enterpriseswhich have bank accounts opened abroad (pertaining to the residentsí international transactions).These reports cover all components of the balance of payments table. In addition, the data on indi-vidual BOP components collected via ITRS are substituted by data from other sources: (i) directinvestment enterprise survey, (ii) reports by other institutions, (iii) reports by enterprises whichhave received (extended) financial loans by (to) non-residents, and (iv) reports by enterprises onother liabilities and claims (other than financial loans) to non-residents.
In the analytical presentation, the balance of payments components are classified in the follow-ing major categories:
A. Current Account
The current account comprises the acquisition and provision of goods and services, income, andcurrent transfers between Bulgaria and the rest of the world. The flows recorded on the credit siderepresent that part of the gross domestic product, which is provided to the rest of the world (exportsof goods and services), as well as the provision of factors of production expressed by income re-ceived or receivable ≠ compensation of employees, and investment income (interest, dividends,etc.). Offsets to unrequited real and financial resources received (transfers) are also recorded.
The flows on the debit side represent the gross product created in the rest of the world and ac-quired by the national economy (imports of goods and services), as well as the acquisition of factorsof production expressed by income paid or payable. Offsets to unrequited real and financial re-sources provided are also recorded.
ï The Goods component of the BOP current account covers movable goods for which changes inownership between residents and non-residents occurred. Data on imports and exports FOB (free onboard) are based on customs declarations, as the codes used are in compliance with the HarmonisedSystem for Description and Coding of Commodities of the World Customs Organisation, introduced in1988 and supplemented in 1992. With the January 2006 data the Bulgarian National Bank and the Na-tional Statistics Institute started to apply jointly the methodology for compilation of imports at FOBprices and receipts and payments regarding the freight transportation, developed by them.21 The meth-odology is based on the analysis of the CIF/FOB correlations for the imports of goods depending on theimport delivery categories, as well as on the mode of transportation and nationality of the carrier.
The geographical breakdown of the Goods item of the BOP is based on the following principles:For the intra EU trade in goods:ï In case of imports (or arrivals), a partner country is the country (or the Member State) of
consignment of the goods.ï In case of exports (or dispatches), a partner country is the country (or the Member State) of
final destination of the goods.For the trade with third countries (outside the EU):ï In case of imports, a partner country is the country of origin of the goods.ï In case of exports, a partner country is the country of final destination of the goods.
21 The 2002 to 2005 data are based on this methodology for compilation of imports at FOB prices and of receipts and payments regarding freight trans-portation.
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Data sources: The source of data between the beginning of 2003 and the end of 2006 was theCustoms Agency and for preceding years ≠ the Information Services (at the Information Comput-ing Center Directorate). The Bulgarian National Bank and the National Statistical Institute re-ceived the exports and imports data, supplemented them with other information and processedthem further. With the application of the Intrastat system (introduced with the Law on Statistics ofIntracommunity Merchandise Trade, published in the Darjaven Vestnik, issue 51 of 2006) sinceJanuary 2007 brought about changes in the way data on the foreign trade of Bulgaria with the restof the EU member states were reported.
The introduction of the Intrastat system led to changes in the schedule of data receiving andprocessing. The information on exports (dispatches) and imports (arrivals) of goods is reported bythe Intrastat operators (the firms obliged to provide information) to the National Revenue Agencywithin 20 days after the close of the reporting month. These data are sent to the National StatisticalInstitute for further processing. The NSI reports to the Eurostat aggregated monthly data (withoutbreakdowns by trade partner and by type of goods) within 42 days after the close of the reportingmonth. The detailed intratrade data on dispatches and arrivals of goods are reported to Eurostatwithin 70 days after the close of the reporting month.
The BNB receives aggregated data from the NSI (without breakdowns by trade partner and bytype of goods) on the country trade with the other EU member states within 35 days after the closeof the reporting month, and these data are supplemented by the data of the Customs Agency ontrade with third countries. Therefore, only aggregated data on exports and imports are published inthe report on the balance of payments for the reporting month. The BNB receives detailed data ondispatches and arrivals of goods from the NSI within 60 days after the close of the reporting month.
As a result of these changes the schedule for foreign trade data reporting by the BNB is the fol-lowing:
ï Preliminary aggregated data (without breakdowns by trade partner and by type of goods)for the reporting month are published within 42 days after the close of the reportingmonth in the balance of payments table.
ï Preliminary detailed data (with breakdowns by trade partner and by type of goods) forthe reporting month are submitted to users not earlier than 73 days after the close of thereporting month.
ï The published series of data on Bulgarian imports and exports on the BNB website areupdated not earlier than 73 days after the close of the reporting month.
The BNB and the NSI coordinate import and export data before publishing them.ï The Services component comprises transportation, travel, and other services.
The Bulgarian National Bank derives the data on freight transportation from foreign trade dataand the data on passenger transportation from travel data on the basis of estimates.
With the January 2006 data the BNB introduced a new methodology for compilation of receiptsand payments regarding the freight transportation. The freight transportation receipts are set up onthe basis of estimated receipts of resident carriers related to the country exports of goods. The pay-ments are calculated as an estimation of the payments made by residents on behalf of non-residentcarriers related to the country imports of goods. The receipts and payments are estimated accord-ing to mode of transportation and nationality of the carrier. With the introduction of the Intrastatsystem with the January 2007 data, changes in the way of compilation of receipts and payments re-garding the freight transportation of Bulgaria with the rest of the EU Member States took place.Due to the delay in receiving the detailed data on trade of Bulgaria with the rest of the EU Mem-ber States from the NSI, as of the date of publication of the preliminary balance of payments reportfor the corresponding month (42 days after the close of the reporting period) the preliminary com-pilation of receipts and payments of freight transportation is based on data for preceding years.These estimates are subject to revisions after receiving the preliminary detailed data (with break-down by trade partner and by type of goods) on trade with the rest of the EU Member States forthe reporting month.
Travel covers goods and services, including those related to health and education, acquired bytravellers for business and personal purposes. The data on travel are based on data from the Minis-try of Internal Affairs on the number of travellers crossing the borders and on estimates of percapita expenditures, the latter based on the methodology for estimation of the receipts and expen-
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ditures from travel services ≠ Methodology for Estimation of the Receipts and Expenditures fromTravel in the Bulgarian Balance of Payments (the Bulgarian National Bank, Ministry of Trade andTourism, 18 November 1999). The 2007 data about the number of foreigners who visited the coun-try are based on information provided by the NBPS and on NSI estimates. The BNB has been un-dertaking Border Survey among Traveling Bulgarians and Foreigners in order to update the method-ology for estimation of the Travel item after the end of the survey.
Other Services item covers receipts and payments related to services other than transportationand travel (communication, construction, financial, insurance, leasing, cultural, sport and recrea-tional services, etc.).
The major sources of information on this item are the banksí reports and the reports of enter-prises having accounts abroad.
ï Income consists of two categories: (i) compensation of employees, and (ii) investment income.Compensation of Employees covers wages, salaries and other benefits paid to non-resident workersin Bulgaria or received by resident workers abroad. The compensation of employees also comprisesincome due to illegal employment. The BNB estimates this flow in accordance with the Methodol-ogy for Estimation of Flows due to Illegal Employment (14 March 2006).22 Investment Income coversreceipts and payments of income associated with external financial assets and liabilities: on directinvestment (dividends and reinvested earnings), portfolio investment, other investment, and on re-serve assets (deposit accounts).
The major sources of information on the Income component are the banksí reports and the re-ports of enterprises, the Ministry of Finance, and the Bulgarian National Bank.
ï Transfers are all real resources and financial items provided without a quid-pro-quo from oneeconomy to another. Current Transfers directly affect the level of disposable income of an economy,and the consumption of goods and services. That is, current transfers reduce the income and con-sumption potential of the donor and increase the income and consumption potential of the recipi-ent. Receipts from EU preaccession and accession funds, private personsí money transfers, as wellas gifts, grants, inheritances, prizes won from lotteries, pensions, current taxes, social security con-tributions, etc. are included in the Current Transfers.
Sources: The Bulgarian National Bank obtains information on current transfers from the Minis-try of Finance, the Bulgarian Red Cross, the Agency for Foreign Aid, and from the reporting sys-tem of banks on transactions between residents and non- residents.
B. Capital Account
The Capital Account consists of two categories: (i) capital transfers, and (ii) acquisition or dis-posal of intangible, non-financial assets. If in kind, a capital transfer consists of (i) a transfer of own-ership of fixed assets, or (ii) forgiveness of a liability by a creditor when no counterpart is receivedin return. If in cash, a transfer is capital when it is linked to, or conditional on, the acquisition ordisposal of fixed assets (for example, an investment grant).
Sources: The Bulgarian National Bank receives information on the capital account from theMinistry of Finance (for capital transfers from the EU funds), from the quarterly reports of the en-terprises in the non-financial sector, the monthly reports of the notaries and others.
C. Financial Account
The Financial Account comprises all transactions (actual and imputed) in the external financialassets and liabilities of an economy. The external assets and liabilities are primarily classified ac-cording to the type of investment. The Financial Account includes (i) direct investment, (ii) portfo-lio investment, and (iii) other investment.
ï Direct investment covers direct investment abroad, direct investment in reporting economy andmergers and aqcuisitions. Direct investment is a category of international investment in which a resi-dent of one economy ≠ a direct investor ≠ acquires a lasting interest (at least 10% of the ordinaryshares or the voting power) in an enterprise resident in another economy ≠ a direct investment en-terprise. The direct investment includes both the initial transaction, through which the relationshipbetween the direct investor and the direct investment enterprise is established, and all subsequenttransactions between them. The direct investment covers transactions relating to changes in the di-rect investorís share in the equity capital of the direct investment enterprise, intercompany debt
22 Data are based on this methodology since April 2001.
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transactions, as well as the share of the direct investor in the undistributed earnings/loss of the di-rect investment enterprise. Direct investment is reported on a directional basis: direct investmentabroad ≠ as an asset, and direct investment in the reporting country ≠ as a liability.
ï The Mergers and Aqcuisitions subitem shows the transactions related to mergers and acquisi-tions. The purpose of its inclusion was to eliminate the influence of such deals over the reportedforeign direct investment data. The international practice shows that these transactions have hardlyany real impact on the production capacities and employment and the conclusions drawn from theinterpretation of foreign direct investment data in which data on mergers and acquisitions are in-cluded might be misleading about investment flows, developments, branch and geographical struc-ture (see European Central Bank, Eurostat, Foreign Direct Investment Task Force Report, March2004, paragraph 332).
Sources: The Bulgarian National Bank receives monthly data on direct investments in Bulgariafrom the Privatisation Agency, from the Central Depository, from the reporting system of banks ontransactions between residents and non-residents, from notaries and registry offices; quarterly datafrom the Financial Supervision Commission, from the direct investment enterprises, from the Na-tional Statistical Institute, from the Banking Supervision Department of the BNB, from the insur-ance companies and pension insurance companies; annual data from the NSI on foreign direct in-vestment stock in enterprises from the non-financial sector.
For data on direct investments abroad, the Bulgarian National Bank uses information from FDIdeclaration forms, from quarterly reports of non-financial sector enterprises and from the reportingsystem of banks on transactions between residents and non-residents.
ï Portfolio Investment includes portfolio investment assets and portfolio investment liabilities.Portfolio Investment covers transactions in shares and equity of the investorís share in the capi-
tal is less than 10 per cent, transactions in bonds, notes, money market and other tradable securi-ties.
The major source of information on the liabilities side of the Portfolio Investment is the data pro-vided by the Ministry of Finance, the Bulgarian National Bank, banks, enterprises holding bankaccounts abroad, and the Central Depository.
Data on the assets side of the Portfolio Investment are provided by banks (regarding portfolioinvestments both on the account of banks and on their customersí account), the Bulgarian NationalBank and the Ministry of Finance.
ï Other Investment includes trade credits, loans, currency and deposits, and other assets and li-abilities.
According to the balance of payments conventions, trade credit arises from the direct extensionof credit from a supplier to a buyer, i.e. this is a credit extended by a trade partner without issue oftradable securities.
Information on trade credits is provided mainly by the quarterly reports of residents on theirclaims on/liabilities to non-residents.
The Loans item includes received and paid principals on long- and short-term loans betweenresidents and non-residents if no issue of tradable securities is involved with these loans. Transac-tions concerning disbursements and repayments of principals on IMF loans and disbursements onloans on BOP support are not included in the Loans item. They are recorded under the correspond-ing items of the E. Reserves and Related Items group.
Data on loans are based on information received from the Ministry of Finance, the BulgarianNational Bank, the banks and directly from the enterprises that have extended loans or receivedcredits from abroad. The latter report quarterly data to the BNB because of which the monthly dataon Loans, Other sectors (assets and liabilities) are revised each quarter.
The Currency and Deposits component shows the changes in the residentsí currency and depos-its held abroad on the assets side, and the changes in the liabilities of the resident banks to non-resi-dents in national and foreign currency on the liabilities side. Following the basic accounting princi-ple and conventions set in the Balance of Payments Manual (IMF, 1993), when compiling this item,the Bulgarian National Bank excludes any changes therein due to exchange rate changes.
The Other Assets and Other Liabilities items include all transactions on miscellaneous accountsreceivable and payable not included elsewhere and transactions in arrears.
D. Net Errors and Omissions
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The Net Errors and Omissions component is an offsetting item. This component exists in theBOP presentation as the data collection system used by the Bulgarian National Bank is not a closedone but a combination of various sources of information. Unlike other statistical reports, e.g. mon-etary statistics, data collection required for the balance of payments compilation could not be lim-ited to the financial statements of banks as the only source of information.
The fluctuations in the Net Errors and Omissions, both in sign and in size, are mainly due to: (i)revisions of export and import data, (ii) the improvement of the methodology for compiling indi-vidual balance of paymentsí components, and (iii) the existence of objective obstacles to collectingdata on particular balance of paymentsí items.
E. Reserves and Related Items
Reserve Assets include the external assets available to and controlled by the central bank (gov-ernment) for direct financing of balance of payments imbalances. The reserve assets comprisemonetary gold, SDRs, reserve position in the International Monetary Fund, foreign exchange assets(including currency and deposits, and securities), and other claims. The entries under this categorypertain to transactions on BNB external holdings which are administered by the Issue Department.Data on reserve assets changes included in the BOP table excludes valuation adjustments, due toexchange rate fluctuations and price revaluation.
In the analytical presentation of the balance of payments, this group includes also the Use ofFund Credit and the Exceptional Financing items. The exceptional financing comprises the BOPsupport as well as deferred/rescheduled payments and payments on arrears, associated with balanceof payments difficulties. In accordance with the methodology for accounting exceptional financingtransactions (Balance of Payments Manual, Fifth Edition (IMF, 1993), p. 454), the principal repay-ments on the BOP support credits are included in the Financial Account in Other Investment Li-abilities ≠ Loans ≠ General Government.
III. Periodicity, Frequency and Timeliness of the Balance of Payments Publications
The Bulgarian National Bank compiles and publishes the balance of payments of the Republicof Bulgaria on a monthly basis. In accordance with its schedule, the Bulgarian National Bank pub-lishes the balance of payments data within six weeks (42 calendar days) after the close of the refer-ence period.
IV. Data Revision Policy
Revisions to published BOP estimates are typical of many balance of payments compilation sys-tems. With the revision publication, the users are duly informed about the revised data on the cor-responding items.23 The data revision policy pursued by the Bulgarian National Bank is based onthe following principles:
(i) With the report for the first month of the quarter, the monthly data for the whole current yearare revised. With the reports for the second and the third months of the quarter, only data for theprevious month are revised.
(ii) When on-going changes are made due to additional information collected, as well as result-ing from elimination of errors, the Bulgarian National Bank duly informs the users through themonthly press releases, as well as through the notes at the end of the balance of payments table.
(iii) When significant revisions are made due to changes in the methodology for reporting ofcertain BOP components or for any other reasons, the Bulgarian National Bank publishes in ad-vance information on the changes to facilitate data users.
V. Data Dissemination
The Bulgarian National Bank disseminates the monthly balance of payments data on its website ≠http://www.bnb.bg
The data are published also in the Monthly Bulletin and in semi-annual and annual reports of theBulgarian National Bank. Data are simultaneously provided to all interested parties.
23 The annual data on foreign direct investment in Bulgaria are revised 15 months after the close of the reporting period (after the annual NSI data onthe non-financial sector are received in the BNB).
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VI. Contacts
If you have any questions on the methodology applied by the Bulgarian National Bank or on thepublished balance of payments data, please do not hesitate to send them to Emil Dimitrov, Direc-tor of the Statistics Directorate, and to Liliana El Haddad, Head of the Balance of Payments andExternal Debt Division, via e-mail at [email protected] and [email protected], or bymail to the following address:
Bulgarian National BankBalance of Payments and External Debt Division1, Knyaz Alexander I Square1000 Sofia, Bulgaria
I. Data Sources
The data source between the beginning of 2003 and the end of 2006 was the Customs Agency,and for preceding years ≠ the Information Services (at the Informational Computing Center Direc-torate). The Bulgarian National Bank and the National Statistical Institute received the exports andimports data, supplemented them with other information and processed them further. Until the endof 2006 all enterprises which exported or imported goods were obliged to declare these activitiesthrough customs declarations.
Since 1 January 2007 the enterprises trading with other EU member states report according tothe Intrastat system (introduced with the Law on Statistics of Intercommunity Merchandise Trade,published in the Darjaven Vestnik, issue 51 of 2006). In compliance with this Law, enterpriseswhose turnover exceeds the threshold set by the National Statistical Institute (NSI), submit Intrastatdeclarations to the National Revenue Agency (NRA). The Agency is obliged to perform controlover the coverage of the enterprises and to keep track of the fulfilment of their duties under theIntrastat system, as well as to control the authenticity of the provided data. The data from theIntrastat declarations are submitted to the NSI for further processing.
The imports from, and exports to, third countries (non-EU member states), as well as the move-ment of goods within the EU, which is under customs control, are still reported through customsdeclarations, and the Customs Agency submits the data to the NSI for processing. The NSI com-bines these data with the Intrastat data, processes them and after performing additional estimatesprovides the data to the users, including the Bulgarian National Bank.
II. Data Timelines
The BNB receives from the NSI aggregated data (without breakdowns by trade partner and typeof goods) on the country trade with the other EU member states within 35 days after the close ofthe reporting month. The detailed data on dispatches and arrivals of goods are provided by the NSIwithin 60 days after the close of the reporting month, and the data on the turnover of trade withthird countries are provided by the NSI at the latest on the 29th day of the month following the re-porting one.
III. Principles of Reporting
Exports are reported at FOB prices and imports at CIF prices. For the purposes of the balanceof payments statistics, however, total imports are re-calculated at FOB prices. The coding systemused for commodities is based on the Harmonised Commodity Description and Coding System ofthe World Customs Organisation, introduced in 1988 and supplemented in 1992.
Based on the common BNB and NSI methodology, since 1999 exports and imports are recordedafter the Special Trade System, where the date of transactionsí registration is that of the customsdeclarationsí clearance, or of the month of dispatches or arrivals within the Intrastat system. Thecriteria for the description of partner countries are as follows: imports ≠ by country of commoditiesíorigin; exports ≠ by country of consignment, that is, the latest known country where the commodi-ties are to be delivered. For the purposes of consistency with the statistical time series on importsand exports by major trading partner and region, the BNB has applied these criteria to the 2007data, too.
In accordance with their common methodology, before publishing the imports and exports data,the BNB and the NSI coordinate the gross figures for imports, exports and trade balance.
Imports andExports
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IV. Import and Export Tables
A. End-use tables
For the purposes of the economic analysis the BNB publishes tables by end-use based on theharmonised system four-digit codes and grouped according to the purpose and end-use of the re-spective commodity. The basic principles of commoditiesí distribution in the respective groups are:purpose of use, on the one hand, and degree of processing, on the other. The tables are monthly,quarterly and annual.
B. Major trading partner and region tables
The tables include only the most important countries and regions for the Bulgarian exports (im-ports). The subdivision of EU member states into ëEU-15í and ëEU-new member statesí is accord-ing to the practice and requirements of the Eurostat system and the ECB. The tables are monthly,quarterly and annual.
C. Main trade region and end-use tables
The tables represent a cross-section of the countryís import and export data by region and bycommodity. The tables are quarterly and annual.
D. Import and export currency structure tables
The tables indicate the relative share of the different currencies in the export and import trans-actions. The tables are quarterly and annual.
In all published tables exports are reported at FOB prices, and imports at CIF prices.
V. Data Dissemination
The import and export data are available on the website of the BNB (http://www.bnb.bg). Thedata are also published in the BNB Monthly Bulletin. The foreign trade data are included in theBNB official semiannual and annual reports.
Time series for the exports and imports by end-use and major trading partner and region havebeen published on the website of the BNB since 1995. These series could be searched by period(month, quarter, year) and by end-use (trade partner). Along with this, quarterly and annual majortrade region and end-use tables and import and export currency structure tables (till December2006) are available there.
VI. Timelines of Publications
The data series on the countryís exports and imports published on the website of the BNB areupdated not earlier than 73 days after the close of the reporting month. Within 42 days after theclose of the reporting month, aggregated import and export data (without breakdowns by tradepartner and by type of goods) are published in the balance of payments table.
VII. Data Revision Policy
In accordance with its data revision policy, the BNB makes monthly revisions of its data for thelast three months, and quarterly revisions of the data for the whole current year. However, in casesof incomplete and/or low quality incoming data, the Bulgarian National Bank may revise the importand export data more frequently.
VIII. Contacts
For further information on the methodology applied by the Bulgarian National Bank or on theforeign trade data published, you may contact Mrs Liliana El Haddad, Head of the Balance of Pay-ments and External Debt Division, via e-mail at [email protected] (tel. +359 2 9145 1439),or Ms Ana Murdjeva, expert, at [email protected] (tel. +359 2 9145 1965).
In reporting Bulgariaís gross external debt, the Bulgarian National Bank follows the interna-tional standards and requirements set out in the External Debt Statistics: Guide for Compilers andUsers, 2003 prepared by several international organisations and issued by the IMF25 and in the Bal-ance of Payments Manual, IMF, 5th edition, 1993. On the one hand, this ensures international datacompatibility, and consistency between the external debt statistics and the balance of payments, in-ternational investment position and national accounts, on the other hand. Data on gross external
24 Revised data as of 30 September 2005.25 External Debt Statistics: Guide for Compilers and Users, IMF, 2003 (Bank for International Settlements, The Commonwealth Secretariat, Eurostat, In-
ternational Monetary Fund, Organisation for Economic Cooperation and Development, The Paris Club Secretariat, The United Nations Conferenceon Trade and Development, World Bank).
GrossExternal
Debt24
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debt are an important information source for particular balance of payments items and the interna-tional investment position.
The BNB compiles and disseminates monthly statistical data on the gross external debt by insti-tutional sector:
Publications comprise monthly data on: (1) gross external debt amount (2) gross external debtservice and (3) disbursements. Additional analytical external debt data by creditor is disseminatedquarterly.
I. Accounting Principles and Conventions
When compiling debt statistics, the BNB follows the international definition of gross external
debt ≠ ëGross external debt, at any given time, is the outstanding amount of those actual current,and not contingent, liabilities that require payment(s) of principal and/or interest by the debtor atsome point(s) in the future and that are owed to non-residents by residents of an economy.26
The main criterion for a liability to be included in the gross external debt of the country is thatit is issued by a resident and is owed to a non-resident,27 regardless of whether it is issued on do-mestic or international, money or capital markets. The same principle is applied to transactions:only those between residents and non-residents are recorded. In the debt tables the BNB recordsonly the amount of tranches actually disbursed.
The stock of liabilities is recorded at nominal, not at market value even in the case when theyare in the form of tradable securities. The gross external debt of Bulgaria is reported in euro.
The distinction between short-term and long-term debt is based on the original, not residual ma-
turity of the liability. The long-term debt includes all liabilities with original maturity of over oneyear, as well as all disbursements related to direct investment,28 and the short-term debt, liabilities withoriginal maturity of one year or less. All principal and interest arrears are recorded as short-term debt.
II. Gross External debt Components
¿. By Institutional Sector
The structure of the Gross External Debt table by institutional sector is in compliance with therequirements of the External Debt Statistics: Guide for Compilers and Users, 2003, prepared by sev-eral international organisations and published by the IMF.29
The main components of the Gross External Debt tables classified by institutional sector areGeneral government, Monetary authorities, Banks and Other sectors. In accordance with the inter-national statistical standards, debt liabilities related to direct investment (intercompany lending) arepresented separately. The classification by institutional sector is in compliance with the Fifth editionof the Balance of Payments Manual (1993). Within the sectors, the external debt liabilities are clas-sified by maturity: short-term and long-term and by instrument.
General Government
General government debt includes: (1) central government debt, (2) local government debt, (3)debt of social security funds and (4) debt of all non-market non-profit institutions that are control-led and mainly financed by government units. Public corporations and unincorporated enterprisesthat function as if they were corporations (so called quasi-corporations) are explicitly excludedfrom the General government sector and are allocated to Banks or Other sectors as appropriate. Thedebt liabilities of the General government sector are long-term and are classified by instrument:Bonds and notes and Loans. Liabilities for which no issue of tradable securities is involved are re-ported under Loans. Loans received by the central government from the IMF are also reported un-der Loans. The central government liabilities on securities issued on the international markets arereported under Bonds and notes, as the item comprises the entire stock of the issue. The part of theissue (Brady bonds, Eurobonds and Global bonds) held by residents at the end of the review periodis reported with a negative sign in the Bonds and notes held by residents item. Government securities
24 Revised data as of 30 September 2005.25 External Debt Statistics: Guide for Compilers and Users, IMF, 2003 (Bank for International Settlements, The Commonwealth Secretariat, Eurostat, In-
ternational Monetary Fund, Organisation for Economic Cooperation and Development, The Paris Club Secretariat, The United Nations Conferenceon Trade and Development, World Bank).
26 External Debt Statistics: Guide for Compilers and Users, p. 7, paragraph 2.3.27 For a definition of a resident and non-resident, see the Balance of Payments Manual, IMF, 5th edition, 1993, paragraphs 57≠58.28 External Debt Statistics: Guide for Compilers and Users, paragraphs 3.14 and 7.5.29 See footnote 22 on p. 143.
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issued by the government on the domestic market and purchased by non-residents are also reportedunder the Bonds and notes item.
Data sources: The main source of data is the Register of Government and Government Guaran-teed Debt of the Ministry of Finance (prior to 31 December 2002 the source of that data was theSystem for Debt Registration, Service and the Management of the Ministry of Finance and the Bulgar-ian National Bank). Other sources are Government and Government Guaranteed Debts Deposi-tory Directorate with the BNB and the banks.
Monetary Authorities
In accordance with the international methodology on external debt statistics included herein arethe external liabilities of the BNB. The data is derived from the Register of Government and Govern-ment Guaranteed Debt of the Ministry of Finance.
Banks
Short-term liabilities of the banks include short-term loans, non-residentsí deposits with domes-tic banks as well as other payables to non-residents. Deposits in foreign currencies and in levs ofnon-residents with domestic banks are included in the Deposits subitem. The net increase in depos-its in the banking system is reported in the Gross External Debt Disbursements table, and the net de-posit withdrawal ≠ in the External Debt Service tables, as a principal payment under the Depositssubitem. In accordance with the External Debt Statistics: Guide for Compilers and Users, depositsrelated to contingent liabilities are excluded.30 Long-term liabilities include loans and bonds andnotes issued by the banks and held by non-residents.
Data sources: Data on the amount and transactions on external loans are received monthly di-rectly from the banks through a statistical form on their external liabilities. The Money and BankingStatistics Division with the Statistics Directorate of the BNB provides monthly data for the Depositsand Other liabilities items. The source for the data on the Bonds and notes item is the Central De-pository.
Other Sectors
In the Other sectors item, the debt of private and state-owned non-bank enterprises (includingGovernment guaranteed debt) as well as external liabilities of the households are reported.
Short-term liabilities of Other sectors include short-term loans, trade credits as well as otherpayables to non-residents. Long-term liabilities include loans and bonds and notes issued by thecompanies and held by non-residents.
Data sources: Data on financial loans are collected through the statistical Form SPB-4 Report onthe Financial Credit Liabilities of Residents to Non-residents that covers data on the stock and thevarious types of transactions on the credit. As the Foreign Exchange Law envisages quarterly re-porting of these liabilities, for the first two months of each quarter the BNB publishes estimationson the non-bank enterprises based on the debt service schedules provided by companies on theloans extended to them and on estimations. Under the Trade credits subitem, the respective liabili-ties of residents to non-residents31 are reported excluding trade credit liabilities towards foreign di-rect investors. Such data are collected from the BNB through Form SPB-6B Report on the liabilitiesof residents to non-residents. As the Foreign Exchange Law envisages quarterly reporting of these li-abilities, for the first two months of each quarter the BNB publishes estimations of the trade creditsstock. Data on liabilities of the resident physical persons are collected through the annual statisticalForm SPB-8 Report on the Assets and Liabilities of Resident Physical Persons to Non-residents.
Direct Investment: Intercompany Lending
In accordance with the international methodology on external debt statistics, a distinction ismade between liabilities owed to direct investors (Intercompany loans) and such owed to othercreditors. Liabilities related to direct investment relationship are separately identified (equity li-abilities arising from direct investment, i.e. equity capital and reinvested earnings except non-par-ticipating preferred shares are excluded from external debt). Disbursements related to direct invest-ment are included in the long-term external debt.
30 External Debt Statistics: Guide for Compilers and Users, IMF 2003, paragraph 2.10.31 For a definition of trade credits, see Balance of Payments Manual, IMF, 5th edition, 1993, Chapter XX, paragraph 414, as well as External Debt Statis-
tics: Guide for Compilers and Users, Chapter Three, paragraph 133.
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B. By Creditor
In accordance with the structure recommended by the External Debt Statistics: Guide for Com-pilers and Users, quarterly external debt stock tables by creditor sector are prepared.
C. Public and Publicly Guaranteed External Debt and Private Non-guaranteed External Debt
In accordance with paragraphs 5.5≠5.6 of the External Debt Statistics: Guide for Compilers andUsers, IMF 2003, the public and publicly guaranteed external debt comprises the debt of the generalgovernment sector, the monetary authorities sector, the public banks, the public non-financialenterprises, as well as the government guaranteed debt of the private sector. The private non-guar-anteed external debt comprises banks and non-financial enterprisesí debt, which is not included inthe public and publicly guaranteed external debt. The data are monthly.
III. Periodicity, Frequency and Timeliness of the Gross External Debt Publications
The Bulgarian National Bank compiles and publishes data on the stock of the gross externaldebt of Bulgaria, the debt service payments and the disbursements on a monthly basis. The exter-nal sector debt indicators, including external debt indicators, are also disseminated monthly.
The Bulgarian National Bank publishes the data according to its advance release calendar. In caseof a change, the BNB informs the users on the new release date at least a week before the advance date.
IV. Data Revision Policy
The data revisions policy of the Bulgarian National Bank is based on the following principles:(i) Each monthly publication includes revisions of the data for the previous three months, and
each quarterly publication includes revisions of the monthly data for the whole current year.(ii) When on-going changes are made due to additional information collected, as well as result-
ing from elimination of errors, the Bulgarian National Bank timely informs the users through themonthly press releases, as well as through the notes at the end of the Gross External Debt tables.
(iii) When significant revisions are made due to changes in the methodology for reporting ofcertain external debt components or for other reasons, the Bulgarian National Bank publishes ininformation on the changes advance to facilitate data users.
V. Data Dissemination
The Bulgarian National Bank publishes monthly gross external debt data on the website of theBulgarian National Bank: http://www.bnb.bg. The data are also published in the BNB Monthly Bul-letin and in the semi-annual and annual reports of the Bulgarian National Bank. Data are simulta-neously provided to all interested parties.
VI. Contacts
If you have any questions on the methodology applied by the Bulgarian National Bank or on thegross external debt data published, please do not hesitate to contact Emil Dimitrov, Director of theStatistics Directorate, via e-mail at [email protected] and Liliana El Haddad, Head of theBalance of Payments and External Debt Division, at [email protected], or by mail to thefollowing address:
Bulgarian National BankBalance of Payments and External Debt Division1, Knyaz Alexander I Square1000 Sofia, Bulgaria
The Bulgarian National Bank is in charge of the compilation of the International InvestmentPosition (IIP) of the country. Data for the purposes of the IIP compilation are collected on thebasis of Article 42 of the Law on the Bulgarian National Bank, as well as on the basis of the For-eign Exchange Law. These data are processed by the Balance of Payments and External DebtDivision within the Statistics Directorate of the BNB in compliance with confidentiality rules.The IIP statement is compiled in general conformity with the international standards prescribedby the Fifth Edition of the Balance of Payments Manual (IMF, 1993) and the International Invest-ment Position ≠ A Guide to Data Sources (IMF, 2002) and the Guideline of The European CentralBank (ECB/2004/15).33 The IIP statement is compiled and published quarterly.
InternationalInvestmentPosition ofBulgaria32
32 Revised as of 10 April 2006.33 Guideline of the European Central Bank on the Statistical Reporting Requirements of the European Central Bank in the Field of Balance of Payments
Statistics, The International Reserves Template and International Investment Position Statistics (ECB/2004/15).
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There is a close relationship between the International Investment Position and the balance ofpayments. The BOP financial account measures economyís transactions in external financial assetsand liabilities which affect the stock of external financial assets and liabilities reported in the inter-national investment position.
The international investment position methodology is conceptually related to that of the System ofNational Accounts (SNA). The IIP items correspond to the Rest of the World account of the SNA.
I. Accounting Principles and Conventions
Time of recording of transactions in international investment position is the end of the referenceperiod.
Stocksí valuations are based on market prices. If the actual market prices are not available, theaverage market prices are used as an approximation.
Valuation changes of the countryís external assets and liabilities are included in the internationalinvestment position.
The units of account for the international investment position of Bulgaria are the EUR and theBGN. The conversion into the unit of account is made using the exchange rate at the end of the re-porting period.
II. International Investment Position Components
The IIP is the balance sheet of the countryís stocks of external financial assets and liabilities atthe end of a specific period. The primary type of classification in the IIP statement is the distinctionbetween assets and liabilities. The second level of classification by function is fully consistent withthe BOP financial account. The functional types of assets and liabilities are (i) direct investment, (ii)portfolio investment, (iii) financial derivatives and (iv) other investment. Included in assets are alsothe reserve assets held by the monetary authorities. The third level of classification is by investmentinstrument. Instruments recorded as portfolio investment and other investment are further subdi-vided by domestic sector, while the components of other investment are also cross-classified byoriginal maturity.
International investment position components are classified into the following major categories:
¿. Direct Investment
Direct investment is a category of international investment in which a resident of one economy ≠ adirect investor ≠ holds a lasting interest (at least 10 per cent of the ordinary shares or voting power)in an enterprise resident in another economy ≠ a direct investment enterprise. The direct investmentincludes both the initial transaction, through which the relationship between the direct investor andthe direct investment enterprise is established, and all subsequent transactions between them. The di-rect investment covers transactions related to changes in the direct investorís share in the equity capi-tal of the direct investment enterprise, intercompany debt transactions, as well as the share of the di-rect investor in the undistributed earnings/loss of the direct investment enterprise. Claims on and li-abilities to affiliated enterprises are shown separately, following the directional principle.
Sources and methods: Preliminary data on quarterly FDI stocks are estimated as stocks at theend of previous reporting period and accumulation of BOP flows. For data on direct investmentsabroad, the Bulgarian National Bank uses the information from declaration forms on Direct Invest-ment Abroad, quarterly reports of non-financial sector enterprises and monthly reports of banks.Later, the stocks of Bulgarian direct investment abroad are replaced with data from an annual sur-vey conducted by the BNB.
The Bulgarian National Bank receives monthly data on direct investments in Bulgaria from theCentral Depository, from banksí reports on international transactions, Banking Supervision Depart-ment data on financial and accounting reports (balance sheets and income statements), the NotaryPublic and the Privatisation Agency; quarterly data ≠ from the Financial Supervision Commission,from the reports on intercompany debt transactions and stocks and data from the Bulgarian Na-tional Bank surveys regarding major FDI non-financial sector companies. The direct investmentequity stocks in Bulgaria for the non-banking sector derived from flows are reconciled and replacedwith the annual data provided by the NSI. Breakdowns by sector and by country for both FDI inBulgaria and abroad are available.
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B. Portfolio Investment
Portfolio investment stocks comprise holdings of and liabilities on equity securities and debt se-curities; the latter are subdivided into bonds and notes (with an original maturity of one year ormore) and money market instruments (with an original maturity of less than one year).
Sources and methods: The portfolio investment assets of the monetary authorities and the generalgovernment do not constitute a part of the reserve assets and are compiled on the basis of informa-tion provided by the General Accounting Department of the Bulgarian National Bank and by theMinistry of Finance.
The banksí holdings of securities are compiled on the basis of reporting forms, containing bal-ance sheet data, while the other sectorsí portfolio investment assets are reported by the custodians.
The stocks of portfolio investment liabilities cover securities issued by residents and held by non-residents. The main source of information on the portfolio investment liabilities in equity and debtsecurities are (i) the banksí balance sheets on portfolio investment in the banking sector and (ii) theCentral Depository which provides monthly stocks information on the portfolio investment bysector. The Ministry of Finance, the Bulgarian National Bank and banks are the main sources ofstock information on the portfolio investment liabilities in debt securities of the Monetary Authori-ties and the General Government.
C. Financial Derivatives
Assets and liabilities in financial derivatives cover financial derivative instruments, such as for-wards, futures, swaps, options, etc. The Bulgarian National Bank does not currently obtain stockinformation on this IIP component.
D. Other Investment
Other investment covers the stocks of assets and liabilities related to short- and long-term tradecredits and loans, currency and deposits and other assets and liabilities (accounts receivable andpayable).
According to the fifth edition of the Balance of Payments Manual, trade credits consist of claimsand liabilities arising from the direct extension of credit by suppliers and buyers for transactions ingoods and services and advance payments for work in progress (or to be undertaken) that is associ-ated with such transactions.
The Loans item includes received and paid principals on short- and long-term loans betweenresidents and non-residents if no issue of a tradable security is involved with these loans. The Cur-rency and Deposits component presents, on the assets side, the changes in the residentsí currencydeposits held abroad, and on the liabilities side ≠ the changes in the liabilities of the resident banksto non-residents in domestic and foreign currency. The Other assets and Other liabilities itemsinclude all transactions on miscellaneous accounts receivable and payable not included elsewhere,and transactions in arrears.
Sources and methods: The sources of information for trade credits are: quarterly Statistical FormSPB-6A for the assets, and quarterly Statistical Form SPB-6B for trade credits liabilities reported bythe non-financial sector. Stocks data on the Loans item are received by the Ministry of Finance, theBulgarian National Bank, the banks and directly by the enterprises that have lent to or borrowed fromabroad.
E. Reserves and Related Items
According to the fifth edition of the Balance of Payments Manual, reserve assets consist of thoseexternal assets that are readily available to and controlled by monetary authorities for direct financ-ing of payments imbalances and/or for other purposes. The reserve assets comprise monetary gold,SDRs, the reserve position in the IMF, foreign exchange assets (consisting of currency and depos-its and securities) and other claims. Under the provisions of the currency board, the reserve assets ofthe Bulgarian National Bank are equal to the assets of the Issue Department as presented in its bal-ance sheet.
III. Periodicity, Frequency and Timeliness of the International Investment Position
Publications
The Bulgarian National Bank compiles and publishes the international investment position ofBulgaria on a quarterly basis. The schedule of the Bulgarian National Bank is to publish the datawithin three months after the close of the reference period.
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IV. Data Revision Policy
The policy on revisions pursued by the Bulgarian National Bank is based on the following principles:(i) Each publication includes revisions of the data for the previous reporting period.(ii) When on-going changes are made due to additional information collected, as well as re-
sulting from elimination of errors, the Bulgarian National Bank timely informs the usersthrough monthly press releases.
(iii) When significant revisions are made due to changes in the methodology for reporting ofcertain IIP components or other reasons, the Bulgarian National Bank publishes in ad-vance information on the changes to facilitate data users. With the revisions publication,users are timely acquainted with the revised data on relevant items.
V. Data Dissemination
The Bulgarian National Bank disseminates quarterly international investment position data onits website: http://www.bnb.bg.
Data are also published in the Bulgarian National Bank Monthly Bulletin.Data on the international investment position of Bulgaria are included in the semi-annual and in
the annual official reports of the Bulgarian National Bank.
VI. Contacts
If you have any questions on the methodology applied by the Bulgarian National Bank or on thebalance of payments data published, please do not hesitate to send them to Mr Emil Dimitrov, Direc-tor, Statistics Directorate, via e-mail at [email protected], to Liliana El Haddad, Head of theBalance of Payments and External Debt Division, via e-mail at [email protected], or by mailto the following address:
Bulgarian National BankBalance of Payments and External Debt Division1, Knyaz Alexander I Square1000 Sofia, Bulgaria
The Bulgarian National Bank is in charge of the compilation of the International Reserves andForeign Currency Liquidity Data Template (the Data Template) of Bulgaria. These data are processedby the Balance of Payments and External Debt Division within the Statistics Directorate of theBNB. Data on gross official reserve assets and international reserves and foreign currency liquidityare presented by the BNB in millions of EUR.
I. Concepts of the Data Template
The data template on international reserves and foreign currency liquidity is compiled in ac-cordance with the IMFís International Reserves and Foreign Currency Liquidity Guidelines for a DataTemplate (IMF, 2001) as well as with the Fifth Edition of the Balance of Payments Manual (IMF,1993). The framework of the Data Template is built on two related concepts: (1) International Re-serves (Reserve Assets) and (2) Foreign Currency Liquidity. The Fifth Edition of the Balance ofPayments Manual sets forth the definition of the countryís international reserves: ëthose external as-sets that are readily available to and controlled by monetary authorities for direct financing of pay-ment imbalances, for indirectly regulating the magnitudes of such imbalances through interventionin exchange markets to affect the currency exchange rate, and/or for other purposesí (para-graph 424). The concept of the foreign currency liquidity data template is broader than that of in-ternational reserves. It refers to the amount of foreign exchange resources that is readily availableto the authorities to meet a sudden increase in the demand for foreign exchange and the potential(net) drains on foreign currency resources resulting from short-term foreign currency liabilities andoff-balance-sheet activities of the authorities.
II. Key Features of the Data Template
¿. Institutional Coverage
In accordance with the currency board arrangement, the Bulgarian National Bank is the onlyinstitution holding official international reserves in Bulgaria. The template covers the BulgarianNational Bank as monetary authorities which manage and hold the international reserves and thecentral government (excluding social security funds) which accounts for most of the official foreign
InternationalReserves and
ForeignCurrency
Liquidity DataTemplate of
Bulgaria
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BNB MONTHLY BULLETIN 6≠7/2008
currency obligations.
B. Financial Activities Covered
The Data Template covers only instruments in foreign currencies. Foreign assets in non-convert-ible currencies, as well as all other assets that do not meet reserve assets concept are excluded.
C. Valuation Principles and Conversion
International reserves are revalued daily at market exchange rates. Securities positions are re-valued monthly at the market price of the instruments concerned on the last day of the referencemonth. Gold is revalued daily at the current market price, whichever is lower. Interest is accrueddaily and classified under item 1(A). Data are converted into national currency or euro equivalents(the lev is linked to the euro at a fixed exchange rate) on the basis of official exchange rates an-nounced by the Bulgarian National Bank daily. The reserve data template is calculated and re-valued monthly.
III. Structure of the Data Template
The Data Template consists of four sections:
(1) Official reserve assets and other foreign currency assets broken down by major compo-
nents, viz. convertible foreign currency
A. Official reserve assets (securities, currency and deposits); IMF reserve position; SDRs, goldand other (accrued interest).
B. Other foreign currency assets (central government deposits with local banks, gold not in-cluded in the official reserves, Brady bonds collateral).
This section covers stocks data. The definition of these data is consistent with the methodologyespoused in the Fifth Edition of the IMFís Balance of Payments Manual. Under Article 42 of theLaw on the Bulgarian National Bank, the BNB compiles the balance of payments of Bulgaria, amajor functional category of which are the reserve assets.
The types of foreign assets that are included in the official reserves of the BNB are explicitlydefined by Article 28 of the Law on the BNB. The Law on the BNB (Article 49) also stipulates thatdata on foreign reserves have to be disseminated on a weekly basis.
Other foreign currency assets refer to foreign currency assets of the BNB that are not included inthe official reserves, as well as such assets held by the government (excluding social security funds).
Sources: Data on official reserve assets and on other foreign currency assets are based on theaccounting records of the BNB. International reserves and foreign currency liquidity template datacan be reconciled with the annual reserve assets data shown in the International Investment Posi-tion both published on the BNB website (http://www.bnb.bg) as well as with the assets data in themonthly Balance Sheet of the Issue Department and with the BNB Analytical Reporting table bothpublished on the BNB website (http://www.bnb.bg) and in the BNB Monthly Bulletin. Data on cen-tral government deposits with local banks are provided by banks through Money and BankingStatistics Division within the Statistics Directorate of the BNB.
(2) Predetermined short-term drains on foreign currency assets
This section covers foreign currency flows related to predetermined payments of principal andinterest associated with loans and securities up to and including one year. Unlike data on externaldebt and international investment position which are based on residency concept (i.e. only liabilitiesto non-residents irrespective of currencies involved should be included), data included in Section IIrelate only to liabilities in foreign currencies irrespective of the residency of the holder.
Source: Data on predetermined short-term drains on foreign currency assets are based on Min-istry of Finance projections on principal and interest payments on loans and securities denominatedin foreign currencies in the 12-month period ahead.
(3) Contingent short-term drains on foreign currency assets
Section III covers contingent foreign currency flows which refer to contractual obligations thatmight give rise to potential future outflows or inflows of foreign currency assets. By definition, con-tingent drains cover off-balance-sheet activities.
Source: Ministry of Finance.
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(4) Memo items
This section covers stocks and flows not disclosed in the previous sections but relevant for as-sessing the foreign currency official reserves and liquidity positions (financial instruments denomi-nated in foreign currency and settled in domestic currency) as well as the currency composition ofofficial reserves.
Sources: the Ministry of Finance provides monthly stock data on securities issued for the struc-tural reform (ZUNK) which are denominated in foreign currency and settled in levs. Data on thecurrency composition of official reserves are provided by the BNB.
IV. Periodicity and Timeliness of the Data Template Publications
The Bulgarian National Bank compiles and publishes International Reserves and Foreign Cur-rency Liquidity Data Template of Bulgaria on a monthly basis within three weeks after the close ofthe reference period.
V. Data Revision Policy
Revisions to published official reserve assets and international reserves and foreign currency li-quidity data are not a common practice. Data on official reserve assets are based on the accountingrecords of the BNB and are revised only if the accounting records are revised. The policy on revi-sions pursued by the Bulgarian National Bank is based on the following principles:
(i) As for the International Reserves and Foreign Currency Liquidity data, each monthlypublication may include revisions of the data for the previous month.
(ii) When on-going changes are made due to additional information collected, as well as re-sulting from elimination of errors, the Bulgarian National Bank timely informs the usersthrough monthly press releases, as well as through the notes at the end of the Data Tem-plate table.
VI. Data Dissemination
The Bulgarian National Bank disseminates the monthly official reserve assets and internationalreserves and foreign currency liquidity data on its website: http://www.bnb.bg.
Data are also published in the Bulgarian National Bank Monthly Bulletin.Data on the official reserve assets and international reserves and foreign currency liquidity of Bul-
garia are included in the semi-annual and in the annual official reports of the Bulgarian National Bank.
VII. Contacts
If you have any questions on the methodology applied by the Bulgarian National Bank or on theofficial reserve assets and international reserves and foreign currency liquidity data published, pleasedo not hesitate to send them to Emil Dimitrov, Director of the Statistics Directorate, via e-mail [email protected], and Liliana El Haddad, Head of the Balance of Payments and ExternalDebt Division, via e-mail at [email protected], or by mail to the following address:
Bulgarian National BankBalance of Payments and External Debt Division1, Knyaz Alexander I Square1000 Sofia, Bulgaria
Fiscal Sector
Information on the fiscal sector is classified into three categories:(a) government sector operations (government sector);(b) government operations (republican budget);(c) domestic government debt.Fiscal sector includes all ministries, agencies, extra-budgetary funds, individual units of social se-
curity and other institutions of the central government, municipalities, as well as enterprises fi-nanced and controlled by them.
The consolidated state budget covers data on the government sector and includes the republicanbudget, the budgets of social security, legal authorities, universities financed by the government, theBulgarian Academy of Sciences, municipalities, as well as extra-budgetary funds and accounts. The
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BNB MONTHLY BULLETIN 6≠7/2008
government sector corresponds to the methodology requirements of the European System of Ac-counts, 1995.
The republican budget includes the central republican budget (the budget of the Ministry of Fi-nance), budgets of other ministries and agencies, regional authorities and the National Audit Of-fice. Together with the budgets of the social security, legal authorities, universities financed by thegovernment, Bulgarian Academy of Sciences and their extra-budgetary accounts it forms the gov-ernment sub-sector. The institutional coverage of this sub-sector corresponds to the methodology ofthe European System of Accounts.
Real Sector
Tables of the real sector are arranged in the following groups:(a) macroeconomic indicators (national accounts);(b) labour market;(c) price indicators.Real sector covers a few groups of institutional units ≠ residents on the economic territory of
Bulgaria. These include ënon-financial corporationsí whose main activity is production and sale ofgoods and non-financial services for the purpose of making profit; ënon-profit institutions servinghouseholdsí which provide goods and services free of charge or at economically insignificant prices;ëhouseholdsí ≠ residents in Bulgaria regardless of their type and amount. Real sector also includesunincorporated production units, as well as those with single-entry accounting owned by localphysical persons.
This section of the BNB Monthly Bulletin includes data on:ï gross domestic product ≠ by component of final demand (under the method of end-of-use ex-
penditure) and by economic sector (under the production method).In accordance with the requirements of the European System of Accounts, 1995, holding gains
are excluded from GDP data, i.e. changes in its value due to price fluctuations are excluded. Datanot reconciled with Supply ≠ Use final tables of the NSI are preliminary. Due to a change in themethodology for calculation of personal consumption of households and exports (imports) of goodsand services components, data for the third quarter and the January ≠ September 1999 period arepartially comparable with relevant data for 1997, 1998, and the first half of 1999.
ï labour market ≠ employed under labour contract (public and private sectors), changes in theirnumber (by economic sector), number of unemployed (total, young people, adults) and unemploy-ment rate, average wage of employed (by type of ownership and by economic sector). From early2001 the NSI publishes monthly data on employment and average wage in the second month fol-lowing the end of the relevant calendar quarter.
ï consumer price changes ≠ total and by major commodity and services group.
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6≠7/2008 BNB PUBLICATIONS
BNB Publications
Periodical PublicationsAnnual Reports of the BNBReports, January ≠ June of corresponding yearMonthly BulletinGovernment Securities Market (quarterly bulletin)Banks in Bulgaria (quarterly bulletin)Economic Review (quarterly bulletin)
Aperiodical PublicationsBUS 7092 Settlement in the BNB, BUS 5392 Payment through Immediate Cash CollectionBanking Laws and OrdinancesJ. Miller, S. Petranov Banking in the Bulgarian EconomyJ. Miller The Bulgarian Banking SystemOrdinance of Payments120 Years Bulgarian National Bank, 1879≠1999Catalogue of Bulgarian Banknotes (2004)Catalogue of Bulgarian Coins (2004)Catalogue of the Art Collection of the Bulgarian National Bank (1999)The Art of Central Banking in Eastern Europe in the 90sCatalogue of BNB PublicationsNikolay Nenovsky Exchange Rates and Inflation: France and Bulgaria in the Interwar Period and Contribution of AlbertAftalion (1814≠1956) (2006)
Discussion Papers
Issue No. 1 for 1998
Victor Yotzov, Nikolay Nenovsky, Kalin Hristov, Iva Petrova, Boris Petrov
The First Year of the Currency Board in Bulgaria
Issue No. 2 for 1998
Nikolay Nenovsky, Kalin Hristov
Financial Repression and Credit Rationing under Currency Board Arrangement for Bulgaria
Issue No. 3 for 1999
Dobrislav Dobrev, Boyko Tzenov, Peter Dobrev, John Ayerst
Investment Incentives in Bulgaria: Assessment of the Net Tax Effect on the State Budget
Issue No. 4 for 1999
Nikolay Nenovsky, Kalin Hristov, Boris Petrov
Two Approaches to Fixed Exchange Rate Crises
Issue No. 5 for 1999
Nikolay Nenovsky, Boris Petrov
Monetary Sector Modeling in Bulgaria, 1913≠1945
Issue No. 6 for 1999
Roumen Avramov
The Role of a Currency Board in Financial Crises: The Case of Bulgaria
Issue No. 7 for 1999
Zdravko Balyozov
The Bulgarian Financial Crisis of 1996≠1997
Issue No. 8 for 1999
Nikolay Nenovsky
The Economic Philosophy of Friedrich Hayek (The Centenary of His Birth)
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2
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BNB MONTHLY BULLETIN 6≠7/2008
Issue No. 9 for 1999
Dobrislav Dobrev
The Currency Board in Bulgaria: Design, Peculiarities and Management of Foreign Exchange Cover
Issue No. 10 for 1999
Nikolay Nenovsky, Kalin Hristov
Monetary Regimes and the Real Economy(Empirical Tests before and after the Introduction of the Currency Board in Bulgaria)
Issue No. 11 for 1999
Jeffrey B. Miller
The Currency Board in Bulgaria: The First Two Years
Issue No. 12 for 2000
Nina Budina, Tzvetan Manchev
Fundamentals in Bulgarian Brady Bonds: Price Dynamics
Issue No. 13 for 2000
Nikolay Nenovsky, Kalin Hristov
Currency Circulation after Currency Board Introduction in Bulgaria (Transactions Demand, Hoarding, Shadow Economy)
Issue No. 14 for 2000
Victor Yotzov
Macroeconomic Models of the International Monetary Fund and the World Bank (Analysis of Theoretical Approachesand Evaluation of Their Effective Implementation in Bulgaria)
Issue No. 15 for 2000
Boris Petrov
Bank Reserve Dynamics under Currency Board Arrangement for Bulgaria
Issue No. 16 for 2000
Victor Yotzov
A Possible Approach to Simulate Macroeconomic Development of Bulgaria
Issue No. 18 for 2001
Nikolay Nenovsky, Darina Koleva
Real Wage Rigidity and the Monetary Regime Choice
Issue No. 19 for 2001
Jeffrey Miller, Stefan Petranov
The Financial System in the Bulgarian Economy
Issue No. 20 for 2002
Michael Berlemann
Forecasting Inflation via Electronic Markets Results from a Prototype Experiment
Issue No. 22 for 2002
Kalin Hristov
Fundamental Equilibrium Exchange Rates and Currency Boards: Evidence from Argentina and Estonia in the 90ís
Issue No. 26 for 2002
Ivan Kostov, Jana Kostova
Regarding the Unilateral Euroization of Bulgaria
Issue No. 27 for 2002
Martin Zaimov, Kalin Hristov
Shadowing the Euro: Bulgariaís Monetary Policy Five Years on
Issue No. 28 for 2002
Nikolay Nenovsky
Improving Monetary Theory in Post-communist Countries ≠ Looking Back to Cantillon
Issue No. 30 for 2003
Andreas Freytag
Exchange Rate Arrangements, Economic Policy and Inflation: Empirical Evidence for Latin America
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6≠7/2008 BNB PUBLICATIONS
Issue No. 31 for 2003
Stacie Beck, Jeffrey B. Miller, Mohsen Saad
Inflation and the Bulgarian Currency Board
Issue No. 32 for 2003
Nikolay Nenovsky, Evgeni Peev, Todor Yalamov
Banks ≠ Firms Nexus under the Currency Board: Empirical Evidence from Bulgaria
Issue No. 34 for 2003
Konstantin Pashev
Competitiveness of the Bulgarian Economy
Issue No. 35 for 2003
Jean Baptiste Desquilbet, Nikolay Nenovsky
Exploring the Currency Board Mechanics: a Basic Formal Model
Issue No. 37 for 2003
Franz Seitz
The Demand for Euro Cash: A Theoretical Model and Monetary Policy Implications
Issue No. 39 for 2004
Jean-Baptiste Desquilbet, Nikolay Nenovsky
Credibility and Adjustment: Gold Standards Versus Currency Boards
Issue No. 41 for 2004
Mariella Nenova
The Relationship between Real Convergence and the Real Exchange Rate: the Case of Bulgaria
Issue No. 44 for 2004
Neven T. Valev, John A. Carlson
Beliefs about Exchange-rate Stability: Survey Evidence from the Currency Board in Bulgaria
Issue No. 46 for 2005
Jonathon Adams-Kane, Jamus Jerome Lim
The Microeconomic Impact of Financial Crises: The Case of Bulgaria
Issue No. 50 for 2005
Tsvetan Manchev, Mincho Karavastev
Economic and Monetary Union on the Horizon
Issue No. 52 for 2006
Hristo Valev
General Equilibrium View on the Trade Balance Dynamics in Bulgaria
Issue No. 53 for 2006
Peter Hertner
The Balkan Railways, International Capital and Banking from the End of the 19th Century until the Outbreak of the FirstWorld War
Issue No. 54 for 2006
Martin Ivanov
Bulgarian National Income between 1892 and 1924
Issue No. 57 for 2007
Tsvetan Tsalinski
Two Approaches to Estimating the Potential Output of Bulgaria
Issue No. 58 for 2007
Luc Tardieu
Informal Sources of Credit and the îSoft∑ Information Market
Issue No. 59 for 2007
Slavi T. Slavov
Do Common Currencies Reduce Exchange Rate Pass-through? Implications for Bulgariaís Currency Board
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BNB MONTHLY BULLETIN 6≠7/2008
Issue No. 60 for 2007
Jochen Blessing
The Bulgarian Economy on Its Way to the EMU: Economic Policy Results from a Small-scale Dynamic StochasticGeneral Equilibrium Framework
Issue No. 61 for 2007
Nikolay Nenovsky, Kalina Dimitrova
Exchange Rate Control in Bulgaria in the Interwar Period: History and Theoretical Reflections
Issue No. 62 for 2007
Rossitsa Rangelova
Different Methodologies for National Income Accounting in Central and Eastern European Countries, 1950≠1990
Issue No. 63 for 2008
Iordan Iordanov, Andrey Vassilev
A Small Open Economy Model with a Currency Board Feature: the Case of Bulgaria
Issue No. 64 for 2008
Mohamad Khaled
Potential Output Estimation Using Penalized Splines: the Case of Bulgaria
Issue No. 65 for 2008
Michael Frömmel, Kristina KaragyozovaBank Lending and Asset Prices: Evidence from Bulgaria
Issue No. 66 for 2008
Neven ValevViews from the Trenches: Interviewing Bank Officials in the Midst of a Credit Boom
Issue No. 67 for 2008
Alexandru Minea, Christophe RaultMonetary Policy Transmission: Old Evidence and Some New Facts from Bulgaria
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6≠7/2008 BANKSí HEAD OFFICES
Banks Licensed to Conduct Bank Operations in Bulgaria and Abroad
Banksí Head Offices(as of 25 August 2008)
Allianz Bank Bulgaria
79 Knyaginya Maria-Louisa Blvd.1202 Sofiatel. 02/9215###; 9215404code BUIN9561
Bulgarian-American Credit Bank
16 Krakra Str.1504 Sofiatel. 02/9658358; 9658345code BGUS9160
Bulgarian Development Bank
(former Encouragement Bank)1 Dyakon Ignatii Str.1000 Sofiatel. 02/9306333code NASB9620
Central Cooperative Bank
103 Rakovski Str.1000 Sofiatel. 02/9266266code CECB9790
Corporate Commercial Bank
10 Graf Ignatiev Str.1000 Sofiatel. 02/9809362; 9375601code KORP9220
D Commerce Bank
8 Tsar Osvoboditel Blvd.1000 Sofiatel. 02/9894444code DEMI9240
DSK Bank
19 Moskovska Str.1036 Sofiatel. 02/9391220code STSA9300
Economic and Investment Bank
2 Slavyanska Str.1000 Sofiatel. 02/9399240; 9399111code BUIB9888
Emporiki Bank ≠ Bulgaria
4 Layosh Koshut Str.1606 Sofiatel. 02/9171717code BINV9480
Eurobank EFG Bulgaria
(former Postbank)14 Tsar Osvoboditel Blvd.1048 Sofiatel. 02/8166000code BPBI9920
First Investment Bank
37 Dragan Tsankov Blvd.1040 Sofiatel. 02/9100100code FINV9150
International Asset Bank
81≠83 Todor Alexandrov Blvd.1303 Sofiatel. 02/8120111; 9204303code IABG9470
Investbank
83A Bulgaria Blvd.1404 Sofiatel. 02/8186123; 8186124code IORT9120
MKB Unionbank
30≠32 General Totleben Blvd.1606 Sofiatel. 02/9153333; 9153315code CBUN9195
Municipal Bank
6 Vrabcha Str.1000 Sofiatel. 02/9300111code SOMB9130
NLB West ≠ East Bank
36 Dragan Tsankov Blvd.Interpred, Bl. B, No. 1051040 Sofiatel. 02/9702415; 9702420code WEBK9310
Piraeus Bank Bulgaria
3 Vitosha Blvd.1407 Sofiatel. 02/9805654; 9690760code PIRB9170
ProCredit Bank (Bulgaria)
131 Hristo Botev Blvd.1233 Sofiatel. 02/8135100; 8135 808code PRCB9230
Raiffeisenbank, Bulgaria
18≠20 Nikolay Gogol Str.1504 Sofiatel. 02/91985101code RZBB9155
Soci¥et¥e G¥en¥erale Expressbank
92 Vladislav Varnenchik Blvd.9000 Varnatel. 052/686100; 02/9370476code TTBB9400
Texim Private Entrepreneurial Bank
107 Knyaginya Maria-Louisa Blvd.1202 Sofiatel. 02/9359301code TEXI9545
Tokuda Bank
3 Graf Ignatiev Str.1000 Sofiatel. 02/9810167; 9801294code CREX9260
UniCredit Bulbank
(former Bulbank)7 Sveta Nedelya Sq.1000 Sofiatel. 02/9232111code UNCR9660
United Bulgarian Bank
5 Sveta Sofia Str.1040 Sofiatel. 02/8112800code UBBS9200
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BNB MONTHLY BULLETIN 6≠7/2008
Published by the Bulgarian National Bank1000 Sofia, 1, Knyaz Alexander I SquareTel.: (+359 2) 9145 1351, 9145 1978; 9145 1209Fax: (+359 2) 980 2425, 980 6493Website: www.bnb.bg
© Bulgarian National Bank, 2008
ISSN 1310 ≠ 3067
This issue includes materials and data received up to 15 August 2008.
The contents of the BNB Monthly Bulletin may be quoted or reproduced without further permission.Due acknowledgment is requested.
Elements of the 1999 issue banknote with a nominal value of 5 levs are used in cover design.
Foreign Banksí Branches
Alpha Bank ≠
Bulgaria Branch
11 Narodno Sabranie Square1000 Sofiatel. 02/9801557; 9816554code CRBA9898
BNP Paribas S.A.
Sofia Branch
2 Tsar Osvoboditel Blvd.1000 Sofiatel. 02/9218640; 9218650code BNPA9440
Citibank N. A.
Sofia Branch
2 Knyaginya Maria-Louisa Blvd.,TSUM, fifth floor1000 Sofiatel. 02/9175100; 9175101code CITI9250
ING Bank N. V.
Sofia Branch
12 Emil Bersinski Str.1408 Sofiatel. 02/9176400code INGB9145
T.C. Ziraat Bank
Sofia Branch
19 Sveta Nedelya Sq.1000 Sofiatel. 02/9800087code TCZB9350
