The Bulgarian National Bank has lowered the base interest rate for the second consecutive month. As of August 1, it stands at 3.53%, down from 3.63% in July. Since the end of 2023, the base interest rate has been gradually falling. From February 2016 to September 2022, the base interest rate was 0.00%. On October 1, 2022, the rate went up to 0.49%.
As of June 30, the net profit of the banking system for 2024 was EUR 0.9 billion, representing a 7.1% increase compared to the first six months of 2023, according to BNB statistics. Over a quarter of the income comes from fees and commissions. Banks earned EUR 1.6 billion from interest on loans in the first half of the year and paid out EUR 290 million in interest on deposits. Bank assets increased by over EUR 1 billion or 1.2% in the first half of 2024. Losses have risen by EUR 46 million to EUR 139 million, representing a 50.1% increase compared to the first six months of 2023.
The Council of Ministers has approved a Memorandum of Understanding between the Government of Bulgaria and Smart Solar Technologies AD to implement a priority investment project for a "Solar Panel and Cell Manufacturing Plant." This project will be..
For the first half of 2024, the fast loans reached over 3 billion euros, according to the Bulgarian National Bank (BNB) . In comparison, at the end of June 2023, the granted quick loans totalled 2.5 billion euros. According to the..
Natural gas prices are expected to decrease by around 2% in September, according to a forecast by Bulgargaz. This is clear from the request submitted to the Energy and Water Regulatory Commission (EWRC). The company informs that next month, the..
State-owned dairy company LB Bulgaricum will start modernising its production facility in Vidin in September. The first step will be to..
Japan's Sumitomo Electric Bordnetze plans to cease operations at one of its factories in Bulgaria, located in Mezdra, by 2025. Its second factory in..
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