Bulgarian National Bank: Investment funds keep their money in deposit accounts

Over 43% of the assets of investment funds in Bulgaria are being kept in deposit accounts in banks, showed the statistics of the Bulgarian National Bank (BNB).

In the first quarter of the year, companies’ assets stood at BGN 366 mln and decreased by BGN 39.5 mln, or approximately 10% on an annual basis. Experts from BNB reported that local investment funds invested 77 % (BGN 155 mln) of their money in Bulgaria and merely 12% went to EU countries.

In general, at the end of March, local and foreign companies which conduct their activity in Bulgaria had BGN 844 mln, or nearly BGN 50 mln less than a year ago. The money invested in foreign funds amounted to BGN 478 mln, or a decline of BGN 10 mln. Over 60% (BGN 289 mln) of the assets resulted from investments by insurance companies and pension funds. Households’ deposits in investment funds stood at BGN 119 mln, businesses contributed BGN 44.8 mln.

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