Deposits of individuals hit a new high – BGN 34.5 bn

The deposits of individuals (including sole traders) hit a new high at the end of 2012 – a total of BGN 34.5 bn, having soared by 11.7% in a year, showed preliminary data of the Bulgarian National Bank (BNB). A 10% tax on interest proceeds from deposits of citizens was introduced as of the beginning of 2013. According to estimates based on an average interest rate of 5%, individuals are expected to pay around BGN 172 mln in tax on that amount of deposits (which are expected to continue to grow this year).

Meanwhile, the total amount of household credits declined, reporting a decrease of 1% in December 2012, compared to the end of 2011. The loans of the population amounted to almost BGN 18.72 bn, including housing loans of over BGN 8.94 bn and consumer loans of BGN 7.27 bn. The former registered a slight growth of 0.8% on an annual basis, while the latter dropped by 2.3% in a year.

According to bankers and experts, the amount of mortgage credits will continue to grow this year thanks to the very advantageous interest rates reached and because of the expected recovery of the real estate market. If the price of consumer credits goes down and the employment rate improves, an increase in their number, albeit a slight one, might be foreseen as well.

In December 2012, corporate loans reported an increase of 5% to BGN 35.08 bn, compared to a year earlier. Deposits of businesses also rose – by 4.3% in a year to nearly BGN 14.27 bn in December 2012.

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