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Bulgaria bank rates could go down in Q4 2009

Thu, Sep 10 2009 00:02 CET

byDnevnik.bg

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Bulgaria bank rates could go down in Q4 2009

Lending and deposit rates in Bulgaria could go slightly down in the fourth quarter of 2009 but not go back their levels before the Lehman Brothers demise, said Momchil Andreev, executive director of Raiffeisenbank Bulgaria.

The decline in the country premium for Bulgaria, calculated though credit default swaps (CDS) on the state debt, has already enabled local lenders to chop some rates.

On the other hand, the system has excessive capital invested in the money markets at lower rates instead of the more profitable loans to the private sector.

Bulgarian National Bank (BNB) recorded a modest drop in consumer loans in July 2009 to an average of 14.15 per cent.

Average mortgage rates decreased in February and May but have soared by 78 basis points since the start of the year. Rates on euro-denominated mortgages are climbing steadily up.
 
Source: Dnevnik.bg

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