Supporting the local business will be in line with our rightist policy

Supporting the local business will be in line with our rightist policy

In a commentary for the Economics Magazine, financial expert Yosif Avramov says our economy will grow by 0.3% this year, but only if local businesses get back to their feet and start generating larger profits for the state vault. What’s interesting to mention is that back in 2009, three local banks have raised over BGN 200 million worth of deposits, mainly thanks to their lucrative interests of 12-12%. First Investment Bank (FIBank) has seen its deposit base swelling by BGN 800 million. DSK Bank and Alpha Bank have attracted over BGN 200 million worth of deposits each, while the deposit bases of Raieffsienbank and Eurobank EFG bulged by BGN 159 million and BGN 112 million respectively.

The list of success stories goes on with United Bulgarian Bank (UBB) and its score of BGN 50.4 million, Piraeus Bank (BGN 45 million), CCB (BGN 30 million), SG Expressbank (22 million) and three other lenders – Investbank, Municipal bank and Corporate Commercial Bank – snatching BGN 10 million each. The leaders in the new deposits’ segment in late September 2009 were DSK Bank (19.03% market share), followed by UniCredit Bulbank (12.99%), Eurobank EFG (11.07%) and First Investment Bank and UBB with over BGN 10 million each. Avramov says Bulgaria needs a new and reasonable financial policy.

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