Bulgarians hold EUR 100mn in deposits in Cyprus.

By bne IntelliNews March 22, 2013
Bulgarian individuals and companies hold EUR 100mn in Cypriot banks according to ECB data, BTA reported quoting Reuters. The largest EU depositors in the crisis-hit country are Greece with EUR 4.7bn and the United Kingdom with around EUR 2bn, while Romanian deposits are also around EUR 100mn. The ECB did not disclose data on the deposits of EU banks in Cyprus to protect the financial system from market speculations. The banking crisis in Cyprus will not have a serious impact on the Bulgarian economy, finance minister Kalin Hristov said. According to him, the situation will have an impact on the Russian and euro area economies and can only indirectly affect Bulgaria. Even then, the effect will be temporary. Cyprus is not among Bulgarias main trading partners, so the disruption of business activity should not have an tangible impact. However, the Mediterranean country ranks fifth in terms of foreign direct investments in Bulgaria a fact that can be linked to the large number of investment companies registered in Cyprus mainly due to its favourable regulatory regime.
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